Five stories worth knowing today, in plain English: what happened, why it matters and what comes next.
New today: The rise is confirmed, and the Bank now expects inflation of about 5% by mid-2027.
The Bank raised Bank Rate from 3.75% to 4% on Thursday, its first rise since August 2023. The vote was 8-1, and Catherine Mann wanted 4.25%. The Bank says energy costs will lift inflation from 3.5% to about 5% by mid-2027.
Why it matters: Moneyfacts says a £250,000 tracker mortgage over 25 years costs about £37 a month more. Most people on fixed rates feel it only when their deal ends.
What next: The next decision is on 17 December. Governor Andrew Bailey says more rises seem likely unless the Middle East conflict is resolved.
Sources: Bank of England · Reuters, via Investing.com · MoneyWeek, with Moneyfacts figures
New today: New tanker fires, and a report that US forces are positioned to resume combat.
Iran's Revolutionary Guards say two tankers and a tugboat caught fire around the Strait of Hormuz, one after hitting a mine. Their account has not been independently confirmed. The New York Times reports thousands of US personnel are positioned to resume major combat if Donald Trump orders it.
Why it matters: The strait normally carries about a fifth of the world's oil. Andrew Bailey called the recent fall in oil encouraging, but said earlier falls did not last.
What next: Qatar says both sides are reviewing mediators' proposals. No date for a deal has been given.
Sources: Al Jazeera · Reuters, via Yahoo · Reuters, on Bailey, via Investing.com
Andy Burnham told businesses on Thursday to publish pay in job adverts now. The government plans to make it compulsory, and says 94% of consultation respondents backed more transparency. Jobs site Adzuna says 51% of its adverts showed a salary in September.
Why it matters: Ministers say it spares jobseekers wasted applications and can expose unjustified pay differences. The HR body CIPD says adverts are best left to good employer practice.
What next: Legislation is promised “as soon as possible”, with no date yet. Ministers will set out the rules and enforcement in due course.
Sources: BBC, via MyJoyOnline
On a visit to Derby on Thursday, Andy Burnham called special needs support “a broken system”. He said reform should not be rushed. It will now be part of the Milburn Review on young people and work.
Why it matters: In Derbyshire, about 80% of education, health and care plans miss the 20-week legal limit. The County Councils Network warns councils' SEND deficits could reach £10.4bn by March 2028.
What next: The Milburn Review is due next month.
Sources: BBC Derby, via Yahoo
New today: The summit has ended, and its final communiqué commits the UK to a dialogue.
The final communiqué from the Antigua summit welcomes the UK's agreement to a “structured, time-bound” dialogue with affected parties. It is not an agreement on reparations or an admission of liability, CNC3 News notes.
Why it matters: Andy Burnham has ruled out reparations. St Lucia's Philip Pierre, who chairs the Caribbean bloc Caricom, says a dialogue that excludes them from the start cannot be complete.
What next: Reports say no start date or deadline has been set for the talks.
Sources: Commonwealth communiqué, via Canada's PM · CNC3 News · Africa Caribbean Insights