Interest rates peak after borrowing costs hold

Contents

Interest rates are now at their highest, economists say
Climate change fanatics ‘don’t care about impact on families’, says Sunak
King Charles calls for action to step up fight against climate change
Evening briefing: the essential headlines of the day
Pictured: Hurricane Nigel is expected to bring heavy rain

world news

Good evening. The Bank of England decided to keep borrowing costs at 5.25%, ending a cycle of 14 consecutive interest rate hikes. Additionally, Rupert Murdoch resigned as chairman of News Corp and Fox.

Interest rates are now at their highest, economists say

Interest rates will not rise further, economists have predicted, after the Bank of England decided to keep borrowing costs at 5.25%. The Monetary Policy Committee voted to keep rates unchanged following a surprise drop in inflation figures on Wednesday. Get a behind-the-scenes look at the secret interest rate meeting, courtesy of James Fitzgeraldand read the latest updates on our live blog.

Following this news, NatWest and TSB have reduced mortgage costs – Lauren Almeida has the complete story. Plus, now is the best time to guarantee a savings rate 15 years from now. James Fitzgerald reveals deals to watch.

Climate change fanatics ‘don’t care about impact on families’, says Sunak

Rishi Sunak said people with “more ideological zeal” over climate change “simply don’t care about the impact on families”, as he continued to defend his green policy changes. The Prime Minister also said he was “undeterred” by the resistance he might face to his plans when asked about a possible Commons vote on the policies. Read our live blog for the latest reactions.

Earlier, Kemi Badenoch suggested that former net zero tsar Lord Goldsmith was too rich to understand the need to relax climate commitments. Lord Goldsmith, a Conservative Green who resigned from his ministerial post in June, warned Sunak that he would be remembered as the UK “turned its back on the world and future generations”. Ross Clark believes climate change committee extremism is hiding in the open after Sunak’s speech.

King Charles calls for action to step up fight against climate change

The king became the first British monarch to deliver a speech to the French Senate calling for action to step up the fight against climate change. Her Majesty urged the assembled politicians and dignitaries to not only “cherish and maintain our Entente Cordiale”, the historic 1904 treaty that helped thaw cross-Channel relations, but to build on it by taking further action to protect the planet. Follow the latest news from the King and Queen’s state visit via our live blog.

Meanwhile, the Queen and First Lady of France faced off in an impromptu table tennis match earlier today. Henry Samuel reports. Somewhere else, Antoine Pérégrin detailed why the French are obsessed with our royal family.

Evening briefing: the essential headlines of the day

Books | Emma Raducanu has backed the reinvention of a classic fairy tale that Prince Charming is written in, to show girls they don’t need men to succeed financially.