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The Latest Breaking News from The Bank of England

‘Cause for concern but not panic’ — UK economy shrinks by 0.1% in May as bank holidays hit GDP

The extra bank holiday in May for the King’s coronation played a part in the decline

Evening Standard

Mhairi Black slams Tories for 'not taking mortgage rate rises seriously'

The SNP Deputy Westminster leader said that "people can't afford to wait until Christmas" for their mortgage rates to come down.

Daily Record

Economic gloom looks likely to sink the Tories. But Labour is taking no chances

Come the general election, the worst of Britain’s pain may be over, so Starmer’s slow and steady approach is the right one, says Guardian economics editor Larry Elliott

The Guardian - UK

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One million households warned their mortgage repayments could go up by another £500 a month

The Bank of England boss says there 'will be consequences' of higher borrowing costs over the next three years

Manchester Evening News

Rental market crisis looms as landlords face ‘hike rents or sell up’ dilemma amid mortgage chaos

Rising mortgage rates are will have a severe impact on buy-to-let landlords and their tenants

Evening Standard

Bank of England warns 1m people to expect £500 a month added to mortgage bill

The Governor has warned 'there will be consequences'

Wales Online

UK lenders pass stress tests as Bank of England warns of more mortgage pain

Banks ‘could weather £125bn hit in economic downturn’ despite rising interest rates

The Guardian - UK

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£500 a month rise in mortgage payments for 1 million households by 2026, Bank of England warns

The average household will see their monthly interest payments go up by about £220 if they are refinancing during the second half of this year

The Independent UK

Bank of England says UK banks are resilient enough to offer struggling households support

The Bank of England has warned that households across the U.K. are facing increasing problems from the sharp increase in interest rates but says the country’s biggest banks are resilient enough to offer more help than they were able to before the global financial crisis 15 years ago

The Independent UK

Tens of thousands of Londoners face mortgage bill hikes of more than £12,000

Tens of thousands of Londoners are facing annual mortgage bill hikes of more than £12,000, the Bank of England warned on Wednesday.

Evening Standard

A million UK households face £500 rise in monthly mortgage payments; US inflation drops to 3% – as it happened

Bank of England chief says there ‘will be consequences’ of higher interest rates, as all UK banks pass stress tests

The Guardian - UK

People on PIP or DLA could be due monthly payments of up to £739 next year

The Bank of England's current September CPI forecast is 7 per cent, which would see another bumper boost next April for people on the Basic and New State Pension over the 2024/25 financial year

Nottingham Post

'Mortgage costs are on a road to hell - who will stand up for ordinary people?'

The average 6.66 per cent rate is stinging in part because the Bank of England, with the backing of Rishi Sunak and Chancellor Jeremy Hunt, is hiking interest rates to curb inflation

Daily Mirror

OPINION - The Standard View: Wage growth figures underline the need to focus on inflation

So much for team transitory. Average earnings excluding bonuses rose by 7.3 per cent in May, above forecast and in line with the previous reading. In other words, inflation appears to be bedding in.

Evening Standard

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The Independent UK

Average two-year mortgage rates at 15-year high as lenders are quizzed by MPs

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

Evening Standard

When is the UK’s next inflation report and what is it likely to recommend?

The data has been described as a ‘glimmer of light’ for the Bank of England

Evening Standard

Traders double down on interest rate rise bets as pound hits 15-month high

Markets are pricing in an interest rate peak of 6.5%, probably early next year

The Independent UK

Average two-year fixed mortgage rate surges to highest level in 15 years

The typical two-year fixed-rate residential mortgage on the market reached 6.66% on Tuesday, surpassing a peak of 6.65% amid last autumn’s volatility.

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The Guardian - UK

UK interest rates likely to rise again despite slowing labour market

Rising unemployment and slowing jobs growth will not counteract strong pay pressure

The Independent UK

Mortgage rates soar again to surpass Liz Truss mini-Budget peak

‘Personal hell’ for homewners as average two-year deal reach 6.66 per cent – rates not seen since 2008 banking crash

The Guardian - UK

Rising mortgage rates will cause ‘financial stress’, MPs hear, as two-year fixed rates hit 15-year high – as it happened

Treasury Committee quiz lenders about mortgage rates, as two-year fixed mortgage rate rises to 6.66%, highest since 2008

The Independent UK

Mortgage rates could surpass mini-Budget peak to hit 15-year high, experts warn

Two-year fixed-rate residential mortgage reaches 6.63 per cent on Monday

The Independent UK

Average two-year fixed mortgage rate close to surpassing post-mini-budget peak

The typical two-year fixed-rate residential mortgage on the market has reached 6.63%, Moneyfactscompare.co.uk said.

Daily Mirror

New mortgage rules kick in TODAY - what this means for you and all the help available

The charter is intended to help millions of homeowners who are facing a huge jump in monthly mortgage repayments because of rising interest rates after the Bank of England upped rates to 5% last month

The Guardian - UK

Monday briefing: How the government’s debt woes could cost the economy – and Rishi Sunak

In today’s newsletter: The prime minister promised to halve inflation this year, and is already struggling. What does that mean for an economy that keeps getting worse?

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