Bank of England holds interest rates and ‘shocked’ over Mandelson; Rio-Glencore merger talks collapse – as it happened

Bank of England governor Andrew Bailey has added his voice to those condemning Peter Mandelson for leaking market-sensitive information at the time of the global financial crisis, our economics editor Heather Stewart writes.“I am shocked by what we are hearing,” Bailey said (see earlier post), when asked about the revelations at a Bank press conference.We do learn from that that there are times when … lobbying happens which has ethics attached to it which I do find shocking, frankly.Asked again about his personal feelings, Bailey, who worked with the Treasury on the response to the 2008 financial crisis, appeared to become emotional as he compared the actions of Mandelson to those of the late chancellor, Alistair Darling.Bailey reminds journalists at the Bank that he and his colleagues at the press conference, Clare Lombardelli and Dave Ramsden, all knew Darling (who died in 2023)

Airlines should tell UK customers the carbon impact of flights, watchdog says

Airlines and booking firms should give UK customers information about the environmental impact of their flights, the regulator has said.The Civil Aviation Authority urged booking sites to enable passengers to make “more informed travel decisions” by setting out estimates for carbon emissions for flights landing or taking off from British airports.New guidance published by the CAA aims to standardise the kind of data already published by some airlines and websites and to make it available at the time of booking so passengers can make comparisons.The regulator said it would start monitoring and possibly enforcing the new rules after April 2027.It said the carbon emission data should reflect factors such as aircraft type and fuel use, and take into account the type of seat occupied

Bank of England keeps interest rates at 3.75% as inflation concerns persist

Bank of England policymakers have left interest rates unchanged at 3.75%, but indicated that lower inflation as a result of cost-of-living measures in Rachel Reeves’s budget should pave the way for cuts in the months ahead.The nine-member monetary policy committee (MPC) voted to leave borrowing costs on hold, despite forecasting weaker growth and lower inflation than at its last quarterly forecast in November.But the narrower than expected 5-4 split in the MPC’s voting suggested further reductions in borrowing costs were to come. The committee has cut rates six times since mid-2024

Cornish tin mine could reopen with Trump administration investment

Donald Trump has aggressively pursued investment into hi-tech industries in recent months, but the US administration has now set its sights on a more traditional sector: tin mining in Cornwall.The South Crofty mine, near the village of Pool, could start up again after nearly three decades aided by a potential $225m (£166m) investment from across the Atlantic, creating 300 jobs.The site dates back to the 1600s but closed in 1998; there have since been repeated attempts to reopen it.Cornish Metals, its owner, said on Thursday it had received a letter of funding interest from the official export credit agency of the US to develop the site. Any investment would depend on the mine supplying tin to the US, which considers the metal to be a critical mineral

Anger over Scottish salmon farm inspections amid 35m unexpected fish deaths

Scottish salmon farmers recorded more than 35m unexpected salmon deaths in just under three years but there were only two unannounced inspections of facilities over the same period.In December, the Scottish government’s secretary for rural affairs, Mairi Gougeon, said that there was “a really robust regulatory regime when it comes to fin-fish aquaculture” but animal welfare campaigners say the figures call that claim into question.According to a freedom of information request by Animal Equality UK, the Animal and Plant Health Agency (APHA), which is responsible for enforcing welfare legislation, inspected just 21 of Scotland’s 213 active salmon farms, between January 2023 and October 2025. None of the 20 worst-performing sites, which together accounted for more than 10m deaths, were inspected.Additionally, the Scottish government’s website says that unannounced inspections are a “statutory requirement” but only two were carried out between January 2023 and September 2025, both of which were in 2024

Why the Bank of England is holding rates despite a weakening economy | Phillip Inman

When unemployment is rising and inflation falling, the Bank of England would, under normal circumstances, cut the cost of borrowing.Add to the mix a faltering economy and the public might reasonably expect a reduction in interest rates to lift their spirits.Instead, a majority of the Bank’s monetary policy committee (MPC) chose to hold rates at 3.75%. If businesses and households were hoping for loans and mortgages to be a little cheaper this week, they were disappointed

