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The Latest Breaking News from Bank of England

Alan Kohler: Past budgets and tax cuts are a foreign country

When LP Hartley wrote “the past is a foreign country: they do things differently there”, as the first line of his novel The Go-Between, he was on about

The New Daily

Pensions watchdog called in to emergency talks on UK market turmoil

First time regulator drafted to high-level meetings on measures to tackle meltdown that followed mini-budget

The Guardian - UK

UK’s ‘pro-growth’ government has only made a recession more likely

Thanks to Truss and Kwarteng, the country is now far riskier for the investors who finance our trade and budget deficits

The Guardian - UK

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Warning for Irish people with British pounds as paper £20 and £50 notes have lost status as money

The old notes cannot be spent in shops or used in business transactions and will not even be accepted by most banks

Irish Mirror

Liz Truss admits she should have done a 'better job' over Budget disaster

The Prime Minister refused to back down from her plan and failed eight times to rule out cutting benefits and the state - but admitted she has 'learned' from the market chaos

Daily Mirror

'It's a disgrace': The Manc holidaymakers, businesses and mortgage holders in 'fear and panic' over the pound's slump

A weak pound threatens to exacerbate the cost of living crisis and drive up the cost of mortgages and foreign holidays

Manchester Evening News

Ten days that shook the British political world: the inside story of Tory collapse

Last Friday, Liz Truss and her chancellor expected acclaim for their mini-budget. This weekend, she goes into her first Tory conference as leader – battling for survival

The Guardian - UK

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How the Tories wrecked the economy in seven days

IT took Liz Truss’s Government just under a month to see the value of the pound drop to historic lows, the Bank of England being forced to step in…

The National (Scotland)

Labour will not waver from putting the UK economy on secure ground

The disastrous Conservative mini-budget has left the country in tatters. This government can no longer be trusted, says shadow chancellor Rachel Reeves

The Guardian - UK

Trickle-down Truss is carrying on the dirty work of Thatcher, Blair and Osborne

Britain has endured 40 years of decline thanks to this faulty economic theory. Will Keir Starmer finally kill it off?, says Yanis Varoufakis, leader of MeRA25 in Greece’s parliament

The Guardian - UK

Can I still use £20 notes? What to do with paper money that is no longer legal tender

The deadline to use paper £20 and £50 notes by was Friday

Liverpool Echo

Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

Financial Times

How Liz Truss plunged the UK to the brink of recession in just one month

The new prime minister began September promising a ‘new era’ for Britain. One economic crisis later, she has delivered

The Guardian - US

Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound

With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest rates and ending its programme to “create” money through quantitative easing…

The Conversation

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The Conversation

Three reasons a weak pound is bad news for the environment

The day before new UK chancellor Kwasi Kwarteng’s mini-budget plan for economic growth, a pound would buy you about $1.13. After financial markets rejected the plan, the pound suddenly sunk to around $1.07. Though it has since rallied thanks to major intervention from the Bank of England, the currency remains…

The National (Scotland)

Douglas Ross squirms amid grilling over Tory tax cuts crashing economy

Douglas Ross faced tough questions over the fall-out from the Chancellor's mini-budget

Evening Standard

Thousands of Londoners face £10k mortgage blow as interest rates soar

Bank of England independence was no one’s first choice. Margaret Thatcher never did it, John Major preferred to devolve power to the German Bundesbank than grant it to Threadneedle Street. Because the power to set interest rates is an awesome one.

The Guardian - UK

How Kwasi Kwarteng’s budget-busting growth plan turned into week from hell

Tories head to conference with rocketing mortgage rates, a sterling crash and a 33-point poll lead for Labour

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The Conversation

Why IMF comments on the UK economy spooked traders and investors

Everyone from political pundits to people on the street have issued forth on the new UK government’s tax cut-laden growth plan recently. But it was a rare public rebuke from the International Monetary Fund (IMF) that really impacted financial markets.

The Conversation

Liz Truss: are the Conservatives facing an electoral meltdown?

The Conservative party is heading into its annual conference amid the catastrophic fallout from Chancellor Kwasi Kwarteng’s mini-budget. The decision to cut tax without a plan to pay for it caused a sharp fall in the value of the pound on currency markets, which reached an all-time low against the…

The National (Scotland)

'Out of his depth': Kwarteng urged to quit as Chancellor after destroying economy

CHANCELLOR Kwasi Kwarteng is being urged to quit after taking a “wrecking ball” to the UK’s finances.

Benzinga

Explainer: Why Did The Bank Of England Lay Down $72B To Prevent A 'Lehman Moment'?

The UK’s central bank unpacked a whopping £65 billion ($72 billion) on Wednesday in a desperate attempt to steer the economy back to stability.

The Guardian - UK

How Kwasi Kwarteng’s mini-budget hit UK economy – in numbers

Reckless ‘fiscal event’ may have damaged Liz Truss’s government beyond repair

Liverpool Echo

Warning as people have 12 hours to spend £20 and £50 notes

Paper notes will be worthless by tomorrow

Evening Standard

Property slowdown seen as red flag for sector amid mortgage crisis

The monthly pace of house price growth slowed for the first time since July 202

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