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The Latest Breaking News from The Bank of England

Bank of England leaves interest rates on hold with committee split 8-1; ECB also keeps rates steady – as it happened

Bank warns UK may need to brace for rate hikes later this year as ‘higher inflation is unavoidable’; oil prices retreat after topping $126 a barrel on Reuters report that the US is pressing ahead with plans for an international coalition to open the strait of Hormuz

The Guardian - UK

The Bank of England is expected to keep interest rates on hold as it weighs the impact of Iran war

The Bank of England is expected to announce it's keeping interest rates on hold as policymakers assess the economic impact of the Iran war and Tehran’s effective closure of the Strait of Hormuz, through which a fifth of the world’s crude passes in peacetime

The Independent UK

Bank of England poised to hold interest rates steady despite inflation rise

But experts have said a hike could remain on the horizon if the conflict continues to put pressure on UK inflation.

Evening Standard

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Lloyds takes £151m hit from Iran war as it forecasts rise in UK unemployment

Bank expects its base case for GDP growth to be 0.5% this year, lower than IMF’s 0.8% prediction for Britain

The Guardian - UK

Iran War Shock Leaves UK Policymakers Trapped Between Inflation and Recession Risks

The UK economy is threatened by a £35bn loss due to rising energy prices from the Iran conflict, risking recession and high inflation, warns NIESR.

International Business Times UK

Paddington Bear and Sir David Attenborough among public’s banknote design ideas

Sir Winston Churchill, who currently features on the £5 note, was the fourth most commonly suggested idea..

Evening Standard

Starmer to chair Cobra meeting on economic impact of Iran war

The Prime Minister will convene the emergency committee with representatives from the Bank of England.

Evening Standard

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Public’s favourite banknote design picks revealed

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The Independent UK

Paddington and Attenborough revealed as public’s top banknote designs after ‘woke’ criticism

The Bank of England is set to replace historical figures on its next series of banknotes

The Independent UK

ECB interest rate dilemma: Eurozone growth stalls as Iran war fuels inflation

The European Central Bank faces heightened uncertainty ahead of next week’s rate decision, with President Christine Lagarde warning the "stop-start nature" of the Iran war is making the economic outlook harder to assess.

Euronews

Bank of England set to hold interest rates despite Iran war pushing up inflation

Economists have however suggested that continued inflationary pressure could lead to a rate hike in the summer.

Evening Standard

UK braces for price rises driven by Iran war as economic confidence plummets

Consumer confidence hit its lowest level since October 2023 this month, with surveys showing the cost pressures companies are facing

The Guardian - UK

What rising inflation rate means for your money

The Iran war has sent inflation higher again and interest rates could yet follow

The Independent UK

UK inflation hits 3.3% as Iran war drives energy costs higher

British consumer prices rose at a faster pace in March, reaching 3.3% as the ongoing Iran war sent fuel prices soaring. The data has forced markets to reassess expectations for the Bank of England, with a previously anticipated interest rate cut next week now looking very unlikely.

Euronews

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The Independent UK

UK inflation rises in March as prices at the pump spike higher after Iran war

Inflation in the U.K. climbed in March, driven by a sharp rise in fuel prices following the Iran war

Evening Standard

Trump's Iran war causes sharp UK inflation rise as headline rate jumps to 3.3%

Inflation jumped from 3% in February to 3.3% in March

Evening Standard

UK inflation set to rise after Middle East conflict pushed up fuel prices

Consumer Price Index (CPI) inflation is expected to have risen to 3.3% in March, according to a consensus of experts.

The Guardian - UK

UK unemployment shows surprise fall to 4.9% as pay growth drops to lowest in five years

Bank of England expected to keep interest rates on hold as Iran war casts shadow over labour market

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The Guardian - UK

French man, 86, issues historic apology for family’s role in transatlantic slavery

Pierre Guillon de Prince believed to be first in France to formally apologise for ancestors’ connections to slavery

International Business Times UK

UK Shoppers Warned: AI Could Push Grocery Prices Up or Down Based on Weather, Demand and Time of Day

UK supermarkets are preparing for a shift toward AI-driven dynamic pricing as electronic shelf labels (ESLs) are rolled out across major stores.

Evening Standard

Bank will not rush into moving rates despite ‘big energy shock’, says Bailey

The Bank of England boss said the energy shock will push up prices across the world.

The Independent UK

UK ‘headed for stagflation’ as economy flatlines and inflation bites due to Iran war

Stagflation – a combination of rising inflation, higher unemployment and low or zero economic growth – is seen as a ‘worst of both worlds’ scenario

Evening Standard

Surge pricing could be coming to supermarkets, Bank of England warns as digital displays tested

There is no evidence to suggest that UK supermarkets are using algorithm-driven dynamic pricing at present, but they are testing digital price displays

The Guardian - UK

UK house prices fall in March amid uncertain impact of Middle East conflict

Average price dips back below £300,000 after higher energy costs have knock-on effect on mortgage rates

The Conversation

Why the war in Iran will make your UK mortgage more expensive

The war in Iran is affecting the cost of living around the world. In the UK, it is leading to higher energy prices, weaker economic growth and a more expensive future.

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