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Bank of England warns of year-long recession

Recovery from Covid would always result in economic disruption and the war in Ukraine has caused energy prices to spike.

But could the Bank of England have weathered the shocks better?

Tory leader Liz Truss has promised to “reexamine” the bank’s mandate “to make sure it’s tough enough on inflation”.

There was evidence today of the impact of rising prices on the broader economy as UK builders emerged to be at their worst position since the pandemic began, as recession fears dragged the sector into its first slowdown in 18 months.

Andrew Lilico suggests it is time to end the bank’s independence.

Tax cut warning

Ms Truss has vowed during the campaign that she would reverse the 1.25 percentage point increase in Social Security that went into effect earlier this tax year to help families with the rising cost of living immediately.

The chances of this are becoming more and more likely given the poll results in favor of the Secretary of State and today telegraph It has been said that people in their leadership campaign are privately trying to persuade MPs who have backed their rival Rishi Sunak to switch sides.

But the Secretary of State’s strategy to cut taxes has met with opposition from the head of retailer Next.

Lord Wolfson has warned that tax cuts will not solve the challenges facing the UK economy.

Read what each candidate’s cuts will save you as they prepare to fight later in a televised leadership debate on Sky.

How to get a raise

Retirees are on track to receive consecutive 10 percent state pension increases as high inflation is now set to remain in double digits for most of next year.

With the Bank of England forecasting a 15-month recession, is there anything workers can do to protect their wealth?

Switching to the best savings rates, investing in businesses that can thrive when borrowing costs rise, and securing cheap mortgage rates while they last could have a big impact.

Read how you can make money when interest rates are rising.

Despite soaring energy costs and sky-high rents, wage growth has not kept pace.

However, with an enormous supply of vacancies, we live in a red-hot recruitment market. Read how to secure a 100 percent salary increase.

comment and analysis

Around the world: Missiles fired into Taiwan’s waters

The Chinese army fired multiple ballistic missiles into waters around Taiwan today as China’s largest-ever military drills to encircle the island began. Taiwan’s defense ministry confirmed that 11 missiles had been fired, nearly double the number in July 1995 during the third cross-strait crisis. In response, Taiwan activated “relevant defense systems,” a senior military official said at a briefing. Japan said five ballistic missiles launched by China also appeared to have landed in its Exclusive Economic Zone in the first such incident. View videos of the missiles being fired and a map showing where they landed.

Thursday big reading

New Premier League kits 2022-23: every kit in the rankings

https://www.telegraph.co.uk/news/2022/08/04/thursday-evening-uk-news-briefing-todays-top-headlines-telegraph/ Bank of England warns of year-long recession

Linh

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