United Kingdom

BUSINESS LIVE: Bank of England ready to raise rates, Oil rises north of $80

Octopus Energy secures £438m investment that could make it more valuable than British Gas owner

Octopus Energy has secured a £438m investment that could make it more valuable than British Gas owner Centrica. 

Generation Investment Management (GIM), a fund set up by former US vice-president Al Gore, will take a stake of up to 13 per cent in the challenger energy supplier. 

Oil prices climb to three-year high

Oil markets have climbed for a sixth consecutive day, reversing earlier losses, as Brent crude futures surged 1.8 per cent on Monday to their highest since October 2018 at $80.35 a barrel.

Gains are being driven by concerns over tight supply, in addition to surging prices of liquefied natural gas and coal

In a speech to the Society of Professional Economists in London last night, Bailey said all members of the bank's MPC are 'of the view that the stimulus to monetary policy enacted in response to Covid would need to start to unwind at some point'.

'That unwind should be enacted by an increase in Bank Rate, and if appropriate would not need to wait for the end of the current asset purchase programme,' he said. 

Bank of England chief warns over string of economic shocks for the country

Britain faces ‘hard yards’ ahead as the economy’s recovery from the pandemic stalls, the Governor of the Bank of England warned last night.

In a downbeat speech Andrew Bailey cautioned that interest rates will have to rise to tame escalating prices – but stressed the economy is currently too weak to withstand such a move.

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