William Schomberg

The Bank of England must decide next week whether to join the ranks of central banks rushing out their biggest interest rate hikes in decades, or whether the warning signs of a recession mean it should tread more cautiously.

Britain's businesses grew at their slowest pace in 17 months in July and inflation pressures eased, according to an industry survey that might reduce pressure on the Bank of England to deliver a bigger-than-usual interest rate hike next month.

Differences over how to revive Britain's slow-growth, high-inflation economy could hardly be starker within the ruling Conservative Party as the two remaining contenders to become its new leader, and thereby prime minister, clash over tax.

Rishi Sunak will claim credit for steering Britain's economy through the COVID-19 crash but must overcome accusations that he is too rich and too willing to raise taxes to win the race to be the next prime minister.

The resignation of Prime Minister Boris Johnson deepens the uncertainty hanging over Britain's economy, already under strain from an inflation rate heading for double digits, the risk of a recession and Brexit.

Britain's new finance minister Nadhim Zahawi pledged on Wednesday to rebuild and grow the struggling economy and said he would look at all policy options, including possible tax cuts.

Britain's new finance minister Nadhim Zahawi pledged on Wednesday to rebuild and grow the struggling economy and said he would look at all options to do that, including possible tax cuts.

Britain's new finance minister Nadhim Zahawi takes the reins of an economy struggling under the strain of nearly double-digit inflation and a slowdown that looks set to be more severe than in most of the world's other big nations.

Britain racked up a record shortfall in its current account in early 2022, in part due to the soaring cost of its fuel imports, according to data that officials cautioned could be revised.

Bank of England Chief Economist Huw Pill said on Friday that interest rates would remain the central bank's main monetary policy tool as it prepares to start selling bonds, reversing part of its economic stimulus push.

British consumers cut back on shopping in May in the face of fast-rising inflation, and a measure of their confidence sank to a record low this month, according to data that underscored the scale of the cost-of-living squeeze.

The Bank of England has kept investors guessing about whether it is part of the pack of central banks signalling further big increases in interest rates in the face of the most severe inflation surge in decades.

The Bank of England looks set to raise interest rates next week for the fifth time since December, its steepest run of rate hikes in 25 years, and is likely to keep going in the coming months as inflation heads for double digits.

British shoppers facing a surge in inflation cut their spending in May by the most since the country was in a coronavirus lockdown in early 2021, according to a survey published on Tuesday.

British Prime Minister Boris Johnson said he wanted to resolve a standoff with the European Union over Northern Ireland's post-Brexit trade rules, but he kept open the option of unilateral action that the EU says could start a trade war.

Chelsea fans arriving at Stamford Bridge a few hours after a private equity-backed deal to buy the club was announced welcomed the prospect of a return to stability but expressed concern about the motivations of the new owners.

The Bank of England looks poised to raise interest rates on Thursday for the fourth time since December, the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap in inflation.

The Bank of England raised interest rates to their highest since 2009 on Thursday, hiking by a quarter-point to 1% to counter inflation now heading above 10%, even as it sent a warning that Britain risks falling into recession.

Britain's economy will grow more slowly this year than previously predicted and inflation will be much higher, finance minister Rishi Sunak said as he gave a budget update which included measures to ease a cost-of-living squeeze.

Finance minister Rishi Sunak will aim to show on Wednesday that he is helping Britons through the worst cost-of-living squeeze in decades while keeping his powder dry for bigger tax cuts before the next election.

British finance minister Rishi Sunak must decide next week whether to spend billions of pounds more to ease the growing cost-of-living squeeze for households and businesses as inflation soars higher.

When Zara Asamoah graduated early in the coronavirus pandemic, she had no fixed abode and her chances of finding work looked remote.

Bank of England Deputy Governor Jon Cunliffe said the crisis triggered by Russia's invasion of Ukraine would add to risks in financial markets which have already been made volatile by a shift to higher interest rates.

British employers expect to raise staff pay by the most in at least nine years but the 3% wage deals for workers would still be below fast-rising inflation, according to a survey published on Monday.

One of the biggest concerns for manufacturers as Britain heads into crunch Brexit negotiations this year is over one of the building blocks of cross-border trade: a customs regime.