The Latest Breaking News from The Bank of England

The Bank of England has warned that households across the U.K. are facing increasing problems from the sharp increase in interest rates but says the country’s biggest banks are resilient enough to offer more help than they were able to before the global financial crisis 15 years ago

Tens of thousands of Londoners are facing annual mortgage bill hikes of more than £12,000, the Bank of England warned on Wednesday.

Bank of England chief says there ‘will be consequences’ of higher interest rates, as all UK banks pass stress tests

The Bank of England's current September CPI forecast is 7 per cent, which would see another bumper boost next April for people on the Basic and New State Pension over the 2024/25 financial year

The average 6.66 per cent rate is stinging in part because the Bank of England, with the backing of Rishi Sunak and Chancellor Jeremy Hunt, is hiking interest rates to curb inflation

So much for team transitory. Average earnings excluding bonuses rose by 7.3 per cent in May, above forecast and in line with the previous reading. In other words, inflation appears to be bedding in.

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

The data has been described as a ‘glimmer of light’ for the Bank of England

Markets are pricing in an interest rate peak of 6.5%, probably early next year

The typical two-year fixed-rate residential mortgage on the market reached 6.66% on Tuesday, surpassing a peak of 6.65% amid last autumn’s volatility.

Rising unemployment and slowing jobs growth will not counteract strong pay pressure