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Bank raises rates to 1% and warns cost crisis will send economy into reverse

The Bank of England raised interest rates to 1% as it warned the economy will go into reverse and that inflation will peak at more than 10% as the Ukraine war compounds a crippling cost-of-living crisis. Members of the Bank’s nine-strong Monetary ...

05 May 2022 at 16:25

Building a strong UK economy can help fight international aggression, Sunak says

The UK must build a strong economy so it can invest in defence and project its values around the world, the Chancellor has said as Russia invaded Ukraine. Ahead of the Prime Minister’s announcement on promised further sanctions against the ...

24 Feb 2022 at 15:25

Bank governor under pressure over call for ‘restraint’ in pay rises for workers

The governor of the Bank of England is under pressure following comments he made that workers should avoid asking for excessive pay rises to prevent inflation increasing further. Andrew Bailey, who took home £575,538 in pay and benefits ...

04 Feb 2022 at 16:25

Minister does not rule out more energy bill support in October

The Government has not ruled out stepping in with more support if energy bills rise again as expected in October. Energy Minister Greg Hands said that the situation would be kept under “constant review”. It came as a fuel poverty ...

04 Feb 2022 at 11:55

Bank boss warns inflation pressures may stay until the end of 2023

Bank of England boss Andrew Bailey has warned over mounting signs that inflation pressures may last longer than first thought. The Bank’s governor told MPs on the Treasury Select Committee that financial markets now do not ...

19 Jan 2022 at 16:58

Andrew Bailey: The Chancellor should only reveal tax cut plans in Budgets

Andrew Bailey: The Chancellor should only reveal tax cuts in Budgets

The Governor of the Bank of England has offered a careful rebuke of new Chancellor Nadhim Zahawi for promising tax cuts in media interviews. Andrew Bailey said that there are some things that should only be said when the ...

11 Jul 2022 at 18:55

City

Bigger interest rate hike expected from Bank of England decision makers

The Bank of England could speed up its reaction to runaway inflation figures next week as key decision makers sit down to set interest rates. Analysts and the market are broadly expecting the Bank’s Monetary Policy ...

29 Jul 2022 at 16:13

City

Warning over 15% inflation as rates set for fastest rise in nearly 30 years

The Bank of England is widely expected to hike rates by the highest level in nearly three decades on Thursday after experts warned that inflation could peak at 15%. Decision makers on the Bank’s Monetary Policy ...

03 Aug 2022 at 14:18

Cabinet minister ‘surprised’ by Bank Governor’s ‘apocalyptic’ inflation warning

A Cabinet minister said he was “surprised” by the Governor of the Bank of England issuing an “apocalyptic” warning about rising food prices. In a sign of the tension between the Government and the Bank, ...

17 May 2022 at 09:55

Bank of England’s Bailey under pressure from Government over food price warning

Downing Street said it is up to Bank of England Governor Andrew Bailey to justify his choice of words after he issued an “apocalyptic” warning about rising food prices. In a sign of the tension between ...

17 May 2022 at 14:55

Mortgages could spike again as Bank of England set to hike rates

The Bank of England is expected to unveil the biggest interest rate rise since the 1980s on Thursday as it tries to control the runaway inflation which is battering British households. In a crunch ...

02 Nov 2022 at 15:17

UK ‘hours’ from potential financial meltdown after mini-budget, Bailey confirms

The UK was just hours from potential total financial meltdown in the wake of Liz Truss’s disastrous mini-budget, the Governor of the Bank of England has confirmed. Andrew Bailey said the Bank was ...

03 Nov 2022 at 21:51

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