The markets believe there is more than a 90% chance that Mark Carney will increase rates to 0.5%, just over a year after reducing them to a new low of 0.25%. Economists and analysts also expect a rise, as the Bank of England prepares to deliver one of the most closely watched interest rate decisions for 10 years later today.
The price of Bitcoin has reached a new record after passing £5,000 per coin. Bloomberg says that the virtual currency peaked at $6,649.33 (£5,015) yesterday afternoon. An announcement by US-based derivatives marketplace operator CME Group over a plan to launch a Bitcoin futures product within months is thought to be behind the jump. Bitcoin was launched in January 2009.
Next has warned warning that trading is "extremely volatile" as its shares sank by as much as 8%. The Daily Telegraph says the "former retail darling" has "spooked investors" with the warning after posting total sales that had inched up by 1.3% during the three months to October 29, significantly lower than the 2.9% expected by the City.
The Barclay brothers have lost a legal tussle with the taxman as the supreme court says that they are not owed £1.25bn related to tax overpayments. The UK’s highest court has ruled that HMRC should not have to repay Frederick and David Barclay more than £1bn in "compound interest" on historic VAT overpayments. They have a £7.2bn fortune according to The Sunday Times rich list.
One in five of the 55,000 free-to-use cash machines in Britain could be at risk of closure, causing an "ATM desert", says an expert. Link, which runs the network, has announced a month-long consultation on fees, leading to the industry lobby group, the ATM Industry Association, estimating that at least 10,000 free-to-use cash machines could be at risk.
"In particular, low income households are likely to be most exposed - families who have had to borrow to absorb the cost of rising food and fuel prices, who have seen their real wages slide, and are now facing extra pressure from the benefits squeeze. It is they who will be most affected by rising rates." Ed Conway of Sky News picks through the winners and losers of the anticipated rise in interest rates.
FTSE 100: down -0.07 to 7487.96
Dow Jones: up +0.25 to 2435.01
Dax: up +1.78 to 13465.51
Cac 40: up +0.20 to 5514.29
Nikkei: up +0.53 to 22539.12
Hang Seng: down -0.10 to 28566.63
US dollar: buys €0.85760 and £0.75300
Sterling: buys $1.32750 and €1.13900
Oil: $60.48 down -0.8
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