Bank of England could face showdown with Truss over EU rulebook easing
The EU is planning to ease its Basel rulebook and diverge in certain areas, meaning UK bank could be forced to implement tougher standards.
Liz Truss: UK not interested in joining European political community
Foreign secretary, Liz Truss, has dismissed a suggestion from the French president that the UK was enthusiastic about joining a European political community.
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Emmanuel Macron made his comments after a meeting with Boris Johnson at the G7 conference. Truss said the UK saw Nato as the key guarantor of security in Europe and the G7 as the key economic alliance
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Economy Latest: Interest rates up as Bank of England warns of long recession
People are already struggling with soaring costs and a tax burden, the highest since World War Two.
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Now the Bank of England is preparing us all for years of economic pain.
Yet today it responded with the biggest interest rates rise for 30 years.
The Bank said it had no choice because it needed to control high inflation.
So how are people preparing?
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£300B Wiped From UK Markets in Truss’ First Month as PM
At least £300 billion ($340 billion) has been wiped from the combined value of the UK’s stock and bond markets since Liz Truss became prime minister. Unfunded tax cuts, intervention by the Bank of England and a humiliating government climbdown have raised questions over the credibility of Truss’s government. Yesterday, Fitch Ratings lowered the UK’s credit outlook to negative from stable, citing risk that the new premier’s growth plan could increase the fiscal deficit. Joe Easton reports on Bloomberg Television.
Emergency action by Bank of England amid UK economic turmoil
As the economic storm clouds over the UK darkened further still, the Bank of England today staged a dramatic intervention – saying it will start buying up government debt in an effort to stabilise markets and protect pension funds.
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The surging cost of borrowing, sparked last week by the Chancellor’s tax-cutting plans, had earlier drawn a stinging rebuke from the IMF – but the government says it’s sticking to its guns, although departments will be asked to identify ‘spending efficiencies’.
Labour says parliament should be recalled so the prime minister is held to account over the crisis.
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