Ten Things You Need to Know Today: 4 August 2023

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

1. Hunt warning after rates rise

The chancellor, Jeremy Hunt, said Britain was stuck in a “low-growth trap” after the Bank of England said it was concerned that inflation was becoming embedded in the economy, requiring interest rates to be kept “sufficiently restrictive for sufficiently long” to ease price rises. After the Bank raised the base rate by 0.25 percentage points to 5.25 per cent, some analysts predicted a prolonged period of high rates but James Moore, The Independent’s chief business commentator, said “the cycle of rate rises is coming to an end”.

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