Bank of England

‘Inflation target applies at all times’

MPC meeting is taking place later this week

BoE’s Sarah Breeden sets out the steps being taken to build resilience within LDI funds

Up 0.38 percentage points to 4.85%

Savers have seen highest rates since December after BoE raised interest rate to 4.5% in May

The lowest rate since August 2022

UK economy avoids recession but still vulnerable to further inflationary pressures

Interest rate rise was in line with Fed and ECB

Government will need to pay almost £30bn a year in 2023, 2024 and 2025

The BoE adviser says deteriorating derivative and repo positions led to evaporating liquidity