BT loses more than 200,000 broadband customers as profits slump

BT lost more than 200,000 broadband customers in the last three months of 2025 and profits fell sharply, mainly linked to its shared ownership of the pay TV broadcaster TNT Sports.The telecoms company said that in the third quarter of its financial year, 210,000 customers left Openreach, its wholesale broadband network, and that it expected to lose a total of 850,000 broadband customers in its full financial year. That was down from previous guidance of 900,000.BT said revenues fell by 4% to £5bn in the quarter, while pre-tax profits slumped 57% year on year to £183m. The company said £214m of the £244m year-on-year drop in profits related to its share of losses at TNT Sports, which it co-owns with Warner Bros Discovery (WBD)

Chris Rokos hedge fund ends talks with Peter Mandelson on advisory role

A $22bn (£16bn) London hedge fund has “terminated” talks with Peter Mandelson over an advisory role after emails revealed that the former UK business secretary may have leaked sensitive government information to the child sex offender Jeffrey Epstein.Rokos Capital Management (RCM), which is run by the financier Chris Rokos, had been in discussions to hire Mandelson, who had been searching for a new role after being sacked as the UK’s ambassador to the US in September following pressure over his ties to Epstein.However, Mandelson resigned from the Labour party on Sunday, after the US Department of Justice released millions of additional documents that shed new light on the extent of his relationship with Epstein.Those emails not only showed the extent to which Mandelson stayed in contact with Epstein after Epstein’s first prison sentence for child sex offences in 2008, but also that in 2009 he apparently forwarded to Epstein highly sensitive information he had received as business secretary under Gordon Brown, including government responses to the global financial crisis.The Metropolitan police have launched a criminal investigation into Mandelson over allegations he leaked market-sensitive emails to Epstein, who died in prison in 2019 while awaiting trial over child sex trafficking charges

US agency investigates Nike for alleged discrimination against white workers

The US Equal Employment Opportunity Commission (EEOC) has launched an investigation into Nike over allegations that the sports giant discriminated against white employees and job applicants.The federal agency is demanding that Nike turn over information related to the allegations, including the company’s “Diversity, Equity, and Inclusion-related 2025 Targets and other DEI-related objectives”, it announced on Wednesday.Nike, which described the escalation as “surprising and unusual”, insisted that it adheres to “all applicable laws” on discrimination. It comes amid a broader crackdown by Donald Trump’s administration on diversity initiatives, which he has repeatedly decried as “radical”.“When there are compelling indications, including corporate admissions in extensive public materials, that an employer’s Diversity, Equity, and Inclusion-related programs may violate federal prohibitions against race discrimination or other forms of unlawful discrimination, the EEOC will take all necessary steps – including subpoena enforcement actions – to ensure the opportunity to fully and comprehensively investigate,” said EEOC chair, Andrea Lucas

GSK, take two: the bullish tone at the top is finally more convincing | Nils Pratley

It’s a miracle. A mere 25 years after Glaxo Wellcome and SmithKline Beecham merged to form GSK, the share price on Wednesday got back to where the combo started life – a shade over £20. It has been a very long wait.A quarter of a century ago, the bosses of the day spoke about creating a “Microsoft of the pharmaceutical world” that would develop new medicines in never-seen-before quantities at faster speeds. A vast new head office in west London was opened by Tony Blair in 2002 to mirror the ambition

Software sell-off over AI fears hits global stock markets, but FTSE 100 finishes at closing high on £8bn insurance takeover – as it happened

And finally, the UK’s blue-chip share index has ended the day at a new closing high.The FTSE 100 has closed 87.75 points higher at 10,402 points, as investors continue to move into old-economy stocks as AI fears hit the software sector.Gambling firm Entain (+10.4%) was the top riser, followed by services firm DSS (+7

Chinese carmaker Chery to launch fourth brand in UK

The Chinese carmaker Chery is launching a fourth brand in the UK, continuing a push into the British market where it has rapidly become a major player.The state-owned company said on Wednesday it would sell cars under the Lepas brand, which is developing battery and hybrid SUVs aimed at younger families, mainly in the European market.The decision to add a fourth brand in the UK underlines Chery’s efforts to win market share. The Lepas cars will be built initially in China and imported to the UK, which does not have the tariffs imposed by the US and EU, but the government is hopeful it will eventually decide to manufacture cars in Britain.Jaguar Land Rover, Britain’s largest automotive employer, is in early-stage discussions over a potential deal to use its factories to make Chery cars but no agreement has been announced

How to make moreish cookies from store-cupboard odds and ends – recipe | Waste not

