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The Latest Breaking News from Bank of England

Will Britain's currency change following the death of Queen Elizabeth II?

Queen Elizabeth II was Britain's first monarch to be placed on the country's paper notes. There is no word yet on what new bank notes will look like, but there's a longstanding tradition for coins.

WEKU

All your energy bill questions answered as Liz Truss confirms new £2,500 freeze

Liz Truss yesterday pledged households will “now pay up to an average £2,500 a year on their energy bill for the next two years” as part of new cost of living help - but what does this mean for your bills?

Daily Mirror

Truss energy bill freeze will not come cheap and economic effects are unclear

Questions remain over the costs, the funding of the plan and inflation as free-market stance is put to one side

The Guardian - UK

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‘Serious leaks’ in households’ finances remain, despite new energy price cap

Households still face a long, hard winter, despite the new energy cap being set at £2,500, experts warned.

The Independent UK

ECB hikes interest rates by record 75bp and slashes growth forecasts – as it happened

Christine Lagarde warns that eurozone economic growth is weakening, but EBC plumps for record increase in borrowing costs to curb inflation

The Guardian - UK

Liz Truss’s rejection of windfall tax ‘to saddle UK with debt for decades’

Bill could be higher than cost of bank bailout after 2008 financial crash, expert warns

The Independent UK

Britain still heading for recession but inflation could slow down, Bank of England says

Bank of England govenor Andrew Bailey sidestepped questions on whether Liz Truss’s expected energy package could spike a rise in living costs.

Daily Mirror

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New UK leader Liz Truss finalises huge power subsidy plan

Britain's new Prime Minister Liz Truss on Wednesday readied the final details of a plan to tackle soaring energy bills, which looks likely to cool inflation but add more than 100 billion pounds ($115 billion) to the country's borrowing.

Reuters

Government moves to calm markets as pound falls to lowest level against dollar since 1985

New chancellor on charm offensive in Square Mile says Bank of England independence ‘is sacrosanct’

The Guardian - UK

New UK Prime Minister Liz Truss inherits an economic storm

Britain’s new prime minister has pledged to rebuild the economy and “ride out the storm” gathering over the country, but Liz Truss faces a daunting job

The Independent UK

Cost of living crisis: why plans to reform the Bank of England won't help it stop spiralling inflation

The UK cost of living crisis has been building since early 2021. At 10.1%, the current rate of consumer price inflation is the highest in 40 years and the Bank of England believes it could pass 13% in October.

The Conversation

Kwasi Kwarteng assures City of support for Bank of England independence

New chancellor promises City bosses ‘radical’ plan for economic growth and smooths over Truss’s threat to review Bank’s remit

The Guardian - UK

We need to be prepared for what Trussonomics will mean

What we are about to get is the exact opposite of Thatcherism: an inflationary boom where we try to live beyond our means, but delivered with Thatcheresque determination, writes Sean O’Grady

The Independent UK

Bank of England chief says recession still ‘likely’ – but welcomes ‘clarity’ on energy bills

‘It’s important that there is clear way forward on policy’, says governor Andrew Bailey on Liz Truss plan

The Independent UK

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Evening Standard

Liz Truss in a race against time to ease cost-of-living crisis

Deputy Prime Minister Therese Coffey says Cabinet must deliver ‘at pace’ to tackle mounting energy crisis

The Independent UK

We need to be prepared for what Trussonomics will mean

What we are about to get is the exact opposite of Thatcherism: an inflationary boom where we try to live beyond our means, but delivered with Thatcheresque determination, writes Sean O’Grady

Benzinga

UK PM Liz Truss Faces An Economic Crisis: Is Crypto-Friendly Policy In The Cards?

Liz Truss, the 56th Prime Minister of the United Kingdom and Northern Ireland, is the third woman to hold the position after she received 81,326 votes to former Chancellor of the Exchequer Rishi Sunak's 60,399.

Evening Standard

Major warning on economy as gilt yield curve turns upside down

UK government debt market sends ominous and closely-watched warning on darkening economic outlook

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The Guardian - UK

Patrick Minford: maverick economist who inspired Truss and Thatcher

Brexiter tells Guardian that new PM understands need for tax cuts and orthodoxy must be challenged to revitalise economy

The Guardian - UK

Energy bill freeze would mean shallower UK recession, but borrowing fears drive up gilt yields – as it happened

Concerns that Liz Truss’s energy price freeze will drive up UK borrowing have pushed 10-year gilt yields to the highest in over a decade

The Guardian - UK

UK facing 1970s-style balance of payments crisis under Liz Truss

Tax cuts and spending pledges could alarm global markets and trigger a 30% collapse in sterling, Deutsche Bank warns

The Guardian - UK

UK economy on brink of recession as Truss takes over, figures show

Activity in manufacturing and services fell last month as businesses struggle with soaring costs

The Conversation

Liz Truss: these two daunting challenges sit right at the top of the new prime minister's in-tray

Liz Truss is set to be confirmed as the new British prime minister after a lengthy and intense leadership contest against former chancellor Rishi Sunak. But the UK faces significant economic problems this autumn that might leave the new PM wishing she hadn’t fought so hard for the job.

Wales Online

Liz Truss expected to make an announcement on energy bills this week if she becomes PM

"Not all of those decisions will be popular but I will be honest about what we will have to do"

Reuters

UK's Truss a 'great believer' in Bank of England independence

Foreign minister Liz Truss is a "great believer" in the independence of the Bank of England and its responsibility to determine policy on inflation, she said on Sunday.

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