Bank of England hikes interest rates for first time since 2023

The Bank of England has increased interest rates for the first time in more than three years as it warned that inflation is set to soar to around 5%.

Policymakers at the central bank said they were increasing borrowing costs in a bid to combat the rising cost-of-living for British households and businesses.

The Bank’s Governor Andrew Bailey also warned that further hikes are likely if the Iran war is not resolved.

Asos reveals ‘temporary’ sales hit from cyber attack

Online fashion firm Asos has revealed a sales hit of up to around £8m from last month’s cyber attack but said the impact was set to be temporary.

The group said the incident on October 6 was estimated to have knocked group sales, as measured by gross merchandise value, by around 2% to 4%, with UK trade particularly impacted.

With around £200m made by the group in sales each month, this implies a financial hit of around £4m to £8m, according to the firm.

Bentley celebrates iconic models with new Olympia Collection

Bentley is commemorating one of its iconic cars with a new limited series.

The Olympia Collection by Mulliner contains a series of just 12 individually numbered Continental GTs that hark back to the Bentley 6 ½ litre that was shown a century ago at the Olympia Motor Show in 1926.

Each car gets a classic Verdant to Midnight Emerald ombre paint finish which has been created exclusively for this set of cars, while contrast Champagne Gold elements are dotted across the exterior as well.

The markets

The FTSE 100 gave back strong early gains on Thursday to close lower after the Bank of England delivered a ‘hawkish’ interest rate hike and as US stocks plunged.

The London index closed down 46.55 points, 0.4%, at 10,782.66. It had earlier traded as high as 10,948.24.

In Europe, the Cac 40 in Paris rose 0.3%, and the Dax 40 in Frankfurt declined 0.4%, after hitting a record high earlier.

Thursday on Car Dealer

Used car prices hold firm in October as EV values surge by £400 in a month

Autotrader posts £191m profit despite ‘challenging’ start to financial year

Autotrader reported a 4% fall in first-half pre-tax profits to £191.2m, but maintained full-year forecasts as retailer numbers recovered and AI tools helped streamline vehicle listings.

Jaecoo 7 leads UK new car sales once again as wider market enjoys major growth

The Jaecoo 7 topped UK new car sales for a second consecutive month as registrations rose 5.4%, while the SMMT warned electric vehicle sales remain behind ZEV Mandate targets.

Chery Tiggo 8 named UK’s fastest-selling used car as Chinese models dominate

The Chery Tiggo 8 was October’s fastest-selling used car, taking just 13.2 days to sell, as Chinese models and alternatively fuelled vehicles dominated Cazoo’s rankings.

Russell Brand guilty of rape and sexual assaults during showbiz career

Russell Brand is facing years in prison after being found guilty of raping one of his fans and sexually assaulting three women during his showbiz heyday.

Brand, now 51, preyed on women he encountered while becoming one of Britain’s best-known stand-up comedians, a lauded TV and radio host, and a Hollywood movie star.

His victims came to court to reveal how Brand had forced them into sexual activity, sometimes within seconds of them first meeting, using his fame to determinedly pursue a goal of sex with 5,000 women.

Two UK airports received threats as bomb alerts impact flights across Europe

Heathrow and Birmingham airports received threats that were assessed as not credible, it is understood, as flights were diverted across Europe after a series of bomb alerts.

It is understood that operations at both UK airports continued as normal.

One flight from Dublin Airport to Rome was also diverted to a military air base in France, and nothing of concern was found after a search.

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