FINANCE & BANKING

British two-year government bond yields surged on Wednesday to their highest level since the depths of the global financial crisis almost 14 years ago as stronger-than-expected inflation data fuelled bets on further Bank of England interest rate hikes.

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The safe-haven U.S. dollar hovered near a one-week high on Tuesday while the Aussie, euro and Chinese yuan remained under pressure as weak global economic data reignited recession fears.

The Bank of England will deliver another bumper 50 basis points (bps) increase to borrowing costs next month but then slow the pace to a more regular 25 basis point rise in November before pausing, a Reuters poll forecast.

The Bank of England would press on with plans to gradually sell its vast stock of British government bonds even if an economic slowdown eventually forces it to cut interest rates, Deputy Governor Dave Ramsden said.

Bank of England Governor Andrew Bailey pushed back at suggestions by the front-runner to become Britain's next prime minister Liz Truss and her supporters that the government should have a bigger role in how the central bank operates.

The Bank of England's top brass defended their record on Britain's monetary policy on Thursday, after a cabinet minister talked openly about diluting the central bank's operational independence.

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The dollar's strength has yet to peak, according to a majority of currency strategists polled by Reuters who were however divided on when the currency's advance would come to an end.

The Bank of England is expected to raise interest rates by the most since 1995 on Thursday, even as the risks of a recession mount, in an attempt to stop a surge in inflation from becoming embedded in Britain's economy.

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The Bank of England is now expected to lift borrowing costs by a bigger 50 basis points to 1.75% on Thursday as it battles soaring inflation, according to a Reuters poll taken over the past week after several economists changed their minds.

As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting to feel financial pressure.

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The Bank of England must decide next week whether to join the ranks of central banks rushing out their biggest interest rate hikes in decades, or whether the warning signs of a recession mean it should tread more cautiously.

British financial regulators will have to promote the global competitiveness of the country's financial sector, though a plan for more government oversight of their work has been put on hold for now, finance minister Nadhim Zahawi said on Tuesday.

A top Bank of England official pushed back on Monday at suggestions from a leading candidate to become Britain's next prime minister that the government should set a "clear direction of travel" for monetary policy.

Central bankers around the world are scrambling to adjust to stubbornly high inflation at risk of getting further out of hand and forcing stronger policy actions that increase the risk of a global recession.

Britain's biggest domestic lender Lloyds Banking Group contacted 2 million of its 26 million customers in May after identifying they could need extra support to cope with soaring food and energy prices and rising debt costs.

Barclays is seeking a Chinese banking partner to set up an asset management joint venture in the country, two people with knowledge of the matter said, as part of British lender's plans to expand its footprint in the world's second-largest economy.

The euro languished at $1.01475, having lost 2.3% last week and briefly falling to its lowest since late 2002.

Sterling slumped against to a two-year low against the dollar on Tuesday as a crisis in British Prime Minister Boris Johnson's government compounded pressure on a currency already reeling from recession fears and a resurgent greenback.

The euro and sterling rose on Monday against safe-haven currencies, supported by improved global risk sentiment in a quiet trading session due to a holiday in the United States.

The financial sector should not bet on remaining deadlines changing for the phasing out of the use of Libor interest rates, Britain's Financial Conduct Authority (FCA) said on Wednesday.

Britain plans to make "buy now, pay later" (BNPL) companies carry out affordability checks, gain approval by the Financial Conduct Authority (FCA) and ensure adverts are fair and clear, the government said on Monday, in measures to regulate the sector.

British finance minister Rishi Sunak has toughened his language towards Bank of England Governor Andrew Bailey, a reflection of the political pressure piling on them both as inflation surges towards double digits.

Barclays Head of Macro Trading for EMEA and Asia Pacific, Nat Tyce, is leaving after more than 25 years, a staff memo seen by Reuters shows, after transforming the trading unit into one of the bank's highest-flying divisions.

World stocks plummeted again on Thursday and government bonds hovered near multi-year highs after a series of rate rises from global central banks rekindled fears that aggressive policy tightening could drag economies into recession.

Central banks across Europe raised interest rates on Thursday, some by amounts that shocked markets, and hinted at even higher borrowing costs to come to tame soaring inflation that is eroding savings and squeezing corporate profits.