1 The Bank of England has said inflation will rise more sharply than expected but has defied market expectations by keeping interest rates unchanged at record lows. Consumer price inflation is now forecast to peak at its highest level in a decade and reach about 5 per cent in April.
2 A landmark deal to phase out coal announced at Cop26 has been undermined by a loophole that lets the signatories carry on burning it until 2050. Some of the biggest consumers of the most polluting fossil fuel, including the US, China and Russia, also refused to sign the Global Coal to Clean Power Transition Statement, drawn up by the UK government team running the conference.
3 Metro Bank has received a takeover approach from Carlyle, a US private equity firm, in the latest sign that deals in the banking sector are hotting up. Metro said it was talking to Carlyle about a possible offer. It comes after the Co-operative Bank, owned by hedge funds, made an approach for TSB.
4 Fraudulent claims on three emergency government schemes may have cost the taxpayer almost £5 billion, according to an analysis of figures published by HM Revenue & Customs.
5 BT, Britain’s largest telecoms group, has brought forward its £2 billion cost-savings target, cut its peak spending forecast and opted to retain full control of its full-fibre broadband investment plans as it accelerates its transformation amid uncertainty over the intentions of its biggest shareholder.
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6 A new planning formula backed by Michael Gove, the housing secretary, would result in more development in the north of England and the Midlands and fewer new homes in Tory shire constituencies.
7 The chief executive of Smith & Nephew has said that supply chain disruptions could affect the medical equipment company well into next year. The group posted revenues up 2.3 per cent to almost $1.3 billion on an underlying basis in the three months to October 2, falling short of City analysts’ forecasts.
8 The stock market value of Purplebricks fell by more than a third after the online estate agency said that this year’s profits would come in well shy of investors’ expectations.
9 Sales of plug-in cars are running at nearly one in four new vehicles rolling out of British showrooms as motorists put the brakes on buying petrol and diesel motors. New registrations fell by 25 per cent in October to 106,000.
10 Simon Roberts, the boss of J Sainsbury, has sought to minimise alarm about empty shelves and rising prices in the run-up to Christmas, saying that the supermarket is in a “good position” despite several supply chain challenges.