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The Latest Breaking News from The Bank of England

Wednesday briefing: Why the UK’s inflation rate just came down to 8.7%

In today’s newsletter: It’s good news – but the figure is still a bit higher than expected, even as energy costs decline. As the latest data is released, we look at its ongoing impact – and what it means for you

The Guardian - UK

Inflation falls sharply to 8.7% as price rises finally ease - what it means for you

Inflation finally falls below double digits dropping by 1.4% to 8.7% according to the Office for National Statistics (ONS)

Daily Mirror

Bank of England admits it made errors in UK inflation forecasts

Governor Andrew Bailey insisted inflation has ‘turned the corner’, ahead of official figures on Wednesday.

The Independent UK

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read the most diverse news in one place.

Watch: Top Bank of England economists face questions on interest rate increases

The Bank of England’s top economists faced questions on interest rates on Tuesday, 23 May.

The Independent UK

OPINION - The arrogant Bank of England has made our inflation crisis worse

It is, perhaps, the nearest we’ve got so far to an admission from the Bank of England that things haven’t gone entirely to plan. Andrew Bailey, the Bank’s Governor, acknowledged last week that “some of the strength in core inflation…reflects second-round effects... And as headline inflation falls, these second-round effects…

Evening Standard

Inflation is on the wane, but a longed-for sharp drop is far from in the bag

Energy bills and a tight labour market continue to cloud predictions of a steep decline by the end of the year

The Guardian - UK

UK ministers ask to meet Revolut amid reports it may be refused licence

Britain’s most valuable fintech firm has criticised regulatory hurdles that it says could drive it abroad

The Guardian - UK

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Stop raising interest rates, Jeremy Hunt’s adviser tells Bank of England

‘We can afford to take more time to get inflation back down,’ says Andy Haldane

The Independent UK

Kwasi Kwarteng again refuses to apologise over economic turmoil

The former chancellor said he was ‘not in the business of forgiveness’

The Independent UK

Home working leads to ‘lack of creativity’, warns Chancellor Jeremy Hunt

The Chancellor has warned permanent working from home could lead to a “lack of creativity” in industry.

Evening Standard

Cryptocurrency trading should be regulated as gambling as it ‘serves no useful purpose’ otherwise, MPs say

The Committee said regulating cryptocurrencies as financial products risked giving people a false sense of security in the assets

Evening Standard

UK interest rate rises are taking the labour market off the boil

Number of vacancies falls and more people rejoin workforce – but work is needed on skills and ill health

The Guardian - UK

UK economy: why the Bank of England is now more upbeat than the IMF

The Bank of England has changed its mind about the prospects for the UK economy. Having been predicting a recession in 2023 as recently as February, its latest May report is expecting a soft landing from the bout of high inflation and a year of interest rate hikes.

The Conversation

European economy expected to grow faster than forecast, says EU

Revised outlook for 2023 and 2024 puts average growth for 27-member bloc at 1%

The Guardian - UK

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The National (Scotland)

Key questions on currency arrangements in an independent Scotland answered

Your key questions on currency in an independent Scotland answered...

Wales Online

Bank of England interest rate rise could be the last for a while

The UK’s new 4.5% base rate may seem high, but it’s actually quite low compared to the 1980s and 1990s

The Guardian - UK

Soaring interest rates to cost UK mortgage holders £12bn in extra payments

Impact of Bank of England’s decision to hike rates to 4.5% will be felt mostly by young families, thinktank says

Daily Mirror

Millions have seen their mortgage increase by £5,000 since interest rates began to rise

Yesterday, the Bank of England increased its base interest to 4.5% from 4.25% - which was the 12th rise since December 2021 when the rate was 0.1%

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The Independent UK

Mortgage rates: How 1% can hit your finances for the rest of your life

Just a small percentage rise can have a lasting knock-on effect, say experts

The Independent UK

Why are interest rates going up – and what does it mean for mortgages?

The Bank of England has hiked the interest rate to 4.5%

The Week

Sticky inflation and sluggish growth: why does UK economy continue to struggle?

The UK’s economy shrank by 0.3% in March, with the first quarter of 2023 seeing “sluggish growth” of 0.1%, placing the UK once again towards the bottom of the league table of developed economies.

Chronicle Live

Martin Lewis explains how much your monthly mortgage payments will go up after interest rate rise

The Bank of England has increased the base rate to 4.5% and consumer expert Martin Lewis has spelled out how homeowners will be affected

The Independent UK

Food prices set to come back down soon, supermarket chiefs promise

Retail bosses under pressure as food inflation proves more ‘sticky’ than expected

Manchester Evening News

Bank of England boss warns of more financial pain to come after yet another interest rate rise

Homeowners were warned things could get even worse as Andrew Bailey could not rule out further rises in a bid to bring down rampant inflation

Evening Standard

UK economy stuck in first gear as GDP plunges in March

Bad weather and strikes blamed for forcing down high street sales

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