Thursday evening news briefing: Interest rates peak after borrowing costs held

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Evening Briefing logo

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 now at their peak, say economists

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.

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

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.

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

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.

Evening Briefing: Today’s essential headlines

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.

Pictured: Hurricane Nigel set to bring heavy rain

Satellite image shows Hurricane Nigel
Satellite image shows Hurricane Nigel - NOAA/NOAA

Commuters are facing major train disruptions after homes and roads were flooded overnight, with the UK set to be battered again later this week by remnants of Hurricane Nigel.

Comment and analysis

World news: ‘Important progress’ as Ukraine heavy armour breaches Surovikin line

Ukraine may have made a “significant advance” in southern Zaporizhzhia, analysts said, amid reports armoured vehicles had punched through Russia’s main defensive line in the region. A military spokesman said forces west of the village of Verbove had made deep advances past anti-tank defences and trenches for the first time. Read the latest in our live blog.

Meanwhile, five Bulgarian nationals suspected of spying for Russia will be charged with conspiracy to conduct espionage, the Crown Prosecution Service said. Alex Barton has all the details.

Feature of the day

Solar storm: why the next disaster to strike will come from the sun

Solar Orbiter spacecraft against the backdrop of an image of the Sun
Solar Orbiter spacecraft against the backdrop of an image of the Sun - REX/REX

From the mass grounding of planes to power blackouts, a major solar storm would cause worldwide chaos. Scientists believe it’s only a matter of time. View the stunning visuals.

Read the feature

Business news: Rupert Murdoch steps down as chairman of News Corp and Fox

In a statement, the companies announced that the 92-year-old will step down as chairman of each board at upcoming annual general meetings next month. He will take up the role of chairman emeritus of both companies, while his son Lachlan will become sole chairman of News Corp and continue as executive chairman and chief executive of Fox.

Elsewhere, Jeremy Hunt has said that tax cuts are “virtually impossible” despite the Government borrowing less-than-expected this year. In an interview with LBC, the Chancellor said he faces difficult decisions ahead of the Autumn Statement in November. More on this on our live blog.

Editor’s choice

Exclusive | Meet Winnie-the-Pooh’s long-lost friend

Climate change | From The Really Wild Show to militant activist: Chris Packham’s eco-existential crisis

Food | How a disused London cab shelter became a hip hotspot

Sport briefing: Today’s essential headlines

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