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The Latest Breaking News from The Bank of England

Scotonomics: The UK media has no idea how the markets work

Here is this week's Scotonomics, we hope you will enjoy. This week the newsletter comes from William Thomson (follow me on X/Twitter!)

The National (Scotland)

UK property prices surge to new record high

The record comes despite recent changes to stamp duty regulations

The Independent UK

House prices: record high asking prices in April despite stamp duty changes

At £377,182, the average asking price for a home in Britain surpassed a previous record set in May 2024

Evening Standard

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Record high average price tag on a home in April after £5,000 monthly jump

At £377,182, the average asking price for a home in Britain surpassed a previous record set in May 2024, Rightmove said.

The Independent UK

Mortgage relief as major lender to slash rates below 4 per cent

Barclays will offer a two-year fixed-rate mortgage at 3.99 per cent to home buyers with a 40 per cent deposit

The Independent UK

Barclays set to cut some mortgage rates below 4% on Friday

Global economic volatility has boosted expectations that the Bank of England will respond with rate cuts.

Evening Standard

Housing market activity took a pause as stamp duty holiday expired

US tariffs could cause further uncertainty for the UK housing market, the Royal Institution of Chartered Surveyors said.

Evening Standard

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Rachel Reeves Breaks Silence After Market Chaos — Here’s What She Told the Bank of England

Amid the global financial jitters triggered by Donald Trump’s latest tariffs, Rachel Reeves has stepped up to reassure the public.

The Fashion Central

UK-US deal or eased tariff rates ‘won’t be enough’ for Britain, Starmer warns

Ministers including Chancellor Rachel Reeves have stressed the UK must look elsewhere to improve relations with other countries aside from the US.

Evening Standard

Reeves faces crisis as Trump’s tariffs send cost of government borrowing soaring in blow to her Budget plans

The trade war escalated with China hitting back by imposing 84% levies on imports from the US

Evening Standard

Trump tariffs threaten global growth and raise risk of ‘severe shocks’, says Bank of England

Levies have heaped pressure on government finances and increased chance of ‘further sharp correction’, report warns

The Guardian - UK

Global stability risks rise as US tariffs could weigh on growth, Bank warns

It follows US President Donald Trump announcing a series of new and higher tariffs on all imports to the US.

Evening Standard

Cheaper mortgages could be a ‘silver lining’ in fallout from Trump tariffs

Experts said expectations that interest rates will fall have risen since Donald Trump’s tariffs announcement last Wednesday.

Evening Standard

Reeves: US tariffs will have huge implications but UK banking system resilient

The Chancellor issued an update to MPs at the start of Treasury questions.

Evening Standard

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The Independent UK

Liz Truss blames Mark Carney for causing economic meltdown ‘on her watch’

Former PM said Mark Carney did a ‘terrible job’ as Bank of England governor and created the problems which sparked her downfall

The Guardian - UK

Bank ‘should cut UK interest rates to at least 4% in May amid tariff turmoil’

Ex-Bank of England deputy governor Charlie Bean says cut of 0.5 points needed because of ‘crazy situation’ in US

Evening Standard

Banknote printer De La Rue to complete £300 million partial sale in May

De La Rue, which prints banknotes for the UK, is hiving off its authentication business, as it also looks to sell its remaining currency business.

Evening Standard

Savers and pension holders warned of risks of making ‘knee-jerk’ decisions

Investors may be trying to navigate market volatility following the US president’s unveiling of tariffs on countries.

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Evening Standard

World braces for economic pain as White House confirms Trump will go ahead with tariffs

Tariffs will take effect immediately but precise details are yet to be unveiled

Evening Standard

Looming Trump tariff deadline sparks fresh fears of higher costs worldwide

Donald Trump’s tariff policy has sent ripples through the financial markets as investors assess what the impact will be on global trade.

Evening Standard

Mortgage approvals to home buyers fall back ahead of stamp duty changes

Some 65,500 mortgage approvals for house purchases were recorded in February, which was around 600 lower than in January

Evening Standard

The City is more than just a London Square Mile it is an asset for the whole country

The Bank of England’s decision to move 1 in 10 staff out of London to Leeds is not a threat to The City, but a way to broaden its relevance

Euronews

Tariffs and defence spending: S&P Global slashes eurozone and UK growth forecast

Uncertainty around US trade tariffs is costing the eurozone and the UK economy billions this year and the next, which cannot be entirely offset by increased defence spending in 2025.

The Independent UK

Santander becomes first major bank to loosen key mortgage rule over customer borrowing limits

Part of a mortgage application includes passing an affordability test - this change may make it easier to loan more money

The Independent UK

Hopes rise for interest rate cut after inflation falls – but experts warn relief may be short-lived

The Bank of England have promised a “careful” approach to reducing the rate this year

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