Ten Things You Need to Know Today: 3 August 2023

The Week’s daily digest of the news agenda, published at 8am

1. Tories fear rates backlash

Interest rates are expected to rise for the 14th successive time today. Most economists have predicted the Bank of England will increase its base rate to 5.25% from its current 5%. Several Tory MPs told the inews site that they were increasingly concerned about the impact of high interest rates on the party at the ballot box. “The reality is to get inflation under control, people do have to be poor,” said one backbencher. “You have to have less money. But that is not a particularly politically sellable strapline.”

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