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The Latest Breaking News from Bank of England

Are London house prices about to crash? Warnings of ‘year of pain’ amid rising interest rates and inflation

The property market faces a ‘year of pain’, with a new two-year forecast estimating a 10 per cent drop for house prices. But how low will they really go?

Evening Standard

Plunging pound and crumbling confidence: How the new UK government stumbled into a political and financial crisis of its own making

The new British government is off to a very rocky start – after stumbling through an economic and financial crisis of its own making.

The Conversation

The Aussie dollar is dropping against the US currency, but it’s not all bad news

A higher US dollar isn't great news for global trade, but some Australian businesses are able to benefit and travellers have reason to smile as well.

ABC News

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Homeowners who lose their job could build up significant arrears before DWP help comes

Homeowners who end up struggling with their mortgage payments due to a job loss may have to build up significant arrears before help arrives from the Department for Work and Pensions.

Glasgow Live

Interest rate, inflation, emergency fund and what they mean

Interest rates are high, inflation is soaring, but what does that actually mean?

Liverpool Echo

Homeowners who lose their job may build up significant arrears while out of work before DWP help begins

People with a mortgage can only claim for help with interest costs if they are on a qualifying benefit.

Daily Record

Truss defends Government record amid concerns about rising interest rates

Speaking to broadcasters as she attends a fractious Conservative Party conference, the PM said the Government would do ‘what we can to help people’.

The Independent UK

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Legal & General seeks to reassure investors amid pension fund volatility

Pension and insurance company says it has not been a forced seller of government bonds

The Guardian - UK

UK's Truss vows to listen as she reels from policy U-turns

British Prime Minister Liz Truss has insisted she is leading “a listening government” that learns from its mistakes

The Independent UK

Kwarteng bringing forward debt plan could calm markets, says top Tory MP

Mel Stride, chair of Treasury committee, says move could also mean smaller interest rate rises

The Guardian - UK

Truss faces new challenge over UK welfare payments

British Prime Minister Liz Truss triggered a new row in her party on Tuesday by suggesting she could limit increases in benefit payments to less than soaring inflation as she seeks ways to fund her tax-cutting growth plan.

Reuters

Pound at two-week high as FTSE 100 posts best day since June – as it happened

Chancellor denies reports that he will bring his medium-term fiscal plans forward to this month, despite pressure from markets and MPs

The Guardian - UK

Chancellor Kwasi Kwarteng makes second U-turn in two days as he promises to set out debt plan earlier than planned

Kwasi Kwarteng has made the change after markets reacted badly to his package of tax cuts

Wales Online

45% tax U-turn is too late to stop mortgages soaring, experts warn

More than 40% of mortgage products were pulled after Kwasi Kwarteng's mini-Budget triggered a slump in the pound, with the average two-year fixed rate now close to 6%

Wales Online

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The Independent UK

Homeowners who lose job ‘may face initial lack of help with mortgage payments’

People may have already built up significant arrears before help starts and eventual payments may not cover their actual costs, Sir Steve Webb warned.

Al Jazeera

Credit Suisse sees shares sink over restructuring concerns

Shares slid as much as 11.5 percent before recovering as investors panicked over bank’s ability for a turnaround.

Daily Mirror

Martin Lewis' mortgage warning to house hunters with interest rates set to rise

Money Saving Expert website founder Martin Lewis urged home buyers to be aware with interest rates expected to rise up to six per cent next year – the highest in 30 years

Daily Mirror

Tories laugh as Kwasi Kwarteng forced into humiliating U-turn - but 'damage already done'

Mr Kwarteng was forced to abandon his plan to give a massive tax cut to millionaires - but critics warned the damage has already been done after the Bank of England had to step in

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Daily Mirror

Kwasi Kwarteng U-turn is too late to stop mortgages soaring, experts fear

More than 40% of mortgage products were pulled after the Chancellor’s Budget triggered a slump in the pound and fears of interest rate hikes. The average two-year fixed mortgage rate is now close to 6%

Evening Standard

Kwasi Kwarteng ‘to bring forward plan to cut debt after 45p tax U-turn’

The chancellor will accelerate the publication of his medium-term fiscal plan later this month, according to reports

The Guardian - UK

Kamikwasi Kwarteng delivers his excruciating career suicide note

Tactless jokes and half-arsed platitudes made up chancellor’s vapid Tory conference speech

Benzinga

UK Backpedals On Income Tax Cut For Top Earners After Rattling Markets

The iShares MSCI United Kingdom ETF (NYSE: EWU) and the SPDR S&P 500 ETF Trust (NYSE: SPY) both traded higher by more than 2% each on Monday after the U.K.

The Independent UK

Kwarteng 45p tax U-turn ‘won’t make substantial difference’, warns ex-deputy Bank of England governor

Sir Charlie Bean, said the chancellor’s U-turn will not be enough to calm down the financial markets

Newsroom.co.nz

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

Evening Standard

Kwasi Kwarteng forced into major U-turn on 45p tax cut

From a strictly fiscal perspective, the government’s decision to U-turn on the cut to the 45p top rate of income tax is essentially meaningless. What was a £45 billion tax-cutting budget that sunk the pound, set off gilts and required an emergency intervention by the Bank of England is now…

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