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The Latest Breaking News from The Bank of England

Scottish banknotes banned across hundreds of Wetherspoon pubs

SCOTTISH banknotes have been banned by hundreds of JD Wetherspoon pubs across England, it has been revealed ...

The National (Scotland)

What would the Fed do in a tie vote? It's not clear, and the Bank of England had to break a deadlock this month

There have been three occasions when a vote on the FOMC passed by a one-vote majority, though the last time it occurred was in 1973.

Fortune

UK bank shares tumble after call for windfall tax on lenders in budget

Investor jitters follow report by IPPR and lead to more than £6bn being wiped off the sector’s market value

The Guardian - UK

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UK bank shares fall as fears raised in City over budget tax raid

City traders were reacting to a report from the IPPR which said Rachel Reeves should impose a new bank tax.

Evening Standard

'Stop taxing everything': Big business bosses warn Chancellor Rachel Reeves ahead of Budget

Asda chairman Allan Leighton said the Treasury should invest in Britain rather than ‘taxing everything in some way, shape or form’

Evening Standard

Police warn protesters not to travel to Epping after asylum hotel ruling – as it happened

Home Office and Bell hotel owner challenged injunction granted to council that would have stopped dozens of asylum seekers being housed there

The Guardian - UK

Bank of England show to remember lost splendours of Sir John Soane building

Exhibition explores Bank’s former grandeur and its rebuilding under Sir Herbert Baker that began 100 years ago

The Guardian - UK

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Windfall tax on banks could raise £8bn a year, Rachel Reeves told as she seeks to plug Budget black hole

This money is then partly being funnelled to bank shareholders due to a ‘flawed’ policy design, a new report says

The Independent UK

Windfall tax on banks could recoup QE losses and raise £8bn a year, IPPR says

Hiking a levy on the profits of major firms could raise up to £8 billion a year for public services, the IPPR said.

The Independent UK

Treasury should tax big banks on quantitative easing windfalls, argues thinktank

IPPR says Rachel Reeves should also urge Bank to halt bond sales to reduce government losses of £22bn a year

The Guardian - UK

Asda boss urges Rachel Reeves to ‘stop taxing everything’

Allan Leighton advises chancellor to not launch new tax raid in upcoming budget but invest in Britain if she wants to grow the economy

The Independent UK

Liz Truss backs Trump attacks on Fed and says ‘reckoning’ on way for central banks

Britain’s shortest-serving prime minister also critical of Bank of England and European Central Bank

The Guardian - UK

Food inflation jumps to 18-month high as chocolate and butter prices rise

Food inflation lifted to 4.2% this month from 4% in July, according to according to the British Retail Consortium-NIQ Shop Price Monitor.

Evening Standard

Food inflation jumps to 18-month high with these items seeing a price rise

Fresh food inflation sped to 4.1% for the month on the back of rising dairy prices, up from 3.2% in July

The Independent UK

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Evening Standard

Why has inflation risen and what does it mean for households?

July’s inflation rate of 3.8% means that if an item cost £100 a year ago, it would now cost £103.80.

The Guardian - UK

UK inflation rises by more than expected to 3.8% amid higher food prices

Fuel and air fares also pushed up annual July rate, making interest rate cuts less likely this year

Evening Standard

UK consumer sentiment recovers to strongest level since October

The CSI, which surveys more than 1,500 households, reported a reading of 47.0 for August, rising from 45.1 in July.

Evening Standard

Reeves concedes Government has ‘more to do’ as unemployment at four-year high

The Chancellor insisted Labour had been ‘creating more jobs’ since entering office despite vacancy numbers declining over the last quarter.

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The Guardian - UK

Santander mortgage cap jumps by as much as 24% as bank eases lending rules

Some higher-earning couples with smaller deposits could borrow extra £130,000 as a result of overnight changes

Evening Standard

FTSE 100 climbs ahead of jobs data

Upcoming figures on the UK jobs market and average earnings will be watched closely, not least by the Bank of England.

The Independent UK

Jobs market cools further over economic concerns and rising costs

Figures showed growth in starting salaries also slowed to its lowest level for more than four years as firms tightened their recruitment budgets.

The Independent UK

Embattled Rachel Reeves urges public to be patient with Labour on rescuing economy

Labour chancellor has been warned of a £50bn black hole in the government’s finances and that inflation will see consumers hit with higher prices this winter

Evening Standard

London first-time buyers paying £240 less a month on mortgages than this time last year

Mortgage payments had dropped even before today’s rates changes by the Bank of England

Evening Standard

Risk of ‘persistent inflation’ could affect rate cuts, says Bank economist

Huw Pill, chief economist at the Bank of England, stressed there has been ‘progress’ in bringing inflation down in recent months.

The Independent UK

Surge in household costs puts Reeves’s economic growth plan at risk

Labour prime minister Keir Starmer has pledged that plans to be set out in the Budget this autumn will ensure that ‘people feel better off’

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