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 Bank of England has raised its bank rate to 3% from the previous figure of 2.25%. This is the single biggest increase the central bank has made since 1989 and arises as a cost of a continued failure to deal with high inflation. 
2. Stamp duty revenue reached a record high as house buyers delivered £3.6bn to the treasury in the last quarter. This is a 21% increase over the previous quarters stamp duty take. 
3. A study by the Sunday Times has uncovered that ten of the UK’s largest retailers have increase delivery prices over the past year. At House of Fraser, the cost of having a large item delivered has increased from £9.99 to £19.99.

International Business & Economics

1. Employers in the USA added over 260,000 jobs in October, a sign of the country’s strengthening labour market. However, another survey showed a decline in employment of 328,000 and a rise in unemployment to 3.7%.
2. The Federal Reserve has raised its interest rate by 0.75% for the fourth consecutive time, bringing the current rate to around 4%.
3. Stocks across Asia rose amid reports that China might ease its strict ‘zero-covid’ policy in the next few months, with Hong Kong-listed stocks rising 6% on Friday and those in Shanghai 2%.
4. Eurozone inflation reached 10.7% in October 2022. In response the European Central Bank has raised its benchmark interest rate to 1.5% from 0.75% . 
5. The world’s biggest oil firms have recorded immense profits for the third quarter of 2022. BP’s internally-calculated profit was estimated at $8.2bn whilst ExxonMobil reached $19.7bn, Shell saw $9.5bn, and Saudi Aramco generated $42.4bn in profit. 

UK Politics

1. The biggest ever strike by nurses looks set to go ahead, with the Royal College of Nursing due to unveil the results of its ballot in the next few days. The RCN has called for a rise of 5% above the RPI inflation rate, which currently stands at over 12%.
2. A series of messages sent by Sir Gavin Williams to ex-chief whip Wendy Morton were published on Sunday, in which he accused her of excluding some MPs from the Queen’s funeral. Downing street has stated it refuses to comment whilst the formal process was underway.
3. Suella Braverman has faced more criticism over the illegal migrant crisis as figures show over 40,000 so called “asylum seekers” have made the trip across the border so far. A processing centre for up to 1000 migrants was petrol-bombed. It is reported in this time, the centre was holding up to four times that number.

International Politics

1. Donald Trump is expected to launch his campaign for the 2024 presidential elections, declaring at a rally last Thursday that he would “very, very, very probably do it again” in hopes of making the country “safe and glorious”.
2. Protests erupted in Pakistan after Imran Khan, the country’s former PM, was shot in the leg during a rally. Leaders of Khan’s party suspect the attempted assassination was associated to Sharif’s government, the current PM, although the gunman has claimed he acted alone.
3. North Korea fired over 20 ballistic missiles on Wednesday, prompting residents of a South Korean island to seek refuge in underground shelters as the two rivals engaged in a series of launches along the tense sea border.
4. As countries throughout Latin America have made a move towards leftist leaders, such as Lula’s recent re-election in Brazil, incoming governments are moving to acknowledge Maduro in some form  and acknowledging the failure of the US-backed “interim government”.
5. Russia has rejoined a UN backed deal which allows the safe transport of grain and fertiliser from the Black Sea. They previously left the agreement after navy ships in Sevastopol including flagship frigate Admiral Makarov were bombed. 

Written by Philip Weaver and Rob Webb