Britain’s central bank
UK mortgage costs rise with Bank of England base rate hikes anticipated amid inflation fears linked to the Middle East conflict. Analysts warn affordability will deteriorate as fixed-rate deals end, while lenders adjust pricing and market activity remains subdued.
Relatives of miners at North Mara accuse the London Bullion Market Association (LBMA) of negligence in re-certifying a refinery that processed gold from the North Mara mine, linked to alleged abuses. The case could redefine the responsibilities of London’s Good Delivery system and spur wider accountability in the global gold supply chain.
The euro has fallen to near 17-month lows after investors have pushed up French borrowing costs and bond spreads. France has faced rising yields, mass protests and a political stalemate over deficit cuts ahead of the presidential election. Markets are pricing greater contagion risk across the eurozone and the ECB is under pressure to act.
The IMF and UN officials have warned at annual meetings in Bangkok that rising energy prices from the US–Iran war, the strongest El Niño on record and higher global interest rates have pushed low‑income, energy‑importing countries toward fiscal crisis. AI investment has bolstered rich economies while poorer nations are paying more of their revenue to service debt and losing fiscal space.
Former traders have had convictions overturned in a wave of appeals that followed Supreme Court rulings. The Court of Appeal quashed Libor/Euribor convictions for five Barclays traders; several others have won similar challenges as the SFO signals retrials for Hayes and Palombo may proceed.
President Donald Trump has repeated that he should have won the 2026 Nobel Peace Prize after the committee awarded it to former ICC judge Navi Pillay. He has called the decision a “disgraceful and embarrassing” stain on Norway, claimed credit for settling multiple conflicts, and criticised Pillay as hostile to Israel.
The BBC and Guardian report that the UK government is weighing an increase to the bank surcharge ahead of the 28 October budget. Ministers are considering reversing Hunt’s cuts and possibly returning the surcharge to 8%, which would raise billions in tax revenue while banks warn on competitiveness. Trade unions press for a larger levy amid record profits in the sector.
Delegates at the IMF-World Bank meetings in Bangkok have walked out as Russia’s finance minister addressed the room, underscoring Europe’s stance on Moscow and signaling ongoing strain in global economic diplomacy. The incident follows tense debates over Russia’s role at the G20 and broader sanctions dynamics.
Northern Ireland faces a tense budget impasse as Healey’s plan aims to limit public spending growth while NI parties demand more funding. Doctors and nurses threaten strikes as pay awards lag behind English and Welsh levels. A new timetable for budget talks is expected as ministers seek a credible plan ahead of year end.
The Royal Swedish Academy of Sciences has recognised Robert Hall and Michael Woodford for developing microeconomic foundations of macroeconomic stabilisation, enabling policymakers to smooth business cycles. The prize highlights New Keynesian models that connect household and firm decisions to policy tools, with forward guidance becoming a central instrument.
Creditors have named Lord John Hutton as independent chair-designate for Thames Water, aiming to secure government backing for a 10-year rescue plan alongside Mike McTighe. The move signals intensified efforts to stabilise Britain’s largest water utility as it seeks to avert bankruptcy and avoid public takeover.
Inflation has edged higher in September, driven by transport costs and energy bills. Analysts expect further pressure on policy makers as prices rise across sectors, with energy and transport among the main contributors.
HSBC and Barclays report sizable quarterly profits, boosting investor optimism while triggering renewed calls for tougher bank taxes ahead of the budget. HSBC has reported a 32% rise in quarterly pre-tax profits to $9.6 billion, with shareholder returns including a $1 billion buyback. Barclays follows with $2.3 billion pre-tax profits and a $500 million buyback. Budget chatter intensifies as Healey eyes revenue options to fund cost-of-living supports.
The Chancellor has announced a package designed to tackle rising energy costs and the cost of living. Standing charges on gas bills are being removed, a direct energy payment is being rolled out, VAT on electricity is extended, and the minimum wage is set to rise. The announcements are framed as relief for working people amid global economic pressures.
The chancellor has announced a plan claiming to deliver breathing space for workers and businesses amid global economic storms. The package includes energy-cost relief, targeted tax measures, and investment in defence, with forecasts showing borrowing and debt stabilising as growth edge remains uncertain.
Prices have risen in September, driven by higher energy costs and services, with core inflation also edging up. The economy has shown strong quarterly growth, but households face dwindling real incomes as inflation erodes purchasing power. The Fed is watching closely and policy bets have shifted.
The Budget has sparked renewed talk of an early general election as ministers face pressure to curb the welfare bill while managing spending across defence and public services. Analysts say the government has offered short-term relief for households, but a longer-term plan remains unclear as reviews into welfare and youth employment unfold.
Global oil majors have reported booming profits as refined product margins rise and crude prices stay elevated. Analysts see continued pressure on supply from Gulf refinery bottlenecks and sanctions, with US and European firms posting record or near-record quarterly earnings. The cash windfall is shaping debates over energy policy and consumer prices.
The Bank of England has signaled it will raise interest rates to curb inflation, with energy prices pushing core inflation higher. Markets expect a first hike in three years, possibly followed by further moves next year as global central banks tighten policy.
Saudi Aramco reports a quarterly profit surge, underpinned by higher refining margins and resilient export flows amid attacks on facilities and volatile energy prices. The company reiterates its diversification drive as energy security remains a global focus.
Mortgage demand remains weak as rates hover near 7% while homeowners tap home equity lines; analysts warn of rising borrowing costs and a volatile housing market across the U.S. as fixed-rate loans reset.
The latest inflation data has reinforced concerns about how aggressively the Federal Reserve will tighten policy. Officials are signaling a hawkish stance, with traders pricing in another rate increase and debates over the pace of future tightening intensifying.