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