First Bank of England rate hike in 3 years
The Bank of England raised its benchmark interest rate to 4 percent on Thursday, the first increase in more than three years, as soaring energy costs push up global inflation. The central bank tightened borrowing costs by a quarter point, catching up with the US Federal Reserve and the European Central Bank in lifting rates since the start of the Middle East conflict. Along with Ukraine's strikes on Russian refineries, disruptions to Gulf energy supplies owing to the US-Iran war have caused record-high diesel prices around the world. "There is now enough inflationary pressure in the pipeline caused by the rise in energy prices, that an increase in Bank Rate is warranted," BoE governor Andrew Bailey said in a statement. "Today's increase shouldn't be seen as the first in an inevitable long sequence of hikes. "But, unless the conflict in the Middle East is resolved, neither does it seem likely to be the last increase." Despite surging inflation, the bank upgraded its forecasts for UK economic growth in 2026 and 2027. The central bank now estimates gross domestic product to hit 1.6 percent this year and 1.3 percent next year. In July, it had forecast GDP output of 1.1 percent in both years. The BoE last raised its key...
Read full articleMORE NEWS
What Shaped Anthropic CEO Dario Amodei’s Thinking on A.I.
Some call him a doomer. Others see him as a responsible technologist. Here’s how the Anthropic chief executive’s thinking on artificial intelligence was shaped.
Trump Administration Moves to Oust Arbitrators as Doctor Payouts Soar
The two companies settled billing disputes between doctors and insurers, keeping patients out of the middle. One let doctors win 96 percent of the time.
Ontario doctors demand apology from province for letters flagging high number of days worked, patients seen
The Ontario Medical Association is looking for an apology from the province, after it says 'hundreds' of doctors received letters recently stating they were working too many days or seeing too many patients. A health ministry spokesperson says the letters are not an assumption of inappropriate billing.
Bangladesh Agrees to Raise Minimum Wage for Garment Workers After Protests
Hundreds of garment factories were shut down this week as workers in the country, the world’s second-largest exporter of clothing, demonstrated for higher pay.
Martha Stewart Now Blames Craig Melvin for Homeless Halloween Costume
Stewart, the media mogul and entrepreneur, said a “Today” show host’s gaffe had influenced her costume.
Drunk and dangerous e-bike riders face on-the-spot fines under crackdown
A consultation will consider fines and other ways to clamp down on dangerous e-bike riders.
Why do veterinary fees and sausage rolls vary in price across London?
Location is not just the only factor on why prices differ across London, as Anna O'Neill finds out.
Airport Eats: Where to Eat and Drink at Portland International Airport
Portland International Airport’s $2.15 billion transformation brings travelers craft cocktails, wood-fired pizza, Oregon seafood and exceptional coffee, with local restaurants turning PDX into an unexpectedly delicious destination before departure. The post Airport Eats: Where to Eat and Drink at Portland International Airport appeared first on Business Traveller.
What does the raise in interest rates mean?
The BBC's cost of living correspondent Kevin Peachey explains what the change could mean for those saving for a holiday or to buying a house.
“If The Air Smells Like Burnt Cheerios, Steer Clear”: 30 Rural “Red Flags” That Signal Something Is “Very Wrong" In An American Small Town
“If the first prize in the local church raffle is a semi-automatic rifle.” RUN! View Entire Post ›
Naher Osten: Airlines setzen Flüge nach Dubai weiter aus
Die europäischen Airlines haben die Wiederaufnahme nach Dubai erneut verschoben. Condor setzt die Verbindungen in das Emirat ganz aus. The post Naher Osten: Airlines setzen Flüge nach Dubai weiter aus appeared first on Business Traveller.
Faisal Islam: How high will interest rates go?
The BBC's economics editor views one more interest rate as likely, but thinks that will be all.