Elon Musk halts Twitter takeover
The Bank of England is facing political escalation after a senior Tory MP attacked the central bank for failing to tackle inflation.
Liam Fox, a former defense secretary, said the Bank had “systematically” misjudged the danger of a price spike and called for an investigation into the matter.
He said: “It is the duty of central banks to protect the value of our money and our savings. The Bank of England persisted beyond any rational interpretation of the data to tell us that inflation was transitory.
The comments threaten to pit the Conservative Party against Governor Andrew Bailey as the cost of living crisis deepens.
The Bank of England was forced to aggressively raise interest rates and warned that inflation would hit 10% by the end of the year.
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What happened overnight
Asian stocks were mostly up after a tumultuous period of trading on Wall Street, which rebounded at the close after investors calmed down on US policies aimed at countering soaring inflation. In Asia, Hong Kong, Tokyo, Seoul, Singapore and Sydney opened higher, while Wellington traded negatives.
- Business : ContourGlobal, Sage Group (temporary)
- Economy: Industrial production (EU)Michigan Consumer Confidence Index (WE)