The Bank of England is expected to raise the interest rate for the 11th time in less than 18 months after Wednesday’s surprise jump in inflation.
It is due to announce its latest decision at noon as it tries to reconcile the UK’s weak economic outlook and an international banking crisis.
Financial markets widely expect a 0.25 percentage point hike to 4.25%.
Any increase in Bank rate would be part of a series of measures to reduce inflation, but would inevitably increase pressure on many people, particularly mortgage holders, already being squeezed by the cost-of-living crisis.
Many economists believed the Bank of England would pause its run of interest rate hikes as inflation appeared on course to ease steadily.
But data released yesterday showed inflation rising to 10.4% from 10.1% in February.
Inflation hit a 41-year high at 11.1% in October.
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The US Federal Reserve raised its main rate by a quarter of a percentage point on Wednesday but indicated it would stop further increases.
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The European Central Bank also raised its three main interest rates by 50 basis points last week despite financial market turmoil engulfing Credit Suisse and the collapse of Silicon Valley Bank.
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While some of the inflation rise can be blamed on potentially one-off factors such as vegetable shortages caused by cold weather in Spain and North Africa, the underlying inflation measures that the Bank of England tracks also increased.
The Bank of England was the first major central bank to start raising interest rates in December 2021.
Image: Andrew Bailey, Governor of the Bank of England
Bank of England governor Andrew Bailey stopped using language saying the central bank was ready to act forcefully if the outlook suggested persistent inflationary pressures.
ING economist James Smith said he expected any rate hike on Thursday was likely to prove the last in the Bank of England’s run.
“Assuming the broader inflation data continues to point to an easing in pipeline pressures, then we suspect the committee will be comfortable with pausing by the time of the next meeting in May,” Mr Smith said.
A 20-year-old man has been arrested on suspicion of murder after a 16-year-old boy died following a collision between an electric bike, a pedestrian and a car in Sheffield, police have said.
Emergency services responded shortly after 4.50pm on Wednesday to reports of an accident in Staniforth Road in the Darnall area of Sheffield.
South Yorkshire Police said it is understood that a grey Audi drove towards three electric bikes, colliding with one rider.
The car continued to travel following the crash with the electric bike and was further involved in a collision with a pedestrian.
The driver of the Audi failed to stop at the scene.
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Graphic CCTV footage of the incident appears to show the car veer into the opposite carriageway before hitting the 16-year-old pedestrian at speed.
Image: Forensics officers at the scene. Pic: YappApp
Image: Pic: YappApp
The boy was taken to hospital. Despite emergency treatment, he died as a result of his injuries. The boy’s family has been informed and are being supported by specialist officers.
An 18-year-old man, who was the rider of the electric bike, remains in hospital with serious injuries which are not thought to be life-threatening.
A 20-year-old man in Kent has been arrested on suspicion of murder. He remains in police custody.
Three people, a 45-year-old woman and two men aged 26 and 46, have been arrested on suspicion of assisting an offender. All three remain in custody.
Senior Investigating Officer in the case, Detective Chief Inspector Benjamin Wood, said: “This is a tragic incident in which an entirely innocent bystander, who was going about his daily business, has sadly lost his life. Our thoughts are with the boy’s loved ones, and we remain focused on securing justice for them.
“We know that this incident will have caused concern in the local community, and we have a team of detectives working at pace to piece together the circumstances which unfolded.
“We’re aware of footage being shared online and I’d like to reiterate our message to the public to withhold from speculating or circulating videos which may cause distress to the boy’s family.
“If you have any footage, imagery or information that may help our investigation then please share this directly with us – it may form an important part of our enquiries. We are also keen to hear from the riders of two electric bikes who were in the area at the time of the incident.”
Tory MP Tom Tugendhat, who led a campaign for the changes, which are also known as Tony’s Law, said on X: “I’m backing Tony as he faces the early release of his abuser – his birth mum.
“Tony lives every day with the pain caused by her crimes as a baby. We must do more to protect children like him.”
Tony has since gone on to be a successful fundraiser for charity – for which he has been honoured by the Royal Family.
Image: The Prince of Wales with Tony, who has raised millions for charity, during a Royal Garden Party at Buckingham Palace in May. Pic: PA
A statement from the Parole Board said: “We can confirm that a panel of the Parole Board has directed the release of Jody Simpson following an oral hearing.
“Parole Board decisions are solely focused on what risk a prisoner could represent to the public if released and whether that risk is manageable in the community.
“A panel will carefully examine a huge range of evidence, including details of the original crime, and any evidence of behaviour change, as well as explore the harm done and impact the crime has had on the victims.”
It added: “Parole reviews are undertaken thoroughly and with extreme care. Protecting the public is our number one priority.”
A Ministry of Justice spokesperson said: “This was a horrific crime that saw Tony Hudgell mercilessly tortured by his birth parents and our thoughts remain with him and his loved ones.
“Now that the independent Parole Board has directed her release, Jody Simpson will be subject to strict supervision and licence conditions. She faces an immediate return to prison if she breaks the rules.”
Women taking weight loss jabs must use contraception, and wait up to two months after stopping the medication before trying to get pregnant, the government’s health agency has warned.
The Medicines and Healthcare products Regulatory Agency (MHRA) has issued a warning around the use of GLP-1 medicines, which are used both for weight loss and to treat diabetes.
It says the glucagon-like peptide-1 receptor agonists (GLP-1 or GLP-1 RAs) must not be taken during pregnancy, while trying to pregnant or while breastfeeding. Women who are attempting to get pregnant have been warned to stop using the medicine for two months before trying to have a baby.
It is because there is not enough safety data to know whether taking the medicine could cause harm to the foetus.
The MHRA said it has received 40 reports relating to pregnancy among women taking the jab.
Mounjaro has also been found to reduce the effectiveness of oral contraceptives in those who are overweight. This means anyone using the jab should also use condoms, particularly during the first four weeks and after any dose increase.
The weight loss jabs have been linked with a “baby boom”, with women reporting online they have surprise pregnancies, despite using contraception – nicknaming them ‘Ozempic babies’ or ‘Mounjaro babies’.
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MHRA data found 26 pregnancy-related reports for women taking Mounjaro. Women do not have to specify in the report if the pregnancy is unintentional, but one did say as such.
There were eight reports relating to people taking Ozempic and Wegovy and a further nine for Victoza or Saxenda, with one woman saying her pregnancy was accidental.
Dr Alison Cave, MHRA Chief Safety Officer said the “skinny jabs” were medicines, and “should not be used as aesthetic or cosmetic treatments”
“They are not a quick fix to lose weight and have not been assessed to be safe when used in this way,” she said.
She urged patients to read in the information leaflet, or have a conversation with a healthcare professional as part of the prescribing process.