Bank of england

Governor of the Bank of England Andrew Bailey says UK banks remain 'strong' (Image: Getty) Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The country's economic outlook has "deteriorated materially" alongside the rest of the world but is faring better than the 2008 crisis, experts said yesterday. Related articles Cost-of-living crisis fuels boom for pawnbrokers City urged to immediately cut 1.7 million EU rules stifling economy Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the Bank's verdict seems to be that "the situation isn't as quite as bad as previous crises". She added: "Consumers might be coping with the biggest … [Read more...] about UK robust banks resilient enough to weather financial downturn

UK inflation has climbed to 9.1% as the cost of living crisis continues to squeeze household finances. The consumer prices index (CPI) measure of inflation rose in the 12 months to May to its highest level sinceMarch 1982. CPI had already hit a 40-year high when it reached 9% the previous month , according to latest Office for National Statistics (ONS) data. The latest figures mean inflation is almost five times higher than the Bank of England (BoE) target of 2%. BoE economists are expecting UK inflation to hit 11% by the end of this year. It had previously estimated that the rate of CPI would hit 10%. Are you worried about rising prices? Let us know: [email protected] How inflation has changed over the years The ONS said food and drink prices were the biggest contributor of inflation creeping higher in the 12 months to May. Households are also being hit by sky-high energy costs, after the Ofgem price cap was raised by 54% in April, … [Read more...] about UK inflation hits 9.1% in new 40-year high as cost of living crisis deepens

Published 28 minutes ago Share close Share page Copy link About sharing An MP in the so-called red wall seat of Ashfield has withdrawn his support for Boris Johnson over the government's handling of the situation with former deputy chief whip Chris Pincher. Lee Anderson said he had stayed loyal since being elected in 2019. But the Conservative MP said giving Mr Pincher the job, having been told about earlier inappropriate behaviour, was "not a good appointment". "I cannot look myself in the mirror and accept this," he added. Mr Anderson highlighted the initial denial that the prime minister had been told about earlier allegations and then the change in the government's position to state that Mr Johnson simply forgot. He added: "It is my belief that our PM has got all the big decisions right and guided us through the most difficult time in my lifetime and I have always backed him … [Read more...] about Lee Anderson: Red wall Tory MP withdraws support for Boris Johnson

Published 12 May comments Comments Share close Share page Copy link About sharing The risk of a recession has risen, analysts have warned, after the economy shrank during March just as the UK had recovered from the pandemic. Higher prices are "beginning to bite", the UK statistics body said , with people spending less and cutting down on car journeys due to high fuel costs. The impact of higher energy bills in April has also yet to be seen. The economy grew by 0.8% over the first three months of the year, but in March it shrank by 0.1% as people cut back. The main boost to the economy came in January, as hospitality and travel industries recovered from coronavirus pandemic restrictions. However, that came before the war in Ukraine and before households began to feel the pinch of higher prices. Paul Dales, chief UK economist at Capital Economics, said the … [Read more...] about Recession fears grow as rising prices hit spending

By Simon Jack Published 2 hours ago comments Comments Share close Share page Copy link About sharing Most Lloyds Bank customers have less than £500 of savings in their accounts, its chief executive said. Charlie Nunn said Lloyds had seen customers seeking debt advice jump up by a third in just the first six months of this year. Credit card spending on travel was up 300% on last year, but the majority of Lloyd's customers were worried about the cost of living, he said. It was possible for the UK to avoid the recession many are predicting, he said. It comes as UK households struggle with the soaring cost of food, energy bills and fuel as inflation rises at the fastest rate in 40 years. The head of the UK's biggest high street bank told the BBC: "80% of individuals and UK customers and families have less than £500 pounds worth of savings in their current … [Read more...] about Most only have £500 of savings says Lloyds boss

By Tom Espiner Published 2 hours ago comments Comments Share close Share page Copy link About sharing The pound has fallen to a two-year low against the dollar reflecting traders' increasing concerns about recession around the world as energy prices continue to soar. But sterling is also weak because markets are worried about future UK economic growth, analysts said. Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added. London shares regained some ground on Wednesday following Tuesday's falls. The resignation of two senior government ministers on Tuesday evening, including former Chancellor Rishi Sunak, was not a significant factor in the pound's fall, Rabobank head currency strategist Jane Foley told the BBC Radio 4 Today programme. UK household energy bills to hit £3,000 per year Sunak … [Read more...] about Pound slides to two-year low against the dollar

This looks like the endgame. A group of Cabinet ministers - including the new Chancellor Nadhim Zahawi - are planning to confront Boris Johnson this evening and tell him that he must step down as Prime Minister. The Telegraph understands that Brandon Lewis, the Northern Ireland Secretary, Grant Shapps, the Transport Secretary, and Simon Hart, the Welsh Secretary, are among those who are preparing to make the intervention . Mr Zahawi is also understood to be involved, with the push against the Prime Minister being coordinated by Chief Whip Chris Heaton-Harris. It comes as Mr Johnson continues to suffer a brutal wave of resignations. As this email was sent, 35 Tory MPs had left Government roles in the last 24 hours. Yet Mr Johnson told MPs at Prime Minister's Questions and the liaison committee that he intends to "keep going". Our live blog is your first point of call for breaking news. Our Government resignation tracker tells you who has quit and when they … [Read more...] about Wednesday evening UK news briefing: Cabinet ministers poised to tell Boris Johnson he must resign

Geoff Hurst asks for more end-of-life care nurses (Image: Getty) Sign up for our news briefing, including a daily special Russia-Ukraine edition SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The legendary England star, 80, lost his eldest daughter Claire to a brain tumour 12 years ago and said he will always be grateful to the Sue Ryder nurses who made her as comfortable as possible in her final days. Related articles Bank of England warning: UK told to brace for major economic storm GB news:Nigel Farage slams Zahawi for ‘climbing’ to post of Chancellor But the charity is facing the worst recruitment crisis in its 65-year history. Despite increasing recognition of the importance of high quality palliative care, a survey found … [Read more...] about Sir Geoff Hurst appeal for more end-of-life nurses ‘They gave us precious time’

British Airways (BA) has announced it will cut a further 10,300 short-haul flights until the end of October. The airline , among the worst hit by post-pandemic staff shortages that have resulted in widespread disruption for passengers this year, made the announcement just a day after another wave of cancellations was revealed in a bid to make schedules more robust. BA told Sky News that the cancellations it was announcing to passengers on Wednesday, covering August to October, were part of a focus on protecting popular holiday flights. It suggested that destinations with weak bookings would be most likely to have flight frequency consolidated. However, there could be worse problems ahead for BA customers using Heathrow. Advertisement BA revealed the latest cuts less than 24 hours before unions representing 700 of its check-in and ground-handling staff at the airport - almost half its customer-facing team there - were due to reveal strike dates … [Read more...] about British Airways to cut a further 10,300 flights until end of October