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The Latest Breaking News from The Bank of England

City analysts overwhelmingly predict Bank of England interest rate cut

Rare agreement among forecasters gives 96% chance of today’s MPC meeting cutting borrowing costs to 4.75%

The Guardian - UK

Bank of England poised to cut UK interest rates for second time this year

Most economists think policymakers at the Bank of England will opt to reduce interest rates to 4.75% on Thursday.

Evening Standard

Interest rate cut today 'nailed on' say City economists in new boost to home owners

Bank of England aiming to bolster economy amid rising uncertainties and weakened consumer confidence

Evening Standard

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FTSE 100 Live 04 November: Index rises ahead of election and rate decisions, Ryanair profit falls

Investors are braced for volatility as they await the outcome of the US election and this week’s meetings of the Bank of England and Federal Reserve.

Evening Standard

Bank of England rate cut expected despite ‘fiscal loosening’ of Budget

A quarter-point cut is forecast on Thursday, but Labour’s Budget has trimmed hopes of a rapid string of rate cuts afterwards.

Evening Standard

Two-thirds of bosses feel negatively about budget, Reeves is told

Warning from Institute of Directors comes as ratings agency Moody’s says budget will do little to improve growth

The Guardian - UK

UK politics: Budget’s ‘clean bill of health’ from watchdogs should reassure investors, says Reeves – as it happened

Chancellor, on a post-budget visit to Newcastle, says ‘markets move all the time’

The Guardian - UK

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Reeves told she will have to raise further £9bn to avoid UK public service cuts

Warning comes after Rachel Reeves’s record tax-raising budget sent tremors through financial markets

The Guardian - UK

UK’s borrowing costs rise as Reeves’s budget prompts fears of slower interest rate cuts

Markets conclude higher level of public spending could lead to higher inflation, making cuts in Bank of England rate less likely

The Guardian - UK

Government borrowing costs rise further after Budget

UK government bond yields jumped to a one-year high on Thursday after Labour announced a sharp increase in spending in the Budget.

Evening Standard

Post-budget sell-off of government bonds by worried City traders intensifies, pushing up UK borrowing costs – as it happened

Institute for Fiscal Studies says increasing borrowing to fund investment ‘right thing to do’

The Guardian - UK

Current account switching picks up pace in July before interest rates cut

However, the total number of switches slowed between July and September compared with the first half of 2024.

Evening Standard

Inflation and mortgage rates elevated by Chancellor’s spending plans, says OBR

Chancellor Rachel Reeves announced almost £70 billion of extra spending each year in her maiden budget.

The Independent UK

Budget 2024: What will it mean for my mortgage?

The general recent trend for mortgage rates has been downward following the highs experienced two years ago in the wake of former prime minister Liz Truss’s disastrous mini-Budget

The Independent UK

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Evening Standard

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget

Some 65,600 home loans were approved last month, 700 more than in August, the Bank of England revealed.

The Guardian - UK

Will bond vigilantes punish Rachel Reeves with a Truss-style market meltdown?

10-year gilt yields have risen in the past month but are within the range of other pre-budget periods

The Guardian - UK

Lower shop prices boost prospect of Bank of England rate cut

British Retail Consortium says prices falling at fastest rate in three years and are 0.8% lower than a year ago

Evening Standard

Homeowners in UK at 'greater risk' of higher mortgages from Donald Trump win than Rachel Reeves Labour Budget

The warning comes from former Bank of England chief economist Andy Haldane

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Evening Standard

Budget 2024: Homeowners 'to be hit with high mortgage bills for longer' as Rachel Reeves borrows billions

The Chancellor is also set to announce a string of tax rises in the Budget on October 30

Evening Standard

Water regulator Ofwat could be abolished over sewage scandal as firms push for bill hikes of up to 84%

Thames Water has asked to hike bills by 54%

The Independent UK

Water sector review could include replacing Ofwat amid row over bills and sewage

The UK and Welsh governments announced an independent commission to review the industry and its regulation.

The Independent UK

UK economy to grow faster than thought in pre-Budget boost for Reeves

Only Spain was given a bigger economic upgrade by the IMF, making the UK the biggest beneficiary for extra growth in the G7 – although the US’s new growth rate of 2.8 per cent is higher

The Guardian - UK

UK interest rates to fall to 2.75% by next autumn, Goldman Sachs predicts

Economists at investment bank say markets are underestimating likely extent of action by Bank of England

The Independent UK

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts

The drop in rates will be welcome news to mortgage borrowers who have had a tough couple of years, although savers will be hit again

The Independent UK

The £40bn question: How will Rachel Reeves balance the books?

Chancellor boosted by a surprise drop in inflation after the cabinet is warned she may need to find £40bn in taxes and borrowing in her Budget, dwarfing previous estimates of the fiscal ‘black hole’

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