bank of - you have the figures. as widely expected, the bank of england | you have the figures. as widely i expected, the bank of england not opting to change interest rates, they remain at 5.25%, the highest level in 15 years. why have they been rising so quickly? because inflation has been rising sharply. the cost of living rising for all of us and one of the rather blunt tool is that the bank of england has to keep a lid on rising prices is to raise interest rates, but the effect of the recent rises in interest rates still filtering through to the real economy, to all of us, and that means the bank has at this stage opted not to raise them any further. this raises lots of questions, does the bank of england think we have hit peak inflation and therefore as a result, we have hit peak interest rates? how long will it take for the rest of the economy to fair and how long will it take for that to filter through until we start to feel a bit better off? as we know, rising interest rates mean it is more expensive on your mortgage and any borrowing. saving rates have been rising but t

and so that leaves the bank of england's — target. o that leaves the bank of england's certainly with - target. and so that leaves the bank of england's certainly with a - target. and so that leaves the bank of england's certainly with a lot - target. and so that leaves the bank of england's certainly with a lot to i of england's certainly with a lot to think about but perhaps no impetus right now to keep on raising rates and may be stopped to think about cutting them. let's talk about what is happening in the eu though. once again a real varied picture across the continent in terms of who is faring better when it comes to gdp growth but also that employment data in the third quarter.— in the third quarter. that's right. we not in the third quarter. that's right. we got the _ in the third quarter. that's right. we got the second _ in the third quarter. that's right. we got the second release - in the third quarter. that's right. we got the second release for. in the third quarter. that's right. i we got the second release for your area

the bank of england held rates at 5.25%.p until september, the bank had raised rates 1a times in a row to tame soaring inflation which has been squeezing households. it has led to increases in mortgage payments but also higher savings rates. so good news if you have got many in the bank. we're nowjoined by victoria scholar, who's the head of investment at interactive investor. no big surprise there, rates on hold but what does the bank of england thing happens next because it always got its eye on the future, hasn't it? yes, you are right. we saw this second hold in a row and i think what the expectation is going forward is that we will see interest rates higherfor longer. the chief economist at the bank of england has thought about this table mountain theory where interest rates go up and they are expected to raise at this elevated level for some time before we eventually see cuts, perhaps around august of next year, even a bit later. inflation is still really high, it still at 6.7%. of course, interest rates work with a la

now, i'm mindfulthat as governor of the bank of england, you carried the bank through the storms associatede global financial meltdown of 2008. butjust in terms of your gut, are you feeling equally, maybe even more anxious, more worried today? well, certainly more uncertain. the financial crisis was a crisis of the western banking system, so we knew where the problems were. more of a mechanical crisis, in a way? yes. once we decided to recapitalise the banking system and persuaded governments to do it, then the banking crisis ended. it still led to an economic recession, but we knew that would come to an end. this is much more uncertain and dangerous. you know, the only time i can think in my lifetime when there's been so much fear was the cuban missile crisis. but of course, that just had two actors, well—defined geographically. and once the two sides talked to each other, an end was brought about. this is much more complicated. you've been an economist all your life. it strikes me that in times like these, economic forecasts and then the governmental economic plans that are drawn up based

tom: right now we have a needed brief on the brink -- on the bank of england. h hewin joins us, head of europe and americas research, standard chartered bank. do you expect a surprise or is it supposed to be a snooze fest like the fed was not yesterday? sarah: it is supposed to be a snooze fest. it would be a surprise if we get a rate hike. i mean, if that is the risk we could still see another split vote. perhaps hopefully not as close as it was last time around, but three policy committee members are still voting for a 25 basis point hike. last time around they were still concerned about inflation pressures. and we have still got inflation, you know, three, four times higher than the target. we know it is going to be coming down over the course of the next few months, particularly october's inflation will be a step lower because of the energy price impact, but there are still concerns about what is happening to wage growth. good that ultimately be inflationary? tom: first -- you do what first-class economists like yourself do. when you go to the 13 month you f

