The Bank of England has voted unanimously to keep UK interest rates on hold at 0.1 per cent today, and maintained its existing quantitative easing policy.
Andrew Bailey and his team also downgraded their GDP growth forecast for the third quarter and said inflation looks set to rise to 4 per cent by the end of the year.
Data from IHS Markit has revealed that the country’s economy grew at the slowest pace for seven months in September, triggering fears of ‘stagflation.’
Overnight, the Federal Reserve said the US economy continues to strengthen, albeit at a slower rate because of the Delta variant of Covid. The central bank outlined a timeline for a tapering of asset purchases.
Two more UK energy suppliers together serving more than 800,000 customers have fallen victim to the crisis engulfing the sector.
Avro Energy and Green said they had ceased trading – with the latter blaming ‘unprecedented market conditions and regulatory failings.’
Furniture retailer DFS has reported surging profits in its latest figures and said sales had remained strong since the start of the year.
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