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The Latest Breaking News from Bank

Bank of England expected to raise interest rates to 0.75pc as inflation soars

Russian invasion of Ukraine has intensified pressure on the Bank of England to raise rates as consumer price inflation increases

Wales Online

Russia's barbaric war in Ukraine set to hammer families and plunge UK into recession

Experts say the Bank of England is 'highly likely' to raise interest rates. There are also fears fallout from the conflict in Ukraine could lead to rising costs for businesses

Daily Mirror

Banks raise mortgage costs by £800 a year as cost of living crisis continues

The cost of homeloans is soaring as lenders increase mortgage rates quickly, adding yet another increased bill to those already faced by hard-up British households

Daily Mirror

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Mortgage affordability tests: what do the new Bank of England proposals mean for house prices and first-time buyers?

Recent Bank of England analysis found that the affordability test may have caused some borrowers to take out smaller mortgages than they could have done in its absence.

Evening Standard

Bank of England puts Covid behind it, but now must face costs of war

Threadneedle Street is offloading debt, but the Ukraine situation poses a new dilemma for all central banks

The Guardian - UK

China-led development bank halts business in Russia, Belarus

Move is latest sign of the limits of Beijing’s support for Moscow as it faces sanctions and censure over war in Ukraine.

Al Jazeera

UK Court Orders Lebanese Banks to Pay $4M to Saver

A London court has ordered two Lebanese banks to pay a depositor $4 million of his money locked in Lebanon’s crippled banking system by informal capital controls in place since a financial meltdown in 2019, the first such ruling in Britain. The High Court of Justice, Queen’s Bench Division, ordered…

Asharq Al-Awsat

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Bank Of Canada Raises Interest Rates For First Time Since 2018, With More To Come

The Bank of Canada raised interest rates to 0.5%, a 25-basis-point uptick that marked the first time that rates were increased by the nation’s central bank since 2018.

Benzinga

Bank seen reining in rate hikes amid Ukraine conflict despite inflation fears

ING experts said there had been a ‘massive’ re-pricing of UK interest rates by financial markets due to Russia’s invasion of Ukraine.

The Independent UK

Hungarians protest Ukraine invasion, Russian bank in Budapest

Several hundred Hungarians rallied in central Budapest on Tuesday to protest against the Russian invasion of Ukraine, which has sent tens of thousands of refugees across the border, with most of them fleeing towards Western Europe.

Reuters

Mortgage shake-up will make it easier for low-income workers to get a loan for a house

Around 12% of people either can't get a mortgage or can't get the one they want due to strict lending requirements dating back to 2014, which the Bank of England is talking about relaxing

Daily Mirror

Consumer credit borrowing grows at fastest annual rate since lockdowns started

The annual growth rate for borrowing using consumer credit accelerated to 3.2% in January, according to Bank of England figures.

The Independent UK

Proposed mortgage changes could mean buyers are able to access bigger loans

If adopted, the changes would see an affordability rule scrapped

Wales Online

Rollercoaster day for shares after Russia hit with sanctions over Ukraine

Banks lose out as investors switch to defence stocks, and gas prices on global markets jump almost 20%

The Guardian - UK

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Insider UK

Scottish National Investment Bank chief executive resigns

Eilidh Mactaggart will be replaced for the time being by current chief financial officer Sarah Roughead

Birmingham Post

The Co-operative Bank makes first full-year profit in a decade

The bank's total income also rose from £307.3m to £361.5m over the same period

Insider UK

Thousands of bank branches have closed in the past 12 years - but how many are in your area?

Official data shows the number of bank branches dropped by 11% in the year to March 2021

The Guardian - UK

Bank of England boss asks firms to show restraint when raising prices

Andrew Bailey makes request after his call for employees to not demand big pay rises comes under criticism

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The Independent UK

Bank of England boss on £575,000 a year defends controversial ‘wage restraint’ comments

Andrew Bailey tells MPs that need for restraint on pay rises applies to everyone from bankers to care home workers

The Independent UK

Bank of England boss tells banks to use ‘restraint’ on bonuses

Andrew Bailey defended recent comments urging workers not to ask for big pay rises, saying the poorest will be hit hardest by inflation.

The Guardian - UK

Bank of England chief urges banks to show restraint on bonuses; global stocks recover – as it happened

Bank of England’s Bailey says sanctions pose no risk to UK’s financial sector, as foreign secretary talks about Britain’s plans to stop Russia selling sovereign debt in London

The Guardian - UK

Four-fifths of UK manufacturers expect price rises, says CBI

Survey highlights cost inflation as Bank of England’s Dave Ramsden predicts more interest rate rises

Benzinga

Jushi To Launch Various Cannabis Brands And Products In Massachusetts

Jushi Holdings Inc. (CSE:JUSH) (OTCQX: JUSHF) is launching a series of branded cannabis products in Massachusetts, beginning with the debut of its flower brands, The Bank and Sèchè.

The Independent UK

More ‘modest’ rate hikes needed but uncertainty reigns, says Bank deputy

Sir Dave Ramsden said interest rates were not expected to reach ‘anything like’ the levels seen before the financial crisis.

Evening Standard

HSBC boss takes home £9 million as banker bonuses soar

HSBC’s bonus pot for top bankers jumped by a third to £2.6 billion while chief executive Noel Quinn took home £9 million it emerged today.

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