This week’s rate rise: Brits face immediate jump in interest payments of £1.67bn August 6, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 1.75 per cent, UK households face an immediate increase in interest payments of £1.67bn. UK households are currently paying £24.1 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by [...]
Truss warns Bank against ‘talking Britain into a recession’ August 6, 2022 Liz Truss ramped up her criticism of the Bank of England last night as she warned policymakers of “talking Britain into a recession”.
The Week in Review August 5, 2022 Bitcoin has been bouncing around a little over the last week, but always within its well established range around $22,000.
Andrew Bailey hits back at Suella Braverman saying Bank of England did not raise rates too late August 5, 2022 The Governor of the Bank of England, Andrew Bailey, has defended not raising interest rates earlier. His comments come after Attorney General Suella Braverman said interest rates “should have been raised a long time ago and the Bank of England has been too slow in this regard”. Bailey told BBC Radio 4’s Today programme: “If [...]
Analysis: Historic day in the Bank of England’s 25 years of independence August 4, 2022 Today was one for the history books. The biggest jump in interest rates since the Bank of England was made independent 25 years ago. A looming recession similar in length to the financial crisis. The first time the Bank has raised rates while forecasting a protracted slump in recent memory. It is a lot to [...]
Brace for another financial crisis style recession, Bank of England warns August 4, 2022 The UK is set to slump into a recession comparable to the financial crisis, driven by the biggest inflation surge in 42 years, the Bank of England warned today. Britain’s economy will shift into reverse in the final three months of this year and stay there until the final months of next year, placing it [...]
More businesses to go bust after today’s rate rise as £2bn is added to borrowing costs overnight August 4, 2022 With the Bank of England Monetary Policy Committee increasing its base rate by another 0.5 per cent to 1.75 per cent, UK businesses face an immediate increase in interest payments of more than £2bn. Analysis of Bank of England data shows UK businesses are currently paying £14bn annually in interest payments on their £409bn in floating rate [...]
More jumbo Bank of England rate hikes on a knife edge if UK tips into long recession August 4, 2022 More super-sized rate hikes in the coming months from the Bank of England are on a knife edge if the economy slumps into a prolonged recession, City economists are betting. Consumers and businesses may struggle to absorb further 50 basis point rate rises, likely prompting the Bank to slowdown its rate hike cycle, experts said [...]
Bank of England signs off biggest rate hike in nearly 30 years August 4, 2022 The Bank of England today ripped up the history books and hiked interest rates by the largest amount in its 25 years of independence. The nine-strong committee of rate setters, including governor Andrew Bailey, backed a 50 basis point rise by 8-1 in a bid to step up their battle against the worst inflation surge [...]
MPs set to scrutinise government crypto hub plans in fresh inquiry August 4, 2022 MPs are set to scrutinise the Treasury’s plans to make the UK the “global home of crypto” in a fresh inquiry into the wider crypto and digital assets sector, launched today.