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The Latest Breaking News from The Bank of England

Britain’s politicians need to worry less about the bond markets – and more about the Bank of England

A new model of central banking would weaken the power of bond vigilantes – and help progressive politicians pay for transformative change, says academic Daniela Gabor

The Guardian - UK

UK service sector activity slumps in one of sharpest declines for a decade

Firms hit by ‘perfect storm’ of uncertainty about Labour leadership and impact of Iran war

The Guardian - UK

Why has UK inflation gone down? What economic experts say will happen next

ONS reported that the Consumer Prices Index inflation fell to 2.8 per cent

The Independent UK

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Why has inflation gone down and where will it go from here?

Economists said April’s inflation fall will only be a brief respite before the Middle East conflict sends prices spiking again.

Evening Standard

Rising prices are Britons’ biggest money worry as inflation stays high, survey finds

Households ‘increasingly gloomy’ about finances amid fears of interest rate rises due to higher fuel prices

The Guardian - UK

Monday briefing: Is the bond market making Britain ungovernable?

In today’s newsletter: The fate of Liz Truss is a warning to any PM thinking of implementing radical economic reform. But does the need to appease the market mean real change is always out of reach?

The Guardian - UK

Scott Bessent made a billion betting against a faked currency. On China's, the Treasury chief is silent

Bessent has been a currency hawk ever since he worked for George Soros in 1992 and saw something off with the British pound.

Fortune

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UK economy was on the right track – Trump’s Iran war has wrecked that

Domestic and overseas matters have combined to create a tough outlook for British businesses and consumers

The Independent UK

Foreign investors buying UK gilts risks volatility, says Bank rate-setter

Catherine Mann said overseas investors are playing a ‘particularly large role’ in buying gilts.

Evening Standard

The £6bn bond yields drama unfolding behind the headlines

UK 10-year gilts have risen by more than those issued by other advanced economies since the start of the Iran war

The Independent UK

NatWest faces £140m hit from Iran war as UK growth slows and inflation rises

Profits ahead of expectations but almost half of £283m impairment charge follows forecast reassessment

The Guardian - UK

Why did the Bank keep interest rates the same despite rising inflation?

A large majority of policymakers opted to keep interest rates at 3.75% at the latest Monetary Policy Committee meeting on Thursday.

Evening Standard

Rising household costs ‘will be felt hardest by those already struggling’

The Bank of England base rate was held at 3.75% on Thursday but there are concerns around the impacts of inflation.

Evening Standard

Bank of England holds rates as Iran war sends oil prices to new highs

The Bank joins the Fed and Bank of Japan in sitting tight, as war in the Middle East drives oil prices higher and blows the spring rate-cut playbook apart.

Euronews

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Evening Standard

Bank of England holds interest rates at 3.75% but hints at future hikes

Eight members of the Bank’s nine-person Monetary Policy Committee voted to hold interest rates steady.

The Guardian - UK

Bank of England warns ‘higher inflation unavoidable’ after holding interest rates

Governor says decision to keep rates at 3.75% reasonable given unpredictability of events unfolding in Middle East

Barchart

Stocks Rise Before the Open as Investors Weigh Big Tech Earnings, Iran War News

June S&P 500 E-Mini futures (ESM26) are up +0.15%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.22% this morning as investors digest earnings reports from big U.S. tech companies and the latest developments in the Iran war.

The Guardian - UK

Bank of England leaves interest rates on hold with committee split 8-1; ECB also keeps rates steady – as it happened

Bank warns UK may need to brace for rate hikes later this year as ‘higher inflation is unavoidable’; oil prices retreat after topping $126 a barrel on Reuters report that the US is pressing ahead with plans for an international coalition to open the strait of Hormuz

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The Independent UK

The Bank of England is expected to keep interest rates on hold as it weighs the impact of Iran war

The Bank of England is expected to announce it's keeping interest rates on hold as policymakers assess the economic impact of the Iran war and Tehran’s effective closure of the Strait of Hormuz, through which a fifth of the world’s crude passes in peacetime

Evening Standard

Bank of England poised to hold interest rates steady despite inflation rise

But experts have said a hike could remain on the horizon if the conflict continues to put pressure on UK inflation.

The Guardian - UK

Lloyds takes £151m hit from Iran war as it forecasts rise in UK unemployment

Bank expects its base case for GDP growth to be 0.5% this year, lower than IMF’s 0.8% prediction for Britain

International Business Times UK

Iran War Shock Leaves UK Policymakers Trapped Between Inflation and Recession Risks

The UK economy is threatened by a £35bn loss due to rising energy prices from the Iran conflict, risking recession and high inflation, warns NIESR.

Evening Standard

Paddington Bear and Sir David Attenborough among public’s banknote design ideas

Sir Winston Churchill, who currently features on the £5 note, was the fourth most commonly suggested idea..

Evening Standard

Starmer to chair Cobra meeting on economic impact of Iran war

The Prime Minister will convene the emergency committee with representatives from the Bank of England.

The Independent UK

Public’s favourite banknote design picks revealed

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