Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%
1 year, 6 months ago

Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prime Minister Rishi Sunak has admitted soaring interest rates are “hard” for cash-strapped Britons, but vowed the Government will “remain steadfast” in the battle to curb inflation after the Bank of England delivered a shock hike to 5%. Speaking at the Times CEO summit in London, the Prime Minister said: “The reason interest rates are going up is because inflation is too high and we’ve got to bring it down. Governor of the Bank of England Andrew Bailey said inflation is “still too high and we’ve got to deal with it”. The central bank’s Monetary Policy Committee said on Thursday that it made the decision to hike rates more sharply due to “the background of a tight labour market and continued resilience in demand”.

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History of this topic

As the Bank of England holds interest rates, should we fear ‘stagflation’?
Trending News
5 days ago

As the Bank of England holds interest rates, should we fear ‘stagflation’?

The Independent  

Should “stagflation” be our word of the day? Concern about the other problems might explain why the Bank of England’s committee voted the way it in deciding to hold rates even when other central banks have been cutting. The doves this time were concerned about Britain’s “weakening labour market” – although it would have to weaken a lot for Britain …

Bank of England set to keep interest rates on hold TODAY despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation
Top News
5 days, 7 hours ago

Bank of England set to keep interest rates on hold TODAY despite UK economy stalling after Labour's Budget raid - with fears over resurgent inflation

Daily Mail  

The Bank of England is set to keep interest rates on hold today despite mounting alarm at the stalling economy. Interest rates, which influence how much banks charge for loans and mortgages, are used as a tool by the central bank to keep inflation at its 2 per cent target level. Rob Wood, chief UK economist for Pantheon Macroeconomics, said: …

Bank policymaker says higher interest rates needed to ‘purge’ inflation risks
3 months ago

Bank policymaker says higher interest rates needed to ‘purge’ inflation risks

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A policymaker at the Bank …

Bank says interest rates could be cut ‘gradually’ after holding at 5%
3 months ago

Bank says interest rates could be cut ‘gradually’ after holding at 5%

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low
3 months ago

UK interest rates kept at 5% as Bank of England says ‘vital’ inflation stays low

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

With election looming, UK’s governing Conservatives seize on inflation fall to 2% target
6 months ago

With election looming, UK’s governing Conservatives seize on inflation fall to 2% target

Associated Press  

LONDON — Inflation in the U.K. returned to the Bank of England’s target rate of 2% for the first time in nearly three years, official figures showed Wednesday, a development that was seized on by the governing Conservative Party as evidence that its economic plan is “working” ahead of the July 4 election. But Conservative Prime Minister Rishi Sunak hailed …

Five reasons why people feel poorer under Sunak
7 months ago

Five reasons why people feel poorer under Sunak

The Telegraph  

Growth is going “gangbusters”. The latest figures show the rate of price rises stood at 2.3pc in April – effectively back to the Bank of England’s 2pc target for the first time in almost three years. The typical family is becoming better off as wages rise, price pressures ease and the benefits of two cuts to the National Insurance rate …

Lack of money for tax cuts persuades Rishi Sunak to call general election
7 months ago

Lack of money for tax cuts persuades Rishi Sunak to call general election

The Telegraph  

Mr Sunak’s announcement of an uplift in defence spending to 2.5 per cent of GDP further squeezed the amount of money left for an autumn budget, and there were fears that economic variables, such as inflation and growth, could go against the Government. Mr Sunak knew that an underwhelming pre-election budget would have done more damage than going to the …

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices
7 months ago

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices

The Independent  

✕ Close Hunt attacks Labour and says he refutes 'myths' the economy is worse under Tories For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like …

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4
7 months ago

UK inflation lowest in 3 years. Prime Minister Sunak makes it a focus in election call for July 4

