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The City is split over how high the Bank of England may raise interest rates, by the “cursed ratio” of 52:48. The money markets are currently indicating that a chunky half-point increase in interest rates, from 4.5% to 5%, is a 52% probability.

The Bank of England must “create a recession” to curb inflation, according to Karen Ward, chief market strategist EMEA at JP Morgan Asset Management. Ward, who is also a member of chancellor Jeremy Hunt’s economic advisory council, told Radio 4’s Today programme there are “certainly signs” that...

The UK's debt pile reached more than 100% of economic output for the first time since 1961 as government borrowing more than doubled in May, official figures show. The Office for National Statistics (ONS) says net debt reached £2.6 trillion as of the end of May, estimated at 100.1% of gross...

Rishi Sunak has ruled out extra help for UK homeowners struggling to pay soaring mortgage costs, as the average two-year fixed-rate loan rose above 6%. The prime minister said the government should “stick to the plan” to halve inflation in its attempts to tackle the cost of living crisis.