Business UK
Bank of England raises rates to 1% despite looming recession risk
The Bank of England raised interest rates to their highest since 2009 on Thursday (May 5), 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.
“The point being is we are walking this very narrow path now,” BoE governor Andrew Bailey said at a news conference. “The proximate reason for raising bank rate at this point is, it’s not only the current profile of inflation, what is to come and of course what that could mean for inflation expectations to come, but the risks as well.”
The BoE’s nine rate-setters voted 6-3 for the rise from 0.75%, with Catherine Mann, Jonathan Haskel and Michael Saunders calling for a bigger increase, to 1.25%, to stamp out the risk of the inflation surge getting embedded in the economy.
The pound fell by around a cent against the U.S. dollar to just under $1.245. British government bond yields jumped briefly but soon fell to a day’s low as investors digested the BoE’s policy statement.
Central banks are scrambling to cope with a surge in inflation that they described as transitory when it began with the post-COVID reopening of the global economy, before Russia’s invasion of Ukraine sent energy prices spiralling.
The BoE said it was also worried about the impact of China’s pandemic lockdown policies, which threaten to hit supply chains again and add to inflation pressures.
The BoE said inflation in Britain would peak later than in other big advanced economies due to Britain’s cap on household energy tariffs, which saw bills jump 54% in April and which the BoE thinks will rise a further 40% in October.
Real post-tax household disposable income – a measure of living standards – is forecast to fall 1.75% this year, the biggest calendar-year drop since 2011 and the second-biggest since the BoE’s records began in the 1960s.
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GB News contributor Neil Oliver warns that Keir Starmer’s plan for mandatory digital ID could backfire spectacularly — predicting mass noncompliance and calling it a “disaster” that could end Starmer’s premiership.
Joined by Beverley Turner and Peter Edwards, the panel debates whether the rollout of digital IDs in Britain marks a sensible step toward migration control — or the beginning of a dystopian surveillance state.
💬 What do you think? Is digital ID a practical tool or a threat to freedom?
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Business UK
‘Ashamed of Labour’ | The Government confirms Chagos deal shelved due to US withdrawing support
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The Chagos Islands sovereignty deal is in doubt as the UK Government confirms the agreement has been shelved following a withdrawal of support from the United States. The fallout of this decision is explored, featuring insights from Misley Mandarin, First Minister of the Chagos Islands, on what this means for the future of the territory and its people.
00:00 – Government confirms Chagos deal in doubt
00:35 – Stephen Doughty addresses the House of Commons
01:02 – Chagos Islands and British Border Patrol
01:55 – Discussion with Misley Mandarin, First Minister of Chagos Islands
02:30 – Impact of the US withdrawing support for the sovereignty deal
03:37 – Analysis of the political implications for the Labour government
05:05 – (AD) ExpressVPN sponsorship and digital security
5:20 – The 60-year struggle of British Chagosians.
6:45 – Intercepted Aid: Adam Holloway on the blocking of medical supplies.
8:05 – Rescue Boat Blocked
9:15 – Strategic Importance
10:45 – The Trump Factor
12:15 – Geopolitical Risks
13:50 – Government Stance
#chagosislands #labour #donaldtrump #keirstarmer #chagossians #gbnews
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A Morrisons in Aldridge has sacked their ‘hero’ manager Sean Egan after he tackled a shoplifter.
Mr Egan, who had been the manager of the store for almost 30 years, recalled then putting his arm out to block an attack from Kendall as he could hear him “clearing his throat to spit at me again”.
Locals have defended Sean, as they are set to have a peaceful protest with all money raised going to the Acorn’s Children’s Hospice.
#England #Thief #Shoplifter #Hero#GBNews
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Business UK
Wokery is ERODING the ‘GREAT’ in ‘Great Britain!’ says Nana Akua – ‘What will they come for next?!’
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‘What will they come for next? This is seriously getting ridiculous.’
Nana Akua says ‘instead of keeping the Great in Great Britain, we are faced with wokery which is slowly eroding the very fabric of this country’.
#UKNews #UKPolitics
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Business UK
Nigel Farage urged ‘cold rage’ over the police’s failure on Henry Nowak amid call to ban the kirpan
Nigel Farage has called for ‘cold rage’ over the police’s neglect of Henry Nowak as he died. The murder has prompted calls for a …
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