Associated Press  

LONDON — Inflation in the U.K. fell sharply to its lowest level in nearly three years in April on the back of big declines in domestic bills, official figures showed Wednesday. “While it’s clearly good news headline inflation is back to normal levels, it is disappointing that price pressures haven’t fallen further and that measures of services inflation are proving …

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation
7 months, 2 weeks ago

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

Associated Press  

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. I’m optimistic that things are moving in the right direction.” Bailey indicated that the financial markets …

Embattled Rishi Sunak suggests recession is already over as he tries to rally Tories and see off leadership challenges in grilling by MPs ahead of Easter break
8 months, 4 weeks ago

Embattled Rishi Sunak suggests recession is already over as he tries to rally Tories and see off leadership challenges in grilling by MPs ahead of Easter break

Daily Mail  

Rishi Sunak insisted the recession already looks to be over today as he faced a pre-Easter grilling from MPs. The PM said evidence from this year indicated the economy had 'returned to growth' as he gave evidence to the Commons Liaison Committee. MPs have been openly discussing whether they should replace Mr Sunak amid dire polls showing the party far …

UK inflation is heading in ‘right direction,’ but Bank of England isn’t ready to cut rates
9 months ago

UK inflation is heading in ‘right direction,’ but Bank of England isn’t ready to cut rates

Associated Press  

LONDON — The Bank of England kept its main interest rate unchanged at a 16-year high on Thursday and avoided signaling, unlike other central banks, when it might start to cut even though inflation has dropped sharply from multidecade peaks. In the U.K., market expectations that lower interest rates were on the horizon got a boost this week with news …

Inflation drops to two-year low in boost for rate cut hopes
9 months ago

Inflation drops to two-year low in boost for rate cut hopes

The Telegraph  

Chancellor Jeremy Hunt said the fall in inflation signalled the Government’s plan for the economy was working and paved the way for future tax cuts. He rebuffed talk of a backbench plot to oust him that could derail his economic plans, telling the BBC: “What’s important is the future of our country, and people’s financial security and the peace of …

Rishi Sunak on falling inflation: ‘Good news for UK’
1 year ago

Rishi Sunak on falling inflation: ‘Good news for UK’

Hindustan Times  

British Prime Minister Rishi Sunak on Wednesday welcomed the “good news” of falling prices ahead of the Christmas holiday period as official statistics revealed that inflation had dropped to 3.9 per cent, hitting the lowest level for the economy over two years. According to the Office for National Statistics, inflation – or the rate at which prices are rising in …

Interest rates may need to rise again, warns Bank of England
1 year ago

Interest rates may need to rise again, warns Bank of England

The Telegraph  

Policymakers pushed back against any assumption of an imminent fall in the Bank’s base rate, warning that pay and services inflation – two key indicators of price pressures – “remained elevated”. The MPC said: “Inflation persistence remained higher than in other major advanced economies, possibly reflecting less favourable supply-side developments and stronger second-round effects in the UK.” Britain’s inflation rate, …

Sunak to give update on state of the nation’s finances ahead of autumn statement
1 year, 1 month ago

Sunak to give update on state of the nation’s finances ahead of autumn statement

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It requires enormous discipline year in, year out.” The one thing we won’t do …

Boost for Rishi Sunak as he meets pledge to halve inflation
1 year, 1 month ago

Boost for Rishi Sunak as he meets pledge to halve inflation

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak received a much-needed boost as inflation fell to 4.6 …

UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%
1 year, 1 month ago

UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%

Associated Press  

LONDON — Inflation in the U.K. dropped sharply in October to its lowest level in two years, largely because last year’s steep rise in domestic energy bills following Russia’s invasion of Ukraine dropped out of the annual comparison, official figures showed Wednesday. “After 13 years of economic failure under the Conservatives, working people are worse off with higher mortgage bills, …

Will the Bank of England ride to Sunak’s rescue?
1 year, 1 month ago

Will the Bank of England ride to Sunak’s rescue?

