Welcome to this momentous day as the Bank of England is preparing to make its next announcement on interest rates.
In a recent report from the Office for National Statistics, it was revealed that public sector borrowing in August saw an increase compared to the same period last year.
With £11.6 billion borrowed last month, this figure represents the fourth highest borrowing amount for the month of August since 1993, when monthly records began.
Kickstart your day with these 5 things
1) Why delaying the ban on petrol may damage confidence in the UK car industry | Carmakers are concerned that revising net zero targets will deter vital investments.
2) Inside Sunak’s plan to cut through red tape and liberate Britain’s electricity grid | Bureaucracy and delays hinder the progress of renewable energy projects crucial for achieving net zero goals.
3) Brussels to tackle greenwashing by forbidding ‘carbon neutral’ labels | New regulations will position the EU as the world’s most stringent enforcer of environmental standards.
4) Fed keeps rates unchanged but hints at future increase | The US central bank maintains interest rates at a steady 5.25% to 5.50%.
5) Speculation surrounding an interest rate rise diminishes following unexpected drop in inflation | The Bank of England is anticipated to maintain rates at 5.25% after consumer prices defy expectations.
Overnight developments
Asian stock markets experienced a decline as investors interpreted the US Federal Reserve’s recent policy statements as an indication of prolonged higher interest rates.
By early afternoon in Hong Kong, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, had fallen by 0.4%. Japan’s Nikkei dropped 0.6%, China’s blue-chip index dipped 0.6%, and Hong Kong’s benchmark index lost 1.3%.
Wall Street shares plummeted on Wednesday after the Federal Reserve confirmed its main interest rate would stay at its highest level in over twenty years, as expected.
The S&P 500 decreased by 0.9% to 4,402.20. The Dow Jones Industrial Average lost 0.2% to 34,440.88, and the Nasdaq composite dropped 1.5% to 13,469.13.
The yield on the 10-year Treasury rose from just under 4.32% to 4.39% shortly after the Fed’s announcement, and from 4.37% on Tuesday, bringing it back to levels last seen in 2007.
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