6:40 am, November 2, 2026
Bank of England expected to raise interest rates for first time since 2023
Borrowers could be facing a squeeze as the Bank of England is expected to hike interest rates for the first time in more than three years.
Many economists think rate-setters will want to tackle rising inflation in the UK economy by tightening monetary policy.
Traders in the financial markets are widely expecting rates to increase to 4% from 3.75% when the Bank’s Monetary Policy Committee (MPC) announces its next decision on Thursday November 5. This would be the first time that the central bank increases borrowing costs since August 2023.
National Express owner Mobico set for £308m Spanish takeover
National Express operator Mobico is set to be taken into Spanish hands after striking a £308m takeover deal.
Shares in the company jumped more than a 10th in early trading on Friday after bosses said they agreed a takeover bid by Autobuses de Leon (AdL), through its Leita Mobility subsidiary. AdL has agreed to pay 46p per share to shareholders in the Birmingham-based transport business.
Mobico has trimmed down its operations through disposals in recent years, including a recent deal to sell its remaining UK regional bus operator to the West Midlands local authority and the £457m sale of its US school bus arm last year.
McLaren confirms McL 820 name for upcoming supercar
McLaren has confirmed the name of its upcoming supercar – the McL 820.
It’ll arrive as the brand’s new ‘series supercar’, which will effectively make it its core model to sit between more entry-level sports cars and range-topping, limited-run hypercars. It’ll follow on from the MP4-12C, 650S, 720S and 750S.
It’s expected that the new 820 will use a hybrid powertrain, which will likely be based around a turbocharged V8 engine. The number in the name has previously denoted the power output.
The markets
London’s FTSE 100 drifted in and out of positive territory in afternoon dealings before finally closing slightly higher on Friday, but equities across the Atlantic tumbled as worries over artificial intelligence sector spending sent tech stocks deeply into the red.
The FTSE 100 index edged up 7.71 points, or 0.1%, at 10,729.78. The FTSE 250 ended 220.80 points lower, 0.9%, at 24,453.36, and the AIM all-share declined 10.37 points, 1.4%, at 753.08.
The pound was quoted at 1.3396 dollars late on Friday afternoon, higher than 1.3369 dollars at the London equities close on Thursday. Against the euro, sterling rose to 1.1996 euros from 1.1977 euros a day earlier.
John Healey promises benefits bill ‘will come down under Labour’
John Healey has promised the benefits bill ‘will come down under Labour’ and signalled there will be more ‘hard decisions’ on cuts to public spending.
The chancellor on Sunday said media interpretations suggesting he wanted the bill to start falling before the general election were ‘simply wrong’ and he ‘never set out the timetable for savings’.
Confusion arose from Healey’s comments earlier in the week over whether the ballooning cost of welfare would be cut before the next election, with the government later declining to put a timeframe on it.
Burnham heads to Commonwealth summit after opening door to slavery apology
Andy Burnham will attend a Commonwealth leaders’ summit in the Caribbean this week, after signalling he was ‘open’ to calls for a formal British apology for its role in the slave trade.
The prime minister will on Monday fly to Antigua and Barbuda for the Commonwealth Heads of Government Meeting (Chogm), where talks about the issue of slavery are likely to dominate. The summit, which the King will also attend, runs from Sunday until Wednesday in the capital St John’s.
Some Caribbean nations have made renewed calls for Britain to apologise for its role in selling enslaved people for profit, and for reparations.
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Former Jaguar design boss Gerry McGovern banned from driving for six months
Former Jaguar Land Rover design boss Gerry McGovern has been banned from driving for six months after being caught speeding in London.
IMI and vice president Daksh Gupta launch £2,000 award to find future leaders
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Half of car buyers say dealership visits give them confidence to purchase
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BYD’s global expansion pays off as profits rise despite struggles in China
BYD’s rapid international expansion has helped the Chinese car giant return to profit growth, with its increasingly successful UK operation playing a part in its overseas sales boom.
Weather
Today will bring sunny spells and patchy cloud across most of the UK, with isolated light showers in northern Scotland and eastern England, reports BBC Weather.
Tonight will be largely dry with clear spells, although scattered showers will affect the north-east and far south-east. Patchy fog may develop in northern areas overnight.