With the death of Pope Francis, the world loses not only a church leader but also a moral compass
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Interest rate hike risks financial crisis
The Bank of England has been swinging its interest rate bludgeon for the last year, and the wreckage is starting to pile up, warns JAMES MEADWAY
The Bank of England
LYNNE WALSH previews the Bristol Radical History Conference this weekend
Keir Starmer’s £120 million to Sudan cannot cover the government’s complicity in the RSF genocide or atone for the long shadow of British colonialism and imperialism, writes CLAUDIA WEBBE
Join the traditional march from Clerkenwell Green, which will bring together countless international workers’ organisations in a statement against the far right
Ecuador’s election wasn’t free — and its people will pay the price under President Noboa
Mountains of research show that hardcore material harms children, yet there are still no simple measures in place
We face austerity, privatisation, and toxic influence. But we are growing, and cannot be beaten
THE Bank of England’s raising of interest rates this week was a poor decision that will do little to nothing to restrain price rises, adds to the financial burdens on households and small businesses and increases the joint risks of recession and financial crisis.
But it’s not all bad news: new figures from Unite the Union show that the four largest banks’ profits are up £7bn since the start of the pandemic, as rising Bank of England interest rates have been turned into higher borrowing costs for households and businesses — while, naturally, savings rates have barely moved.
Sarcasm aside, the best that can be said for the rates rise, with two dissenting members of the rate-setting Monetary Policy Committee voting to keep rates the same, is that the bank is less likely to repeat this madness in future.
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