The Telegraph  

He also faces the additional challenge of his party having lost its reputation for economic competence after the scandalous mini-Budget, with voters more inclined to say Labour would be the best at handling the economy. “Typically in an election campaign a recovering economy, falling inflation and decreasing interest rates tend to help the Government and we’re expecting all those things …

Rishi Sunak's target to halve inflation has already been met, Bank of England says - but it warns the UK's growth is grinding to a halt
1 year, 1 month ago

Rishi Sunak's target to halve inflation has already been met, Bank of England says - but it warns the UK's growth is grinding to a halt

Daily Mail  

Rishi Sunak received a boost yesterday after the Bank of England said he has already met his target of halving inflation – but it warned that growth was grinding to a halt. The Bank believes inflation fell to 4.8 per cent last month – which if confirmed would mean Mr Sunak's target of halving it this year is met with …

Britain faces recession risk in election year, warns Bank of England
1 year, 1 month ago

Britain faces recession risk in election year, warns Bank of England

The Telegraph  

The Bank’s latest projection for next year fell from a previous forecast of 0.5pc, while it also warned that annual growth will remain below 1pc for the next four years – down from 2.75pc in the decade before the financial crisis. Despite the weaker outlook for jobs and growth, Mr Bailey said it was “much too early to be thinking …

Sunak’s inflation pledge goes down to the wire after petrol price shock
1 year, 2 months ago

Sunak’s inflation pledge goes down to the wire after petrol price shock

The Telegraph  

Chancellor Jeremy Hunt said on Wednesday: “As we have seen across other G7 countries, inflation rarely falls in a straight line, but if we stick to our plan then we still expect it to keep falling this year. The new Ofgem price cap, which has seen typical household bills drop from £1,976 a year to £1,834, will be reflected in …

JPMorgan boss Jamie Dimon warns 7% interest rates would cripple the global economy as the Fed holds the line at 5.5%: 'You find out who is swimming naked when that tide goes out'
1 year, 2 months ago

JPMorgan boss Jamie Dimon warns 7% interest rates would cripple the global economy as the Fed holds the line at 5.5%: 'You find out who is swimming naked when that tide goes out'

Daily Mail  

The boss of JPMorgan has warned that the worst of the interest rate pain may still be ahead for businesses and families already scarred by an historic round of hikes. JPMorgan chief Jamie Dimon said that the Fed was forced to hold on another hike at its latest meeting because the effect of a jump to 5 to 7 percent …

Hunt: we may see inflation blip in September
1 year, 3 months ago

Hunt: we may see inflation blip in September

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. If we are going to put money in people's …

Inflation shock as Jeremy Hunt expects prices to go back up again
1 year, 4 months ago

Inflation shock as Jeremy Hunt expects prices to go back up again

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Bank of England governor Andrew …

Labour accuses Sunak of ignoring pandemic-era debt warnings
1 year, 4 months ago

Labour accuses Sunak of ignoring pandemic-era debt warnings

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Labour has seized on Thursday’s announcement, which most economists …

Rishi Sunak believes ‘light at end of the tunnel’ on inflation
1 year, 4 months ago

Rishi Sunak believes ‘light at end of the tunnel’ on inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak said inflation is …

The fall in inflation is a boost for Sunak – but it leaves him no wriggle room
1 year, 5 months ago

The fall in inflation is a boost for Sunak – but it leaves him no wriggle room

The Independent  

Today’s bigger than expected fall in inflation is welcome news, but Rishi Sunak cannot celebrate – for there is a growing recognition among ministers that inflation has blown a hole in his general election strategy. Core inflation, which excludes items such as food and fuel, dropped from 7.1 per cent to 6.9 per cent, though it is still sticky, and …

‘The worst is over’: Sunak finally closes in on inflation pledge
1 year, 5 months ago

