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UNCOVERED: 13 | History Defined

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

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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

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.

Evening Standard

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

The Guardian - UK

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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.

Evening Standard

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

The Guardian - UK

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.

Evening Standard

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

The Independent UK

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

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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’

International Business Times UK

Bank of England Cuts Interest Rates to 4% — Is This the Calm Before the Storm?

The Bank of England has cut interest rates to 4% for the first time since 2023, signalling relief for borrowers but uncertainty ahead amid persistent inflation and slow growth.

Evening Standard

Stocks mixed but pound up after Bank of England rate cut

The FTSE 100 index closed down 63.54 points, 0.7%, at 9,100.77.

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The Independent UK

Fact check: Bank has held rates four out of nine times since Labour took power

The Bank of England Monetary Policy Committee held interest rates unchanged at several of its meetings since last year’s general election.

Evening Standard

Interest rates: Why have they been cut and what does it mean?

Here the PA news agency looks at what the decision means and what the Bank expects to happen to the economy.

Evening Standard

Bank lowers UK interest rates but warns ‘uncertainty’ about future cuts

Governor Andrew Bailey described it as a ‘finely balanced decision’ after MPC members were forced to hold a second vote.

Evening Standard

Reeves’ Nics hike stunting growth and pushing up food prices, Bank says

Higher labour costs in the food industry and supermarkets have pushed up costs for shoppers, the Bank of England said.

The National (Scotland)

UK interest rates slashed to lowest level in two years

UK interest rates have been cut to their lowest level since March 2023, despite the Bank of England predicting a sharp rise in inflation amid…

Evening Standard

Average tracker mortgage borrower set to see £29 fall in monthly payments

The Bank of England base rate was cut from 4.25% to 4% on Thursday, reducing costs for some mortgage borrowers.

The Independent UK

Interest rates cut to 4% as UK inflation picks up

The cut came after the Bank’s rate-setting committee was forced to take a second vote for the first time in its history.

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