We’ve summarised the top stories of the last week into an easily digestible briefing, so that you can stay up to date on what’s happening around the world. You can subscribe to receive the briefing in your inbox each week.

UK Business & Economics

1. The interest rate on a typical five-year fixed rate mortgage has reached 6.11% for the first time in 12 years. The rate has been increasing throughout 2022, but increased drastically after last month’s mini-budget.
2. The pound has risen to $1.14, its highest level for two weeks, in the hope that Kwarteng will bring forward plans on how the government will cut debt on the 11 October. The original announcement was scheduled for the 23 November, yet Kwarteng and Truss both confirmed to GB News that the “fiscal plan” would still happen on the 23rd. 
3. The UK government’s long-term borrowing costs have reached their highest point after a major sell off in government bonds to avoid a financial market collapse. The head of UK rates strategy at HSBC has said “we suspect the measures are insufficient and do not fully recognise the long-term nature of the challenges”.

International Business & Economics

1. Members of OPEC+ have agreed to slash oil production by two million barrels a day; this includes Saudi Arabia and Russia, some of the largest fuel producers in the world. Last Wednesday, the price of a barrel of Brent Crude jumped 2% to £93 a barrel.
2. Turkey has reached a 24 year high inflation rate of 83%. However, the Inflation Research Group suggests that the annual rate is actually closer to 186.27%. The transport sector saw the largest increase in prices at 117.66% whilst food and non-alcoholic drinks followed at 93%.
3. The World Trade Organisation has predicted that the global trade in goods will grow by 3.5% this year, but only 1% in 2023. Demand for imports will soften partly due to the squeeze on household spending according to the organisation. 
4. Stockmarket share indices have recorded an overall loss from 1 July to 30 September. The S&P 500 was down by over 5% throughout the last quarter, with September being its worst month since March 2020. Meanwhile, the CSI 300 which includes stocks on the Shanghai and Shenzhen exchange finished the quarter almost 15% lower than the start. 
5. Australia’s central bank has lifted its main interest rate by a quarter of a percentage point, to 2.6%. Markets had expected a bigger rise, but the bank defended the smaller move because the rate has already “increased substantially” this year.

UK Politics

1. Scotland’s first minister Nicola Sturgeon has pledged on Monday to increase efforts to secure independence for her country, despite fears she might lose a court case on whether she can legally hold a referendum. She vowed “we have got everything it takes to be a successful independent country”. 
2. Truss overruled Kwarteng’s top appointment at the Treasury and handed the role to a veteran official, one of many moves attempting to calm markets and backbenchers.
3. The Prime Minister has announced that there are no plans to change the UK law on cannabis. The Sunday Times reported that Suella Braverman was considering upgrading the drug from Class B to Class A, following a group of Conservative police commissioners who called for Cannabis to be put in the same category as heroin, cocaine, and ecstasy.

International Politics

1. The US’s commerce department imposed new limits on the export of advanced computer chips to china, with firms now needing to acquire a license to export the chips.
2. The Kremlin praised OPEC+ for agreeing  to oil production cuts. Joe Biden had strongly opposed the cuts, facing pressure from rising fuel costs ahead of midterm elections.
3. North Korea’s state news agency stated the country’s testing of 12 ballistic missiles over the past week was intended to simulate a nuclear attack to “wipe out” targets In South Korea.
4. Russia deployed a multi-wave, multi-rocket attack Monday morning in response to an alleged explosion on the Kerch bridge by Ukraine’s intelligence services. The attacks were widespread and apparently targeted indiscriminately. 
5. Denmark has called an early election for 1 November, as the country is facing soaring energy bills and concerns over Russian aggression since two gas pipelines were sabotaged in nearby waters. Current Prime Minister, Mette Frederiksen, has come under fire after it was discovered that he illegally ordered the culling of mink in 2020 to stop the spread of Covid.

Written by Philip Weaver and Rob Webb