Rolling coverage of the latest economic and financial news
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Bank of England urged to slow or halt bond-selling to slash UK borrowing costs
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The Guardian view on the Bank of England’s £120bn bill: power without accountability
Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.
It’s a crunch day for the Bank of England. The UK central bank will announce its latest interest rate decision at noon, and also reveal whether it has made any changes to its bond-selling programme.
The labour market is weak, payrolled employment is falling, wage growth is negative in real terms and job vacancies are also at a multi-year low.
July growth was stronger than expected, however, this was driven by AI Capex spend, and construction and manufacturing contracted last month.
“The plain fact is that [US] inflation is too high, and has been for too long.
“This summer’s inflation readings do not tell me that underlying trends have meaningfully improved.”