we are supposed to talk about the bank of england. lot going on in that space with flashes coming through that the bank of japan may consider negative interest rate policy next year. you came and spoke to julianna and myself and said yen is the consensus position out there. long yen. how are things looking right now and what is the market position? >> much like the pound, that positioning has been wiped out. i definitely see investors holding on to the long-term do dollar/yen shorts. people are nervous with the threat of the bank of japan and it is expected to normalize. i would still be looking at some top side in dollar/yen. >> banks keeping rates on hold for all of 2024. elsa, thank you. wonderful to speak to you. global head of strategy at rbc. this is interesting how central banks play off one another with the higher regime. when does the first round of rate cuts come through with the press conference. i will be speaking to the governor andrew bailey at 4:00 p.m. this afternoon. guys. >> joumanna, thank you for that. you will also

guy: the governor of the bank of england a little while ago. e day what does the economy need here and in the united states? does it need more hikes? some are saying there are more likes to come. or would the economy, do we need cuts. this is the perfect person it talk to. the governor pushed back fairly hard on the idea that we are going to see rate cuts. we have not discussed rate cuts. it is too early it talk about them. why does he feel he needs to deliver that message? katharine: it is a similar message we are hearing from other central banks. you mentioned the federal fed -- fed and that was the message last week but i think it is different in the u.k. because inflation is really not anywhere near the bank of england's 2% target. it is far higher in the u.k. than in euro or u.s. and we are not seeing consistent declines in core inflation and services inflation which is project a better measure to give you a sense of where domestic inflationary pressures are is running at close to 7%. so, clearly not within striking distance of 2%. i think

amy, the bank of england panel. very specific control over interest rates to depoliticise it. right. but if the bank of england then decides to talk about other random subjects like net zero, like net scott no random subjects . it's scott no random subjects. it's got no mandate for that. >> of course it's got no mandate. what was one of the biggest drivers of inflation in energy prices ? energy prices? >> of course, our energy security is completely relevant to the work of the bank of england. >> they did nothing on energy security. they just told people they made energy security worse by banks from by discouraging banks from lending to and gas companies lending to oil and gas companies . so they reduced our own suppuesin . so they reduced our own supplies in this country. it was absolute dereliction of duty, and was political because and it was political because what's name, mark carney, what's his name, mark carney, had the green kool—aid . had drunk the green kool—aid. >> the hang on a minute. this is depressing.

at the bank of start to kill project. at the bank of england, - start to kill project. o expect falls anytime soon.— signal not to expect falls anytime soon. inflation are still too high. _ anytime soon. inflation are still too high. we - anytime soon. inflation are still too high. we will- anytime soon. inflation are still too high. we will keep j still too high. we will keep interest rates high enough or long enough to make sure that we get inflation all the way back to the 2% target. it is much too early to be thinking about rate cuts. the much too early to be thinking about rate cuts.— much too early to be thinking about rate cuts. the bank's new forecast also — about rate cuts. the bank's new forecast also suggested - about rate cuts. the bank's new forecast also suggested while i forecast also suggested while avoiding recession there would be no growth from now until 2025, after the next election. that is quite stark. yes, but not that unusual in the current context if you look at other country you are seeing pretty similar pictures, frankly. one or two are in rece

-- affected with the bank of england be by this data? e: if inflation data comes in line with what i described, i don't think it is going to have much of an effect on bank of england policymakers. it is going to be in line with what they expected. if we got to next week and we saw that core inflation was coming off a bit faster than people were expecting, we also get labor market data for the u.k., if we see signs that the labor market, which up until now has been resilient, if we see hints that is weakening, more of the market might be piling into this idea of frontloading some of these cuts even earlier into 2024. guy: when is the bank of england have to admit that -- does the bank of england have to admit that? it is too early to talk about cuts. isn't the bank of england meant to be in the business of not jumping around as much as it is? isn't there danger it basically has to stick to its guns for longer to maintain credibility and make sure it has from the record inflation expectations -- re-anchored inflation excitations? katherine:

bank of - you have the figures. as widely expected, the bank of england | you have the figures. opting to change interest rates, they remain at 5.25%, the highest level in 15 years. why have they been rising so quickly? because inflation has been rising sharply. the cost of living rising for all of us and one of the rather blunt tool is that the bank of england has to keep a lid on rising prices is to raise interest rates, but the effect of the recent rises in interest rates still filtering through to the real economy, to all of us, and that means the bank

bank of en . land difficult. the governor of the bank of england was — difficult. ficult. the governor of the bank of england was in front of - difficult. the governor of the bank of england was in front of our - of england was in front of our committee yesterday, they are projecting that inflation will return to target over the next year. what is helpful about the difficult decisions that were taken by the chancellor and the prime minister last year is that it has put them in a position today where they can help households and i think we have had real progress in terms of people in work will also see progress in terms of the national living wage, which has lifted so many people in work out of a low income. and i think we may see him make some measures that encourage more business investment. i think he is likely to want to back businesses, which will help with the growth and productivity of the british economy. we growth and productivity of the british economy.— british economy. we said the chancellor — british economy. we said the chancellor in _ british economy.

