Philip Aldrick

Bank of England Governor Andrew Bailey said disinflation in the UK is happening faster than officials had anticipated, the latest hint that the central bank will continue cutting interest rates next month.

(Bloomberg) -- Bank of England Governor Andrew Bailey said disinflation in the UK is happening faster than officials had anticipated, the latest hint that the central bank will continue cutting interest rates next month.

Clearing houses pose a risk to the financial system if they are not robustly operated, Bank of England Governor Andrew Bailey said.

The UK government has confirmed plans to raise social housing rents by more than inflation and slash right-to-buy discounts for council tenants as part of its push to deliver 1.5 million new homes by 2030.

Rachel Reeves drew cheers from investors at a British Embassy reception in Washington this week when she pointed out the budget she’ll deliver on Oct. 30 will be the first by a female Chancellor of the Exchequer in the 800-year history of the role. It will also be a legacy-making moment that shapes British politics for the rest of the decade.

Digital money will not replace cash in the UK and the Bank of England will continue to provide notes and coins “for as long as people want,” Governor Andrew Bailey said.

Rachel Reeves has set herself the seemingly contradictory tasks of ending austerity in public services, boosting growth and delivering fiscal stability to reassure markets that Labour can be trusted with the UK’s finances.

Chancellor of the Exchequer Rachel Reeves promised that Labour’s first budget in more than a decade would end austerity and break the grip of economic stagnation. The plan she delivered will take so long to bear fruit the party will need to win another election to claim its reward.

The UK’s fiscal watchdog accused Treasury civil servants of breaking the law by withholding information before the March budget, raising the stakes in a blame game over who was responsible for hiding a multi-billion pound shortfall.

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes.