Financial Times

The Financial Times leads with a warning from the Bank of England’s new chief economist that inflation is likely to rise “close to or even slightly above five percent” early next year, which comes ahead of a decision on whether to raise interest rates.

Sajid Javid said on 20 October that England is facing its last chance to avoid a return to COVID-19 restrictions, which feature on the front page of the Financial Times.

The Chancellor of the Exchequer Rishi Sunak is set to cut a tax surcharge on bank profits by over 60% in next week’s Budget, the Financial Times are reporting.

The Financial Times lead on a story about Bank of England interest rates, which could increase as soon as November.

The Financial Times leads with a Republican politician in the United States calling China a threat to the “American homeland”. The comments come after Bejing reportedly tested a hypersonic nuclear missile in August, which could breach America’s missile defences.

Some EU member states are pushing for the bloc to adopt retaliatory measures against the UK, sparking fears of a trade war, the Financial Times reports.

The UK’s recovery from coronavirus will lag behind other advanced nations according to IMF forecasts, reports the Financial Times.