well, the bank of — were saying we still did. well, the bank of england _ were saying we still did. but i think it depends. there will be descent around the table, the monetary policy committee, about what to do. the feeling is you keep the rates at that higher restrictive level for some time rather than pushing them up and perhaps cutting more quickly almost might do the same job but will perhaps do the job a bit better and so i think there is going to be a debate about what should happen going forward, and the key thing is what is happening to wages because they are still rising really strongly. 7.7% in the year to october. that is what the bank is worried about, that feeding through to services inflation in particular. that is what they will keep an eye on. forthe is what they will keep an eye on. for the moment it doesn't look like we will have those higher interest rates hanging around for an extended period. 0k, thank you very much indeed. susannah streeter, there. around the world and across the uk, this is bbc news. bbc news — bringing you different stories| from across the

the bank of england have revised down from i to grow the economy? the bank of. my and it is working people who are paying _ economy and it is working people who are paying the price. labour's plan to put— are paying the price. labour's plan to put economic stability at the heart _ to put economic stability at the heart of— to put economic stability at the heart of everything that we do, and national— heart of everything that we do, and national wealth fund to invest alongside businesses and our reforms to the _ alongside businesses and our reforms to the planning system to get britain — to the planning system to get britain building are all about generating economic growth and the improvements in living standards and vitally— improvements in living standards and vitally we _ improvements in living standards and vitally we haven't had for 13 years under _ vitally we haven't had for 13 years under the — vitally we haven't had for 13 years under the conservatives would stop the us— under the conservatives would stop the us federal reserve has also held rates at _ th

the bank of england recently said that there will be no growth until 2025, so, quite a long time beforesee any growth in the economy, according to most commentators but, importantly, the bank of england also says it does not see a recession stop that is really important for the outlook for the economy. really important for the outlook for the economy-— the economy. businesses will be watchin: the economy. businesses will be watching this _ the economy. businesses will be watching this and _ the economy. businesses will be watching this and thinking, - the economy. businesses will be watching this and thinking, what| watching this and thinking, what does this mean for interest rates? that is a question that will occupy the markets over the next few weeks and months. the rate of inflation is still much higher, over 6.5%, than the bank of england and the government want to see, and as long as that remains the case there will still be pressure on the bank of england to make sure that that doesn't run ahead of itself, so we are likely to see moves to maintain interest rates that will balance

if that happens the bank of england and the ecb are going to be under similar pressure. eel a lot of that also depends on what the bond market actually does. the idea here that if you have this selloff in the bond market and that is the equivalent of rate hikes, does a massive bench in the bond market function as a rate cut as well? we thank you for your analysis this morning. later on today rafael bostick will join us for an exclusive interview. you do not want to miss that at 7:30 p.m. london time, 3:30 p.m. if you are stateside in new york. also making news this morning, isabel's naval saying the fight against inflation might require another increase in interest rates. a week after the ecb left rates unchanged for the first time over a year. she also said while it took a year to get inflation down to current levels it is expected to take twice as long to get from here back to 2%. elon musk has renewed his calls for regulations on artificial intelligence. during an onstage conversation with rishi sunak the tesla billionaire said having a -- is a good thing. he went on t

andrew bailey at the bank of england. _ to get there. andrew bailey at the bank of england. y at the bank of england. a great - to get there. andrew bailey at the bank of england. a great held i to get there. andrew bailey at the bank of england. a great held at l bank of england. a great held at quarter of five by 2%. you are watching bbc news. bbc news, bringing you different stories from across the uk. there is a new tea craze in london. this is chai, india's most beloved tea. chai is made by brewing black tea and adding different spices, sugar and milk. in india, chai is a way of life. it is the drink for every occasion, morning, afternoon or night. this one street in walthamstow has five chai shops and four of them opened in the last year alone. we've got more and more customers coming every day it's like costa or starbucks for them. mainly they are asian people or originating from india, pakistan or bangladesh. in the recent couple of years, we have seen a surge in other people coming as well. we have seen british people coming here from all ethnicities. as manyjoin the

and it's interesting because just today a reports come out from the bank of england on the bank of englandselect committee. it doesn't sound like that will set the world on fire. the lords economic affairs select committee. you me, committee. but believe you me, this one of the most this is one of the most important economics committees in country . it includes in this country. it includes martin lord, mervyn king, a former governor of the bank of england, and the committee is really, really be critical of the bank of england for not being independent enough, for having too much groupthink, for being controlled by the treasury . so maybe in light of that report, the governor wanted to report, the governor wanted to report demonstrate just how independent he really is by saying something which will, as you say, go down in the treasury like the proverbial cup of cold, sick . sick. >> is there something in the job description? do you think, mark carney and now is it in the dna of these people? i don't know. just all talk of britain down. >> this is a relatively new thing. so i've known and fo

the bank of england reports at 8:00 a.m.>> the dow and s&p 500 extending the winning streak to thro three days and nasdaq is extending to four days. we have liz ann sonders with us to discuss. >> good morning, frank. >> after the jay powell comments, you see futures moving higher. are you surprised? >> no, because the stock market is keying off longer-term yields. expectation was in line with what the fed did yesterday. i think it is not so much on the short end that we're seeing a driver in the equity market. i think it is the long end. it was october 19th with the ten-year yield which reached 5%. now we are down at $4.75 and driven by the funding announcement and dovish comments from powell yesterday. i think yields are continuing to be in the driver's seat. >> that is interesting. you thought it was dovish com commentary. >> the expectation was for a pause. the assumption going in would be it was a hawkish pause. he didn't close the door to another rate hike, but i think cemented the idea that a continuing in pause mode m

that means the bank of england is likely to cut later than the fed or the ecb. iti: let's see if all of that proves true. daniel vernazza, thank you for walking us through this crucial boe day, the unicredit chief international economist joining us this morning. there is a lot to digest as well. i want to bring you some sound from barclays. barclays saying it plans to spirits asia business from the bulk of job cuts as the bank embarks on a reduction in its global workforce. their cfo shared the outlook on the region from their asian forum in singapore. take a listen. >> it is reduction in the workforce, generally speaking. in asia, we have very booming economies and we also have a very growing business. personally, it is far less likely to impact this region. kriti: the barclays ceo speaking to bloomberg. stick with us. more ahead. this is bloomberg. ♪ kriti: u.s. president joe biden says israel and hamas militants should pause fighting to allow time to free hostages held in gaza, but stopped short of supporting a full cease fire. it comes after egypt opened its

all of the things the bank of england cares about. terms of the economy and the bank of england acknowledged this, the rates are still coming through. if you look at the mortgage rates, the mortgage rate from 2% to 3%. most people are fixed. over the next year, if the bank of england cuts rates, we are looking at the average mortgage rate going to 4% by the end of next year. those rate hikes are coming through. it doesn't necessarily spell recession, but stagnation with rate cuts next summer. >> what happens when we get a rate cut from the bank of england? what is the trajectory there >> markets are not pricing a huge rate cut cycle. more has been priced in the last few weeks than it was. there was nothing a few weeks back we are looking at 100 basis mints to points for next year medium term rate is sensible that is lower than what markets are pricing over a two or three year period. >> let's look at the politics for a moment we got the reshuffle in government what are you expecting in terms of what the chancellor is going to say next

doing what they need to if the bank of england to do. was so slow start england was so slow to start raising rates, they'll raising interest rates, they'll say, the first. say, oh, we were the first. yeah, everyone was slow and yeah, but everyone was slow and the danger now that they the danger is now that they overcompensate by by raising too far and keeping interest rates for too high long in order to sort of make up for the fact that they were so slow to get on top of inflation in the to get out your crystal ball. >> liam and say when would be a good time for rishi sunak to call a general election in relation what will happen relation to what will happen in the that be? the economy when would that be? >> this is a really >> well, this is a really difficult thing. i do think inflation is going to come down quite sharply now for the rest of the year. and if that happens, i do think growth will get going in the uk economy is pretty resilient. i think we need to solve energy prices though. that's the thing. if you have a kind of geo politi

the bank of england has held the base rate of interest at 5.25.rnor andrew bailey says interest rates are expected to remain high for quite a while i >> -- >> you know, we're not talking about cutting interest rates. there's been no discussion in the committee about cutting interest rates . we think that interest rates. we think that interest rates. we think that interest rates. we think that interest rates have to interest rates will have to other other things equal . we other other things equal. we think that interest rates will have remain where they are have to remain where they are for an extended period of time to get inflation back to target. that's simply the judgement we can always rely on. >> andrew bailey to pour cold water enthusiasm . but anyway, water on enthusiasm. but anyway, chancellor jeremy water on enthusiasm. but anyway, chancellorjeremy hunt water on enthusiasm. but anyway, chancellor jeremy hunt , water on enthusiasm. but anyway, chancellorjeremy hunt , however, chancellor jeremy hunt, however, is positive ahead of the is st

of wight and jersey. the storm is now moving up along england's south coast. the bank of england leaves interest rates unchanged at 5.25%. hundreds more people with foreign passports try to leave gaza through the rafah crossing. and, rishi sunak�*s ai warning. he says monitoring the risks of artificial intelligence is too important to be left to big tech companies. winds of more than 100 miles an hour have been battering jersey, as storm ciaran hits the channel islands and much of southern england. major incidents have been declared on the isle of wight and in hampshire. hundreds of schools are closed in southern england — in some areas people are being urged to stay indoors. the latest from the south coast in a moment, but first graham satchell on the situation injersey. storm ciaran hit the channel islands with a bang, thunder and lightning and massive hailstones. the power of the storm, remarkable. winds reached more than 100 miles an hour, ripping rooves from buildings. this terrifying moment was caught on a baby monitor. the woman grabs her baby and makes her esca

the bank of england isn't working against any of those forces to the same extent. ve done something very similar it's actually starting to have a different effect. >> is their danger we had of importing different policy from the united states. it looks a good could potentially stay there. effectively it ends up importing tighter monetary policy. alex: this is interesting to us because markets pricing a bank having a policy rate in a couple years time is the same as the fed's policy rate which facing the upper pressure on growth. so we like the long end of european bonds for that reason. alix: are you surprised at the data from the u.k.? it keeps surprising me to the upside. alex: we had a few upside surprises. basically we've had very little growth in the u.k. economy. given this monetary policy setting, not likely to have much growth for the next 18 months either. a three year period of broad stagnation. even in that timeframe it's week by historical standards. guy: there is a certain sense that may inflation expectations have become -- the bank maybe needs to do m

this is the governor of the bank of england who should surely be talking the economy up. e same week, of course . let's the same week, of course. let's not forget that we had this global summit at hampton court palace, prime minister palace, which the prime minister spoke at and there. jp morgan boss jamie dimon said the uk was doing great and added that he would take notes to show the white house and fellow wall street heavyweight steve schwarzman, the boss of investment giant blackstone , investment giant blackstone, hailed the real achievement hailed the uk's real achievement in halving inflation and steering away from the subsidy heavy approach of president biden's administration . so the biden's administration. so the question i'm asking you is, is andrew being too andrew bailey being too negative? i'd like to know your thoughts. do get in touch. you can email me at farage at gbnews.com or tweet, hashtag gb news.com or tweet, hashtag farage gbnews.com or tweet, hashtag farage on gb news. now let's bnng farage on gb news. now let's bring kwasi kwarteng into the convers

guy: the governor of the bank of england, andrew bailey, speaking to me earlier today after the banksate decision. this is bloomberg. ♪ >> from the heart of where innovation, power and money collide, this is bloomberg technology. with caroline hyde and eric ludlow. >> i am caroline hyde. >> imf ludlow. this is bloomberg technology. >> coming up, full earnings coverage i had. qualcomm is providing an upbeat forecast. >> sticking with smartphones, we will push ahead to earnings from apple, which are due to come out after the bell today. >> we will have the latest in the trial of sam freed. let's check in on the markets and the feel-good music after the federal reserve and the feeling the fed is done with the fast pace of rate hikes. we are up five straight days on the nasdaq 100. the best winning straight -- streak since last year. s&p 500 having its best day since august. european stocks pushed higher. so too did asia. we are having our best day in months. up 1.6% on the country index. i'm looking at the u.s. 30 year. this as we see the desire to be buying into bond markets. yields are

