Good evening. The Bank of England has decided to hold borrowing costs at 5.25pc, ending a cycle of 14 consecutive interest rate rises. Also, Rupert Murdoch has stepped down as chairman of News Corp and Fox.
Interest rates will not rise further, economists have predicted, after the Bank of England decided to hold borrowing costs at 5.25pc. The Monetary Policy Committee voted to keep rates on hold following a surprise fall in inflation figures on Wednesday. Go behind the scenes of the secret interest rate meeting, courtesy of James Fitzgerald, and read the latest updates on our live blog.
Following the news, NatWest and TSB slashed mortgage costs - Lauren Almeida has the full story. Also, now is the best time to lock in a savings rate in 15 years. James Fitzgerald reveals the deals to look out for.
Rishi Sunak said that people with “more ideological zeal” about climate change “just don’t care about the impact on families”, as he continued to defend his changes to green policies. The Prime Minister also said that he was “undeterred” by resistance that he could face against his plans when asked about a possible Commons vote on the policies. Read our live blog for the latest reaction.
Earlier, Kemi Badenoch suggested that former net zero tsar Lord Goldsmith is too rich to understand the need to soften climate commitments. Lord Goldsmith, a Tory environmentalist who resigned his ministerial post in June, warned Sunak that he would be remembered for the moment the UK “turned its back on the world and on future generations”. Ross Clark believes that the Climate Change Committee’s extremism is hiding in plain sight, following Sunak’s speech.
The King became the first British monarch to deliver a speech at the French senate as he called for action to step up the fight against climate change. His Majesty urged the assembled politicians and dignitaries to not just “cherish and nurture our Entente Cordiale”, the landmark treaty of 1904 that helped thaw cross-Channel relations, but build upon it with more action to protect the planet. Follow the latest from the King and Queen’s state visit through our live blog.
Meanwhile, The Queen and France’s First Lady faced off in an impromptu table tennis match earlier today, as Henry Samuel reports. Elsewhere, Anthony Peregrine has detailed why the French are obsessed with our Royal family.
Books | Emma Raducanu has backed a reimagining of a classic fairy tale that writes out Prince Charming, as a lesson to girls that they do not need men to achieve financial success.