Yahoo News UK explains why shops rising prices spells long-term trouble, and what the recent rate hikes mean for you
Inflation is expected to fall to around 4% this year.
Jacob Rees-Mogg broke with tradition when he criticised the Bank of England while serving as a minister during Liz Truss's government.
Amid the political turmoil in Westminster, one issue has remained a constant for households in the rest of the country: the cost of living crisis.
Sir Charles Bean said Truss has been 'disingenuous' in blaming the UK's economic turmoil on global factors.
Britons have until 30 September to spend paper notes before they are no longer accepted as legal tender.
The Bank of England increased the basic rate of interest to 1.25% on Thursday.
The Bank of England increased interest rates to 1.25% on Thursday in an attempt to quell soaring inflation.
The money saving expert said most savings accounts would remain on lower interest rates in order for the bank to "profit from inertia."
Bank of England boss Andrew Bailey has warned food inflation driven by the war in Ukraine is a 'major worry'.
A senior academic and economist told MPs tighter rules are needed for new borrowers.
A YouGov poll reported by The Times found that Leave voters are more likely to think that falling house prices and rising interest rates are a price worth paying for Brexit.
The governor of the Bank of England Mark Carney gives a press conference, his first since the leave result of the European Union referendum, at the Bank of England in the City of London, June 30, 2016. By my reckoning there were utterances or actions from three central banks around the world over the last week which are worth spending two minutes of your time thinking about – if you worry whether your pension fund is going to go up or down in value this year. Let’s start with our own Bank of England who stood up yesterday and raised their inflation and economic growth forecasts…not even six months after predicting that the aftermath of the Brexit referendum vote would be dire news for UK Economy Inc. unless they cut interest rates and restarted stimulus efforts (which they duly did).
A popular pub trivia ‘fact’ says you can be arrested for destroying money in Britain as it’s completely illegal - and even an act of treason. In fact, it is not illegal to destroy money, according to the Currency and Bank Notes Act 1928 - however, it IS illegal to deface a banknote by printing, stamping or writing on it. This may sound bizarre but there is a valid reason behind this thinking - once money is destroyed by tearing it up or setting it on fire, it is gone for good.