the bank of england has raised the cost of borrowing to a 15—year high, to try to rein in soaring pricesghing heavily on many businesses and households. on thursday, official data showed a steep jump in the number of people falling behind on mortgage payments. our cost—of—living correspondent, colletta smith, reports. good morning, donna speaking, how may i help? with rates on the up, more people have been struggling to pay their mortgage bill... don't worry, i'm sure we can get this sorted out for you. ..and an increasing number are now officially in arrears. you know, nobody wants to send debt collectors to your door. nobody wants that. that's not what we want. we want to help you, we want to get a solution in place with you, but we can only do that if you give us a call and let us know. the number of people falling into arrears has been climbing throughout the year, tracking those interest—rate rises. now anotherjump betweenjuly and september, with more people tipping overfrom managing their bills to suddenly not. the sadness that you feel you're helpless, you feel absolutely helpless

of wight and jersey. the storm is now moving up along england's south coast. hundreds more people with foreign passports try to leave gaza through the rafah crossing. the bank of england leaves interest rates unchanged at 5.25%. winds of more than 100 miles an hour have been battering jersey, as storm ciaran hits the channel islands and much of southern england. hundreds of schools are closed and in many areas, people are being urged to stay indoors. residents injersey have been out assessing the damage. these pictures are from west hill where uprooted trees and branches are blocking the roads. people there have told the bbc there are still very strong winds in the area. let's get more from graham satchell. storm ciaran hit the channel islands with a bang, thunder and lightning and massive hailstones. the power of the storm, remarkable. winds reached more than 100 miles an hour, ripping rooves from buildings. this terrifying moment was caught on a baby monitor. the woman grabs her baby and makes her escape. the emergency services injersey said they responded to hundreds of calls overnight. they worked through horrendous conditions to clear roads and rescue

bank of— beneficial. and there's a reason why the bank of england governor came out today— the bank of england governor cameability we need right now _ not have the stability we need right now so _ not have the stability we need right now. so certainly i would rather see the headroom being used to reallocate resources to things like green _ reallocate resources to things like green energy. life sciences, these will be _ green energy. life sciences, these will be the — green energy. life sciences, these will be the drivers of future growth _ will be the drivers of future urowth. ~ ,., , will be the drivers of future urowth. ~ ., ., , ., growth. when we say tax it does not mean anything. _ growth. when we say tax it does not mean anything, there _ growth. when we say tax it does not mean anything, there are _ growth. when we say tax it does not mean anything, there are different l mean anything, there are different taxes and different ways to think about how a particular tax cut will will not catalyse business investment in terms of making business investment happen that would not have happened otherwise as o

since early 2022, the bank of england has raised interest rates 1a times to try to control soaring inflation.25% — the cost of borrowing is now the highest it's been in 15 years. but last month, the bank's rate—setting committee narrowly voted to keep it unchanged. and it's widely expected to do the same again today as evidence grows of the strain that high borrowing costs are putting on the economy and the housing market. here's our cost of living correspondent colletta smith. this is my monthly dining out, put that in as a reminder. ebony is doing all the right things. ebony is doing all the right thins. , ., , ., ., things. this month they have a savin: things. this month they have a saving goals — things. this month they have a saving goals towards _ things. this month they have a saving goals towards my - things. this month they have a i saving goals towards my house buying savings. she saving goals towards my house buying savings-_ buying savings. she and her artner buying savings. she and her partner saving _ buying savings. she and her partner saving carefully - partner saving carefu

this is the governor of the bank of england who should surely be talking the economy up. n the same week, of course . let's the same week, of course. let's not forget that we had this global summit at hampton court palace, prime minister palace, which the prime minister spoke at and there. jp morgan boss jamie dimon said the uk was doing great and added that he would take notes to show the white house and fellow wall street heavyweight steve schwarzman, the boss of investment giant blackstone , investment giant blackstone, hailed the real achievement hailed the uk's real achievement in halving inflation and steering away from the subsidy heavy approach of president biden's administration . so the biden's administration. so the question i'm asking you is, is andrew being too andrew bailey being too negative? i'd like to know your thoughts. do get in touch. you can email me at farage at gbnews.com or tweet, hashtag gb news.com or tweet, hashtag farage gbnews.com or tweet, hashtag farage on gb news. now let's bnng farage on gb news. now let's bring kwasi kwarteng into the con

the independent bank of england raising interest rates ia times, increasing mortgage repayments by overnding and prices of non—essentials and even more. the action has happened away from here on global commodity prices, determining energy, food costs, wherever those may hail from. across the country in milford haven and pembrokeshire, many of those higher costs are still leaving a bitter aftertaste. food costs 10% more than a year ago. eating out is almost 8% dearer. with everything going up with a rise of the gas andelectric. it's just really hard. we're getting by, to be honest. its customers, too, are still feeling the squeeze, with many prices still climbing. it doesn't feel like things have come down. a lot of things have gone up. car insurance, the council tax. we're going for a lot more gas and electricity, even though we're trying to use less. we're reducing our the amount- of time that we might have the heat on if we put it on at all. there may not be much more relief soon. bills are not as high as they were last winter by some significant margin, particularly when you take int

the bank of england leaves interest rates unchanged at 5.25 % — for the second successive meeting. will have more on all of those stories in a moment. we will have more on all of those now for sport and for a full round—up, from the bbc sport centre. hello from the bbc sport centre. india are the first team through to the semi—finals at the cricket world cup. the hosts beat sri lanka by an enormous 302 runs in mumbai, india actually lost the toss and were put into bat, but they posted an imposing 357 for 8 after shubman gill made 92, virat kohli added 88 and shreyas iyer hit a quickfire 82, it would have been a world cup record had sri lanka recahed their target, but they collapsed from the off, slumping to 14 for six inside 10 overs, mohammed shami took five for 55. they managed to avoid the lowest one—day international total of 35, but they were bowled out for 55 inside 20 overs. a great space at the moment, players arejudging each other�*s performance. are judging each other�*s performance. that is very important when you come in such a big stage. i wasjust playing every when yo

for 14 successive months the bank of england has put up the cost of borrowing, that is until septembers, it means activity is slowed down. that is what we have been dealing with. that is what the thinking is, that these figures show that, the attempt at calming inflation, which involves putting up interest rates by the bank of england, that might be having an impact. now, in particular, the service sector saw a pretty substantial slowdown in activity. on the

guy: do you think bank of england, ecb, fed cut rates next year? and if so, by how much? yes, i do think they cut rates. certainly the fed and ecb. we have an interesting view on the bank of england, given some of those supply-side challenges. i think the fed will cut before the ecb. and a lot of that relates to the difference in the mandates of the central banks. more explicit inflation targeting, ecb, whereas the fed has to balance the activity data and labor market data with the inflationary data. and already the euro zone has still got a bigger inflation challenge and inflation rigidity than the u.s. does. i think the fed will be q3, and our forecast for the ecb will be q4. guy: lay next to. that is going to be interesting to see. janet: late next year and very granule. we probably have a hundred 25 basis points in reductions. guy: that is going to be a very different world. that still maybe even classifies as higher for longer. always a pleasure. janet henry of hsbc. some great coverage coming up tomorrow. u.k. budget. the autumn statement. feels very wintry. you can

banks are talking about. it will be difficult, a sticky bit of inflation and i think the bank of england will have more of ans. impact over the coming 12 months— impact over the coming 12 months. �* , .,, months. and 'ust remind those watching. — months. and just remind those watching, prices _ months. and just remind those watching, prices are _ months. and just remind those watching, prices are still - watching, prices are still going up. the target is 2% and we see pictures here of petrol and restaurants bars, the price rises are still going on. things are not getting cheaper, are they? things are not getting cheaper, are the ? , , . are they? this is a year-on-year - are they? this is a year-on-year rate | are they? this is a i year-on-year rate of are they? this is a _ year-on-year rate of inflation year—on—year rate of inflation to come down rather than the pricing level. you are absolutely right. and just finally on that point, it could get political as well, the government potentially made this one of their big targets and i would imagine we expect them to say well, we have hid that butjust them to s

after the war in ukraine and the increase in energy prices, the bank of england has increased the bank interest rate 12 times in a row with the aim of curbing inflation and liquidity. according to experts, this policy has slowed down economic growth and at the same time , it has not been very successful in reducing inflation. thank you god. and the house is ours, and tomorrow the holy one will gather us together, and the saints will come together tomorrow, and no usurper will prevent us oh , the land of palestine, if you write a manuscript written by a pen of the wise, we will pay attention to you . allah bears witness that there is no god but allah. i bear witness that muhammad is the messenger of allah. i bear witness that muhammad is the messenger of allah. god bless god, god is great, there is no god but god , there is no god but god. in the name of god, i greet you, viewers dear sir, good day. first, let's talk about the temperature situation. in the last 24 hours, the hottest place in our country is langrod in stanlan, with a maximum temperature of 33 degrees. the coldest place i