‘The worst is over’: Sunak finally closes in on inflation pledge

The Telegraph  

Kallum Pickering, economist at Berenberg Bank, says if current patterns continue, “inflation should fall fast over coming months towards a 4-5pc rate by the end of the year and to within the 2-3pc range by the middle of next year.” If correct, Sunak would meet his first target. The figures will be cheered by the Bank of England, which has …

Bank too slow to ‘wake up’ to inflation threat, former deputy governor says
1 year, 5 months ago

Bank too slow to ‘wake up’ to inflation threat, former deputy governor says

The Independent  

Sign up to our free Brexit and beyond email for the latest headlines on what Brexit is meaning for the UK Sign up to our Brexit email for the latest insight Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please …

Sunak willing to take unpopular steps on public sector pay to bring down inflation
1 year, 5 months ago

Sunak willing to take unpopular steps on public sector pay to bring down inflation

The Telegraph  

Rishi Sunak has said he is prepared to take unpopular steps on public sector pay to tackle inflation as he insisted there was no alternative to clamping down on rising prices. In an interview with the BBC’s Sunday with Laura Kuenssberg, Mr Sunak said he was determined to make “affordable” and “responsible” decisions on public sector pay, which “may not …

Government under fire over mortgage crisis as Bank set to hike rates again
1 year, 6 months ago

Government under fire over mortgage crisis as Bank set to hike rates again

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. With the Government and Bank of England under rising …

UK recession fears mount after Bank of England hikes borrowing rates by more than expected
1 year, 6 months ago

UK recession fears mount after Bank of England hikes borrowing rates by more than expected

Associated Press  

LONDON — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers hard, particularly homeowners who have to refinance in the coming months. “But if we don’t raise rates now, it could be …

Rishi Sunak warned homeowners face ‘serious shock’ as Bank of England poised to raise interest rates
1 year, 6 months ago

Rishi Sunak warned homeowners face ‘serious shock’ as Bank of England poised to raise interest rates

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak has been warned homeowners face a “serious shock” as …

Bank may need to spark recession to control inflation, economist says
1 year, 6 months ago

Bank may need to spark recession to control inflation, economist says

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Policymakers won’t want to steer market rate expectations lower, …

Chancellor: ‘No alternative’ to interest rate rises to bring down inflation
1 year, 6 months ago

Chancellor: ‘No alternative’ to interest rate rises to bring down inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK has “no alternative” …

Bank policymaker says pausing interest rate rises ‘risks worst of both worlds’
1 year, 10 months ago

Bank policymaker says pausing interest rate rises ‘risks worst of both worlds’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Bank of England policymaker …

UK’s Sunak vows to halve inflation, tackle illegal migration
1 year, 11 months ago

UK’s Sunak vows to halve inflation, tackle illegal migration

Associated Press  

LONDON — British Prime Minister Rishi Sunak pledged to halve inflation, grow the U.K. economy and stop illegal immigration Wednesday as he set out his Conservative government’s priorities in his first major speech of 2023. He also vowed to pass new laws to stop migrants from arriving on U.K. shores in small boats, as well as cut massive backlogs in …

Hold me to account, says Rishi Sunak, as he promises to halve inflation, create growth
1 year, 11 months ago

Hold me to account, says Rishi Sunak, as he promises to halve inflation, create growth

The Hindu  

Facing a country beset with problems that range from a cost of living crisis to deteriorating public services, U.K. Prime Minister Rishi Sunak promised to halve inflation, grow the economy and reduce wait times for medical treatments in a speech that set out his policies for the year. “So, five promises – we will: Halve inflation, grow the economy, reduce …

UK PM pledges to tackle inflation and NHS waiting lists
1 year, 11 months ago

UK PM pledges to tackle inflation and NHS waiting lists

Al Jazeera  

In the first major speech of the year, Rishi Sunak outlines ‘five promises’ to voters in bid to restore public confidence in his Conservative Party. Prime Minister Rishi Sunak has pledged to tackle numerous crises gripping the United Kingdom as he seeks to reverse his Conservative Party’s waning popularity and hold onto power. He listed “five promises” on Wednesday: halving …

UK government warns of impending tax hikes to come this week
2 years, 1 month ago

UK government warns of impending tax hikes to come this week

Firstpost  

Liz Truss’s successor Rishi Sunak, who was heading to a G20 economic summit in Indonesia, has vowed to get soaring inflation under control even if it means more pain for hard-pressed consumers and businesses London, United Kingdom: Britain’s government on Sunday warned of impending tax hikes, especially for the wealthy, as it bids to repair economic havoc wrought by the …

Ex-Bank of England chief Mark Carney under fire after blaming Brexit for rising interest rates
2 years, 1 month ago

Ex-Bank of England chief Mark Carney under fire after blaming Brexit for rising interest rates

Daily Mail  

Former Bank of England governor Mark Carney came under fire today after he claimed Brexit was to blame for rising interest rates. Former Bank of England governor Mark Carney insisted Britain's departure from the EU was a factor in the cost-of-living crisis Mr Carney took home an estimated £880,000 a year when he was Bank governor, after being appointed to …

Bank of England warns inflation will hit 11pc – but still votes against bigger interest rate rise
2 years, 6 months ago

Bank of England warns inflation will hit 11pc – but still votes against bigger interest rate rise

The Telegraph  

Inflation will climb to 11pc this year, the Bank of England has predicted, prompting the Chancellor to indicate that he will not cut personal taxes until spiralling prices are brought under control. On Thursday the Bank's Monetary Policy Committee, led by Governor Andrew Bailey, increased interest rates by a quarter of one percent to 1.25pc - the fifth rise in …

‘Rate increases may not cool price gains driven by war’
2 years, 7 months ago

‘Rate increases may not cool price gains driven by war’

The Hindu  

The Reserve Bank of India’s interest rate increases may not be able to ‘meaningfully’ cool prices while sacrificing growth, as almost three-fifths of the spike in India’s retail inflation since February can be linked to the Ukraine-Russia conflict, SBI’s economic researchers wrote in a report on Monday. “In a situation of incipient demand recovery post COVID, the question will be …

Cabinet ministers launch unprecedented attack on Bank of England over inflation crisis
2 years, 7 months ago

Cabinet ministers launch unprecedented attack on Bank of England over inflation crisis

The Telegraph  

Cabinet ministers have turned on the Bank of England over rising inflation, with one warning that the Bank had been failing to "get things right" and another suggesting that it had failed a "big test". In a highly unusual attack, one of the senior ministers warned: "It has one job to do – to keep inflation at around two per …

Rishi Sunak's failures will trigger a recession, economists warn
2 years, 7 months ago

Rishi Sunak's failures will trigger a recession, economists warn

The Telegraph  

Rishi Sunak is driving Britain into a recession through his failure to tackle the cost-of-living crisis, top economists have warned. Britain’s GDP will fall by 0.2pc in the three months to September and another 0.4pc in the final quarter of 2022 as “stagflation” threatens, before returning to years of mediocre growth. Mr Sunak had the room to spend more or …

Is the Reserve Bank doing enough to rein in inflation?
2 years, 8 months ago

Is the Reserve Bank doing enough to rein in inflation?

The Hindu  

India’s inflation, which is measured by the Consumer Price Index, has stayed above the Reserve Bank of India ’s upper tolerance limit of 6% for three months running. The central bank’s monetary policy committee decided to hold benchmark interest rates earlier this month, choosing to remain accommodative “while focussing on withdrawal of accommodation to ensure that inflation remains within the …

Spring Statement 2022 live: Rishi Sunak raises NI threshold as OBR warns families face record fall in real incomes
2 years, 9 months ago

Spring Statement 2022 live: Rishi Sunak raises NI threshold as OBR warns families face record fall in real incomes

The Independent  

✕ Close Rishi Sunak says UK should prepare for economy to worsen 'potentially significantly' For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be …

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