News in brief - 2 November 2023

Welcome to the News in Brief, a daily summary of the latest banking and finance news.


The Bank of England’s Monetary Policy Committee will meet today to decide the Bank Rate. In September it was held at 5.25 per cent after 14 back-to-back increases (BBC News).   

In the United States, The Federal Reserve held interest rates at a 22-year high on Wednesday, for the second time in a row. The benchmark federal funds rate is now between 5.25 per cent and 5.5 per cent (Financial Times).  


The gender pay gap in the UK increased between 2022 and 2023 for those in full-time work, according to the Office for National Statistics (ONS) (Bloomberg). Men are now paid 7.7 per cent more than women in full-time jobs, up from 7.6 per cent a year earlier. 

Meanwhile, a study conducted by BlackRock shows companies with a greater degree of gender-balance in their workforce outperformed the least-balanced firms by as much as two percentage points annually between 2013 and 2022 (Financial Times). 


Delegates of the UK's AI Safety Summit have agreed the 'Bletchley Declaration', which calls for global cooperation tackling the risks associated with the technology (Reuters). 

11 more towers will have been built in the City of London by 2030, as demand for office space rises in the Square Mile, according to City of London Corporation development plans (The Guardian). 

The Mirror warns readers about online shopping scams, as Christmas shoppers are targeted by fraudsters on online platforms. 

The UK wind energy sector is suffering from supply chain inflation and engineering challenges amid a failure this year to attract offshore wind bids from developers (Financial Times). 

Area of expertise: