6:33 am, July 30, 2023
UK interest rates to rise further but end of hiking cycle in sight
Pressure on the Bank of England could be cooling as policymakers look set to raise interest rates further, but with an end to the prolonged hiking cycle in sight.
Most economists think the Bank will raise the base rate by 0.25 percentage points on Thursday. It would be the 14th increase in a row, but would mark a smaller uplift than the surprise 0.5 percentage point hike in June.
Experts think the latest UK inflation data has taken some of the pressure off the central bank, because it showed a bigger-than-expected slowdown in price rises. It means that rates – which are a tool used by the Bank to bring inflation down to its two per cent target – may not need to climb as high as feared.
Sunak to stress energy security in meeting with industry bosses
Energy bosses will gather this week for meetings with the government, as it prepares to set out new details of its plans for the UK’s fossil fuel and green industries.
Ministers are expected to provide an update on the delivery of the government’s energy security plans, with support also due to be announced for carbon capture and new renewable technologies in Britain.
Rishi Sunak and energy security secretary Grant Shapps will meet top figures from the oil and gas, renewable and nuclear industries over the course of the week.
HS2 rated ‘unachievable’ by major projects body
The HS2 programme has been given an ‘unachievable’ rating by the official infrastructure watchdog.
A ‘red’ rating was assigned to the plans for the construction of the first two phases of the troubled rail line, from London to Birmingham and then on to Crewe in Cheshire, by the Infrastructure and Projects Authority (IPA).
The red rating, contained in the IPA’s annual report on major projects – which was released last week, states: ‘Successful delivery of the project appears to be unachievable. There are major issues with project definition, schedule, budget, quality and/or benefits delivery, which at this stage do not appear to be manageable or resolvable. The project may need re-scoping and/or its overall viability reassessed.’
Sunak orders review of low-traffic neighbourhoods
Rishi Sunak has ordered a review of the rollout of low-traffic neighbourhoods as the prime minister said he was on the side of motorists.
The PM used an interview in the Sunday Telegraph to announce that he has ordered the Department for Transport to review low-traffic neighbourhoods (LTNs) policies.
Under such plans, local councils attempt limit traffic in town and city centres – with drivers often prevented from using quiet residential roads as through-routes. But the adoption of the polices has attracted the ire of some Tory MPs, who have criticised the measures as attacks on motorists.
Man who was wrongfully jailed for rape says England ‘doesn’t feel like home’
Andrew Malkinson, who spent 17 years in prison for a rape he did not commit, has said he may look into getting a Dutch passport as England ‘doesn’t feel like home after what I’ve been through’.
Malkinson, 57, was wrongly found guilty of raping a woman in Greater Manchester in 2003 and the next year was jailed for life with a minimum term of seven years.
He served 10 more years because he maintained his innocence, but his conviction was quashed by senior judges at the Court of Appeal on Wednesday after DNA evidence linking another man to the crime came to light. Malkinson is now also concerned that he could, under current rules, face deductions from any compensation for the living costs covered during his time in prison.
UK-India trade deal could be signed this year, suggests official
The UK and India could sign a long-awaited trade deal before the end of the year, according to a senior Indian official.
The country’s commerce secretary Sunil Barthwal told reporters on Friday: ‘We want to finalise the deal at the earliest.’ He also said that it was possible that the deal could be agreed ‘much before’ the end of the year.
Talks remain ongoing between the two governments, after the initial target of securing a deal by Diwali last October was missed. Securing a post-Brexit trade agreement with India, a country with over 1.4bn people, has been a key target for the government.
Covid test sales have increased by a third, says Boots
Sales of Covid tests have increased by a third this month, while official estimates of the number of people with the virus have also risen.
The UK Health Security Agency (UKHSA) said its surveillance showed a slight increase in cases and hospital admissions, including those in intensive care, as of July 20. Its records show 3.7 per cent of 4,403 respiratory specimens were identified as Covid-19 compared with 3.6 per cent of 4,535 two weeks prior.
Boots also said its sales of tests had increased by 33 per cent between July 16 and 22 compared with the previous three weeks. The Zoe Health Study, which takes its data from people self-reporting, estimates there were 606,602 people with symptomatic Covid on July 4 and that this has since risen to 789,695 on July 28.
Farage continues account closure crusade with new website
Nigel Farage will continue to campaign on behalf of people whose bank accounts have been shut – with a new website launched to tackle de-banking.
It comes as former prime minister Liz Truss said she was ‘appalled’ at the treatment of the former Ukip leader, whose bank account closure by Coutts sparked a crisis at its parent company NatWest.
Launching his campaign, Farage said he wants to ‘fight back against the big banks that have let us down’.
Tens of thousands of holidaymakers waiting hours to board ferries
Around 17,000 people travelled through the Port of Dover on Saturday morning on their way to France, with ferry passengers waiting hours to get through traffic at the border.
Officials warned people they would have to wait for up to two hours upon arrival at the port to clear passport control, run by the French Police Aux Frontieres.
Traffic snarled along the A20 towards Folkestone for about five miles, with jams extending into the town and temporarily blocking an ambulance flashing blue lights. Overnight, officials told travellers not to arrive more than three hours before their sail time.
Brad Pitt puts the brakes on filming F1 blockbuster in support of actors’ strike
Brad Pitt has paused production on his forthcoming Formula 1 feature film in support of the US actors’ and writers strike.
The Hollywood star, 59, had been shooting scenes for the project recently including filming at the Silverstone Circuit ahead of the British Grand Prix earlier this month.
The production has now ground to a halt as Pitt ‘very much stands’ alongside his fellow actor union members, the PA news agency understands.
Weather
An unsettled day for most with a mixture of sunny spells and scattered, sharp showers, says BBC Weather. It’ll be drier in the north-east. It’ll be warmest in the east with highs of 23 degrees.
Rain will push northwards tonight and by dawn it’ll reach southern and central Scotland. It’ll stay cloudy behind the rain.
