The Latest Breaking News from The Bank of England

UK regular pay growth highest since 2001 while unemployment rate rises unexpectedly; rouble recovers afters Bank of Russia raises rates at extraordinary meeting

ONS data shows employers shed workers on back of slowdown in economic activity

City Comment: The Bank of England will take the punchbowl away from the party soon enough

Shortly after moving into No 10, the Prime Minister invited the British public to judge him on five key promises.

“If it isn’t hurting it isn’t working.” That was the message from then-chancellor John Major in 1989 during a previous period when interest rate rises were used to tackle high inflation, said Larry Elliott in The Guardian.

HSBC UK, Nationwide Building Society and TSB are also among the lenders which have announced mortgage rate cuts this week.

In 1937 the English economist Joan Robinson proposed that “when capitalism is rightly understood, the rate of interest will be set at zero and the major evils of capitalism will disappear”. John Maynard Keynes, who had taught Robinson, suggested something similar a year earlier in slightly more qualified and technical…

Experts believe wages increased at a faster pace than prices in July

The Bank of England has warned that the number of people likely to struggle with debt repayments is rising as a result of increasing interest rates.