i will be back very shortly with all the day's business stories and looking ahead to the bank of england's, of course, to storm ciaran. that's been tracking its way right the way across the atlantic, heading over the southwest of england. now, it will move eastwards towards east anglia. it will bring more heavy rain and given how wet it's been in october, that could lead to some flooding. the winds also could potentially be dangerous and hazardous, bringing some disruption. this is where we've got the amber wind warnings from the met office. the winds already picking up in the southwest, those stronger winds will transfer through the english channel to affect coastal areas in the southeast of england. the winds are likely to be even stronger for a while in the channel islands — gusts of over 90mph, already had gusts of 100mph along the coast of brittany. so, some really strong winds across the far south of the uk. could be quite windy in other areas, and around the storm, around that low pressure, we've got these showers or longer spells of rain. as the wind picks up in scotland, it will g

change that picture, as we go through the middle of 2024 but the reality is above target for the bank of england% rate based on the end of year forecast. we will be sitting in this flat lying position until 2025, unfortunately. we have to leave it there, thanks forjoining us. we have to leave it there, thanks forjoining us— forjoining us. you are welcome, thank you- _ to the us now, where treasury secretary, janet yellen, has been holding talks in san francisco with her chinese counterpart, vice premier he lifeng. they have been trying to ease tensions between the world's two biggest economies ahead of a meeting next week between president biden and president xi. michelle fleury has been following the story. the us is hosting this year's asia pacific economic cooperation summit, an annual event to promote trade between its members. ahead of next week's gathering in san francisco, there's already been a flurry of diplomatic activity, including a meeting between america and china's top finance officials. at a time of intense competition between the two nations, janet yellen had this message for ch

the same for the bank of england. you have the worst of both worlds. probably a weaker growth situation and the worst inflation situation. it depends on which they prioritize. the bank of england could be in that situation where the next move they are talking about is a hike. dani: the boe might be talking about a hike. what do you think about the idea that the next move from the fed could be a hike? >> i think for most of the central banks, including the bank of england and the european as well as the fed, the easiest and simplest path for them is wait and see. do nothing it from their view based on the forecast that most of these central banks have, they have inflation coming down as part of their forecast. in their view and it goes back to your question about financial conditions, you will have a higher real policy rate on a forward basis given what they think is might happen. if that is not realized then you have a real acceleration of inflation that that viewpoint has to change at least for the next six months you will see central banks sitting on

predicted 'ust what the bank of england predicted just last _ what the bank of england predictedof 2020 for the _ of this year and through all of 2020 for the uk — of this year and through all of 2020 for the uk economy is likely to see no growth — for the uk economy is likely to see no growth whatsoever. the tories' plan has _ no growth whatsoever. the tories' plan has failed and as a result of working — plan has failed and as a result of working people are worse off. they could be a relief— working people are worse off. they could be a relief for— working people are worse off. t"ie:1: could be a relief for businesses like these in the autumn statement. the chancellor says growth will be a central theme, for it is a deep—seated problem. our economy has typically expanded at a far slower rate in recent years than before the 2008 financial crisis. how to revive our prosperity will be a key question for all politicians as an election looms. dharshini david, bbc news. the former boss of the natwest bank dame alison rose will lose out on more than £7 million in bonus and other paymen

of the bank - could be pretty tricky. that in the end is the job of the bank of - end is the job of the bank of england. of england'sjob any more want to do is make the bank of england's job any more difficult. i suspect he hasn't made it any more difficult today, despite those tax cuts, because they are relatively small in the context of her two and a half trillion pound economy. again he is not going to be, for that reason as well as his fiscal position, he is not going to be looking at a significant additional tax cut in another budget. don't forget, of course, that the consequence of the fiscal drag in the system, because the chancellor has frozen the point at which people start to pay higher rate tax and any pay income tax at all, that is turning out to be a much bigger tax increase than was previously intended. actually what he announced todayis intended. actually what he announced today is reallyjust offsetting some of that unintended tax increase. paul, always good to talk to. thank you forjoining us with some assessment of what we heard from the chancellor. joining me now is sir steve webb the