if you have just joined if you havejustjoined us it is time for the top business stories. we start here in the uk where in the next few hours the bank of england is widely expected to raise the cost of borrowing for the twelfth time in a row. the quarter percent rise most economists are predicting would take the bank s main interest rate to 4.5% the highest it has been in almost 15 years. the big question though will it be enough to start to get inflation, which is still running at more than 10% a year, under control? let s speak to katharine neiss she has held various roles at the bank of england and is now chief european economist at p gim fixed income. good to have you on the programme. iassume good to have you on the programme. i assume you are with the majority believe we are looking at a rate hike today of another 25 basis points. today of another 25 basis oints. . , today of another 25 basis oints. . , ., , points. that s right, that s the consensus p
Canceled. Ines ferre is live in new york with more on the wrath of sandy. Reporter Hurricane Sandy flooded some areas of new york city, knocked out power of thousands, and the southern part of manhattan is virtually shut down. Reporter a storm surge nearly 14 feet high pushed ashore flooding hundreds of miles of coastline from virginia to massachusetts. Its the most flooding i have seen in all the years i have lived here. Reporter floodwater and high winds have knocked out power to millions of people. We are seeing a large number of fires caused by downed wires an electrical problems relating to outages. Reporter more than 200 firefighters are still battling a blaze in an evacuation in queens. More than 50 homes have already been destroyed. The cause of the fire is still being investigated. And Power Outages prompted a Mass Evacuation from nyu hospital when a backup generator failed. Dozens of ambulances lined up to evacuate more than 200 patients throughout the Early Morning hours and