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The Latest Breaking News from Bank of England

More financial pain to come as experts warn inflation could hit 15 per cent

Interest rates are expected to rise as the Bank of England tries to tackle spiralling inflation

Wales Online

Half a million facing mortgage timebomb as London homeowners hit with 0.5% interest rate rise

Worst payment hikes in London and South-East as fixed deals end

Evening Standard

UK inflation will soar to ‘astronomical’ levels over next year, thinktank warns

The rise will force the Bank of England to hike interest rates higher and for longer than previously expected, says NIESR

The Guardian - UK

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Corporate insolvencies hit highest level since 2009 amid mounting recession fears

It follows warnings from the Bank of England that the UK’s economic outlook had ‘deteriorated materially’

Evening Standard

The cost of the average house in Wales versus average annual disposable income

A recent report by ONS shows that the average home in Wales cost around £176,000 in 2021, while the average disposable income was around £29,356 a year

Wales Online

Mortgage rules eased as Bank of England scraps affordability test

Bank of England says change should not be seen as a ‘relaxation of the rules’

The Independent UK

UK house prices rising at 11% a year despite cost of living crisis

Average price of a home was £271,209 last month after the 12th monthly rise in a row, says Nationwide

The Guardian - UK

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‘Surprising momentum’ in housing market as prices increase by 11% annually

Nationwide Building Society said it expects the market to slow in the months ahead.

The Independent UK

Bank of England urges people to check their cash as paper £20 and £50 notes set to expire next month

People have just a few weeks to spend or deposit their old bank notes before they are withdrawn as legal tender

Chronicle Live

Interest rates are rising – so why are mortgage rules being scrapped?

Analysis: Bank ruling that borrowers no longer have to show they can afford steep repayment hikes raises questions over how to curb excessive borrowing

The Guardian - UK

Bank of England faces one of its toughest-ever interest rate decisions as UK heads towards recession

Rates expected to rise again, by 0.25% or 0.5%, increasing costs for millions of borrowers

The Independent UK

How to exchange old paper banknotes

The public are being encouraged to exchange any old notes that will expire this year

Manchester Evening News

When do the old £20 and £50 notes expire?

People are being encouraged to either spend or deposit their paper notes before the expiration date

Manchester Evening News

Bank of England scraps mortgage affordability test

Test required potential homebuyers to prove they could afford three-percentage-point rise in interest rates

The Guardian - UK

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The New Daily

RBA expected to hike rates by another 50 basis points to slow inflation

Market wrap: The RBA is widely expected to lift the cash rate by 50 basis points to 1.85 per cent as part of its commitment to slow inflation.

Wales Online

Major rule change for people trying to get a mortgage comes into effect today

The major shake-up sees affordability tests scrapped

Bristol Post

Major Bank of England mortgage rule changes today – here’s how it will affect homebuyers

Some people may find it easier to get a mortgage from Monday

Evening Standard

Inflation and recession, we’re taking a trip back to the chaotic Seventies

Imagine, for just a moment, you’re an economic policymaker tasked with managing the path of an economy. Now envisage a set of economic conditions that makes your task near-enough impossible. That, unfortunately, is where many real-life policymakers find themselves today. There’s too little growth but there’s also too much inflation.…

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Daily Mirror

Huge change to mortgages kicks in today - see how it affects your chances of buying a home

The affordability "stress test" for mortgages - where you had to prove you could keep up your repayments if your rate was to rise - has been scrapped by the Bank of England from today

The Guardian - UK

UK businesses slash investments due to soaring prices and Brexit

As many firms are now planning to cut investment as to increase it, latest polls find

The Guardian - UK

If recession hits the UK, a base rate rise is the last thing we need

This week’s decision on interest rates will be fraught, but many think Britain is heading the same way as the US

The Independent UK

Venezuela's Guaidó wins UK court ruling in battle over gold

Venezuelan opposition leader Juan Guaidó has won a U.K. court ruling in a battle over $1 billion in gold bullion held in the Bank of England

Daily Mirror

Now cost of TEA rises including Tetley and Pukka in latest cost of living blow

New research has found Tetley, Twinings and Pukka have all crept up in price over the last few weeks - some by as much as 75p per box - as the cost of living crisis continues

The Guardian - UK

Consumer credit races ahead as UK households struggle to cope

People borrowed an extra £1.8bn in June, up from £900m in May, Bank of England figures show

Wales Online

Credit card use increases at fastest rate since 2005 as saving nosedives

Credit card borrowing has risen rapidly

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