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The Latest Breaking News from The Bank of England

Inflation rate set to rise again as Bank of England decision on interest rates looms

Core inflation, which excludes food and energy prices, fell to 6.2 per cent, shocking economists and likely putting an interest rate pause on the table when the Bank of England meets on Thursday

Evening Standard

Liz Truss blames ‘groupthink’ for economic damage under her watch

While former PM takes some responsibility for markets crisis after mini-budget, she says main fault lay with Bank of England

The Guardian - UK

FTSE 100 Live: Shares close down 0.8% as oil price surges near $95 a barrel, S4 plunges

A profit warning by B&Q owner Kingfisher and robust trading figures from Ocado provided the main interest in the FTSE 100 today.

Evening Standard

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Aust shares fall at start of big week for central banks

The local share market finished down 0.7 per cent at the start of a week that will feature meetings by six central banks and minutes from the RBA.

AAP

Liz Truss: economic consensus since 1997 to blame for UK woes – not me

Former prime minister to make remarks in speech on Monday almost a year since mini-budget that led to her downfall

The Guardian - UK

A year on from Liz Truss’s mini-budget, the UK economy is still stuck in first gear

Truss was right in saying Britain needed economic growth – where she was badly wrong was in her prescription

The Guardian - UK

‘Limited’ evidence that pay rises are to blame for inflation of goods, ONS says

Fast-rising wages have been a major subject of concern for the Bank of England, which fears the public’s pay is rising too fast to bring inflation back down to the 2% target

Evening Standard

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European Central Bank hikes interest rates to record high with inflation still ‘too high for too long’

It will increase the pressure on the Bank of England to order another hike in UK rates

Evening Standard

‘Recession may have begun’ as UK economy shrinks by 0.5% in July, GDP figures show

Government minister Maria Caulfield conceded that the decline in GDP was “disappointing”

Evening Standard

UK ‘mortgage meltdown’ looms amid ‘terrifying’ growth in arrears

Jump in borrowers unable to make payments with landlords particularly hit and ‘worse to come’

The Guardian - UK

Bank of England likely to raise interest rates again after fast wage growth, but it could be the last hike

Today, City financial markets were pricing in the likelihood of a further hike at around 75%

Evening Standard

UK interest rates: will the Bank listen to business and halt the rises?

Soaring pay growth puts pressure on the Bank to act again, but a slowing economy could tip into recession

The Guardian - UK

State pension to rise due to record wage growth but Jeremy Hunt warns tax cuts ‘unlikely’

The bumper wage growth will also pile pressure on the Bank of England to raise interest rates yet again later this month

The Independent UK

UK jobs market ‘on the turn’ as unemployment rises; ‘terrifying’ increase in mortgage arrears – as it happened

Total pay jumps by 8.5% in the last year – ahead of inflation – while value of mortgages in arrears is now the highest in almost seven years

The Guardian - UK

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Evening Standard

FTSE 100 Live: BP boss quits, FTSE closes up 0.4% as interest rate rise fears ease, Apple down

London’s FTSE 100 re-took the 7500-point mark helped by rallying banks as investors absorb jobs and wages data into the Bank of England’s next rate call later this month.

Evening Standard

Has ‘Barbenheimer’ helped keep the UK economy growing?

How an unlikely pairing of blockbusters may have stopped a summer spending washout

The Guardian - UK

UK firms ‘slow output and rein in hiring as borrowing costs rise’

Survey of businesses gives further indication that Bank of England could limit future interest rate rises

The Guardian - UK

Now even the Bank of England admits greedflation is a thing

Work by Threadneedle Street’s own analysts suggest that firms are intending to keep prices high, despite falling costs

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Evening Standard

NatWest cuts mortgage interest rates for second time in four days

It comes after Andrew Bailey yesterday signalled that the Bank of England could soon be finished raising interest rates

The Guardian - UK

UK house prices tumble 4.6% in year to August; pound at lowest since June – as it happened

UK house prices are falling at fastest pace since 2009 on annual basis, reports Halifax, down in every region

The Guardian - UK

UK house prices suffer sharpest fall in 14 years

Halifax says prices fell by 4.6% as high interest rates dent homebuyer demand

Evening Standard

Poor ONS forecasts could be hurting our economy

City Voices: Investment decisions have already been made based on the incorrect economic analysis

Evening Standard

London has 19 of UK’s top 20 ‘risky mortgage’ postcodes

As interest rates rise, mortgages in these postcodes may be at the highest risk of default

The Guardian - UK

Markets rally as China steps up support for economy and Country Garden strikes debt deal – as it happened

Rolling coverage of the latest economic and financial news, as stocks rally as Country Garden agrees extension to its onshore debt payments

The Guardian - UK

Expect inflation blip but our plan is working, says Jeremy Hunt

Chancellor blames expected rise on fuel price increases but maintains inflation will halve by end of 2023

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