BANK OF ENGLAND HOLDS INTEREST RATE 

The Bank of England yesterday voted to hold interest rates at 5.25 per cent for the second successive meeting, warning that monetary policy will “stay tight” for an extended period of time (Financial Times).  

The Bank of England also cut growth forecasts to zero for 2024, predicting there was a 50 per cent chance of a recession in the coming year (The Telegraph).  

TECH FIRMS WILL ALLOW GOVERNMENTS TO VET AI TOOLS 

The most advanced technology companies will allow governments to vet their artificial intelligence tools for the first time, Rishi Sunak has announced at the end of the two-day AI summit at Bletchley Park (The Guardian). 

At the end of the summit, X owner Elon Musk also told the Prime Minister he believes AI is “the most disruptive force in history,” and that eventually “there will come a point where no job is needed” (City AM).  

NEWS IN BRIEF

Skills gaps pose a “real challenge” for employers, as the needs of industry evolve faster than the education system, the Financial Times reports.   

The Office for National Statistics has restarted home interviewing in a concerted effort to improve the reliability of its job market data after it was forced to cancel its October labour market survey (Financial Times). 

Britain's domestic energy price cap is expected to rise more steeply than initially forecast in January and rise again in April, according to analysis by Cornwall Insight (Reuters).  

Footfall on high streets, retail parks and shopping centres fell by 5.7 per cent in October compared to a year earlier, according to the British Retail Consortium (BBC News).