I often eat a bag of salty crisps at the same time as a chewy chocolate bar, alternating bite for bite between the two, because the extreme contrast of salt from the chips and the sweetness of the chocolate fire off each other and create an endorphin rush. The same goes for these cookies, adapted from a recipe by Christina Tosi at New York’s legendary Milk Bar.Christina Tosi writes in Gourmet Traveller Australia how she first learned to make these cookies at a conference centre on Star Island, New England, where they’d bake them each week with a hodge-podge of different ingredients. Being on an island, they didn’t always have access to what they wanted, so they had to come up with a new recipe every week using whatever they had. In the spirit of the recipe’s origins, I’ve adapted Tosi’s recipe for the UK, and made it flexible, so you can raid your own store-cupboards and adapt and invent your own version from it

Camilla Wynne’s recipes for blood orange marmalade and no-bake marmalade mousse tart

If you’re intimidated by making marmalade, the whole-fruit method is the perfect entry point. Blood oranges are simmered whole until soft, perfuming your home as they do so, then they’re sliced, skin and all, mixed with sugar and a fragrant cinnamon stick, and embellished with a shot of amaro. Squirrel the jars away for a grey morning, give a few to deserving friends, and be sure to keep at least one to make this elegant mocha marmalade mousse tart. A cocoa biscuit crust topped with a chocolate marmalade mousse and crowned with a cold brew coffee cream, it’s a delightful trifecta of bitterness that no one will ever guess is an easy no-bake dessert.If you’re not up for preserving, make this using shop-bought thick-cut marmalade

The dump dinner: spaghetti is now being served straight on to the table – but why?

Name: Dump dinners.Age: Horribly new.Appearance: Feeding time at the zoo, but for humans.I’ve just Googled this. Apparently a dump dinner is a make-ahead slow cooker recipe

Australian supermarket coconut water taste test: ‘Smells like an island holiday’

Overcoming his irrational fear of coconut products, Nicholas Jordan tests a lovely – and lowly – bunch of coconuts in a rowIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI have a fear of coconut products. Like all fears it’s based on a questionable rationale and trauma, and my trauma is taste testing “health” coconut-heavy products that taste like soap. Which is why, until recently, almost all the coconut water I’d drunk was from a straw reaching out of a fresh coconut.Surely there’s no way a bottled coconut water, made from 100% coconut, could be that bad. Maybe it could be better than the real thing? I enjoy Melona more than the average honeydew melon

Miso mystery: red, white or yellow – how does each paste change your dish? | Kitchen aide

What’s the difference between white and red miso, and which should I use for what? Why do some recipes not specify which miso to use? Ben, by email“I think what recipe writers assume – and I’m sure I’ve written recipes like this – is that either way, you’re not going to get a miso that’s very extreme,” says Tim Anderson, whose latest book, JapanEasy Kitchen: Simple Recipes Using Japanese Pantry Ingredients, is out in April. As Ben points out, the two broadest categories are red and white, and in a lot of situations “you can use one or other to your taste without it having a massive effect on the outcome of the dish”.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

The pie and mash crisis: can the original fast food be saved?

There used to be hundreds of pie and mash shops in London. Now there are barely more than 30. Can social media attention and a push for protected status ensure their survival?Outside it’s raining so hard that the sandwich board sign for BJ’s pie and mash (“All pies are made on the premises”) is folded up inside. The pavement along Barking Road in Plaistow is a blur through the front windows and deserted, and there are only two customers in the shop. Another sign – this one on the counter – says “CASH ONLY”

Sami Tamimi’s recipes for spiced bulgur balls with pomegranate, with a herby fennel side salad

I have always dreamed of a return to the golden age of Arab trade, when spices, fruits and ideas voyaged across deserts and seas, creating extraordinary food cultures through exchange and curiosity. I’ve imagined bringing new flavours home, letting them transform the kitchen – but with all the madness in today’s world, that dream must stay a dream, for now. So, these recipes become my journey, a way to reconnect with that spirit and taste the magic of the Arab golden age today.This dish originates in Latakia, a port in Syria. Kbeibat bulgur in Arabic translates to “small kibbeh”, and refers to a range of dishes that are popular across the Arab world and beyond

Rukmini Iyer’s quick and easy recipe for mushroom and artichoke puff-pastry quiche | Quick and easy

No time to make shortcrust? Bought puff pastry makes an instant (and decadent) alternative. Yes, I know you can buy ready-rolled shortcrust, but I wouldn’t: it’s trash. If this column didn’t have a 30-minute time constraint, I’d blitz 200g plain flour and 100g cold cubed salted butter to sand, then add one egg yolk and a tablespoon of cold water, then blitz for a few seconds, and no longer, until it just comes together. I’m unorthodox, so I then tip the pastry straight into a pie dish, quickly pat it into place and freeze for 15 minutes. Blind bake for 10 minutes at 180C(160C fan)/350F/gas 4, before removing the paper and baking beans and tipping in the filling – it’s really not very much work

How to make mulligatawny – recipe | Felicity Cloake's Masterclass

I have yet to see anyone eating mulligatawny in an Indian restaurant – perhaps unsurprisingly, given that it’s a product of the British occupation, and the very name has an off-putting Victorian feel, which is a shame, because it’s aged a lot better than imperialism. Based, historians think, on the Madrassi broth molo tunny, it’s a lovely, gently spiced winter soup that’s well worth rediscovering.Prep 15 min Cook 50 min Serves 4-61 onion 1 carrot 1 parsnip 1 celery stick 2 tbsp ghee, or oil (eg, coconut)4 garlic cloves 1 knob fresh ginger ½ tsp cayenne pepper or mild chilli powder 2½ tsp madras curry powder (see step 5) 1½ litres good-quality chicken stock, or vegetable stock1 chicken thigh, bone in. skin on (optional; see step 1)150g masoor dal (AKA split orange lentils)4 tbsp flaked almonds (optional; see step 7)100ml hot milk, or water1 tbsp lemon juice Salt 1-2 tbsp fruity chutney (eg, mango; optional)1 small bunch fresh coriander, roughly chopped, to servePlain yoghurt, to serveThough often made with chicken, mulligatawny was also traditionally prepared with mutton or goat, and works well with lamb, too; any fairly tender cut of either will be fine (or, indeed, you could just add some cooked meat at the end). For a lighter dish, leave it out; to make it plant-based, just swap the fat and stock as suggested below

Guinness Open Gate Brewery, London WC2: ‘Absolute “will-this-do?” nonsense’ – restaurant review | Grace Dent on restaurants

The new Guinness Open Gate Brewery, with its tours, gift shop and dining options, has appeared in Covent Garden, slap-bang in the centre of London’s most nosebleedingly expensive real estate.This multi-multi-million-pound paean to “the black stuff”, where Guinness disciples can make pilgrimage, has been on the capital’s horizon for what seems like an era. The project has been tantalisingly dangled as an opening for some years, then delayed umpteen times, because, quite understandably, erecting a purpose-built, gargantuan, multi-floor Willy Wonka’s Booze Factory in the West End of London for a corporate behemoth is no easy feat. Imagine the layers of global, bureaucratic, cross-platform multi-media team Zooms that had to happen to hone the ultimate Guinness experience. So many Is to dot and Ts to cross, particularly, because food is a central part of the venture, with two restaurants on site – The Porter’s Table and Gilroy’s Loft – where exec chef Pip Lacey is serving non-challenging yet hearty menus, as well as a courtyard pie stall by Calum Franklin

The rise of ‘beef days’: why even meat lovers are cutting back

“I love beef,” says Vlad Luca, 25. But unlike most other self-proclaimed steak lovers, Vlad eats it only four times a year, on designated “beef days”.The “beef days” phenomenon has been popularised by the brothers John and Hank Green, known collectively as vlogbrothers on YouTube. John, 48, is better known for his YA fiction, including The Fault in Our Stars, while Hank, 45, is a self-described science communicator and entrepreneur.They have been making videos on their shared channel since 2007, and have more than 4 million subscribers

New type of Bordeaux wine to gain official status as result of climate pressure

Bordeaux’s wine industry has historically adapted to consumer habits. In the 1970s the region leaned towards white, but by the 2000s was famed for powerful oak-aged reds.Now it’s turning to a much older form of red with a name familiar to anglophones: claret. With origins in the 12th century, when it was first shipped to Britain, claret was soon our favoured wine, an unofficial byword for bordeaux red, which in recent decades has become increasingly full-bodied.The Bordeaux protected designation of origin has now formally validated bordeaux claret, linking it to the existing Bordeaux appellation