gaza through the rafah crossing. the number of people allowed in is very small but we understand that egypt will keep the rafa crossing border open until they evacuate 7000 people. rishi sunak is giving a news conference now saying that like minded countries had reached agreement on testing new artificial intelligence models before they are released. more than all of those headline stories in a moment. firstly, let s get the business news from the day. ben thompson is here. hello, matthew. we will start with news here in the uk. uk interest rates have been left unchanged for a second consecutive month remaining at their highest level for 15 years. the bank of england held rates at 5.25%. up until september, the bank had raised rates 14 times in a row to tame soaring inflation which has been squeezing households. it has led to increases in mortgage payments but also higher savings rates. the governor of the bank of england, andrew bailey, warned of the risk of energy instabi
no big surprise there, rates on hold but what does the bank of england thing happens next because it always got its eye on the future, hasn t it? yes, you are right. we saw this second hold in a row and i think what the expectation is going forward is that we will see interest rates higherfor longer. the chief economist at the bank of england has thought about this table mountain theory where interest rates go up and they are expected to raise at this elevated level for some time before we eventually see cuts, perhaps around august of next year, even a bit later. inflation is still really high, it still at 6.7%. of course, interest rates work with a lag so a lot of the hikes that we have already seen are yet to be priced in and filtering through into the economy. if there is still going to be kate king hold in the economy in the months ahead, inflation is going to come down but not down to that target it estimated until 25. that is inflation and interest rates, talk to me abo
first months of the war scripted many of the units experienced leadership. while they have conscripted and brought back into the military hundreds of thousands of soldiers, we are yet to see whether the soldiers will be led effectively, whether they will be equipped sufficiently and whether there are sufficiently trained to fight in an effective way. russia has been using lots of manpower and lots of firepower to make up the lack of butterfield execution. whether they could continue that remains to be seen. ., ~ continue that remains to be seen. . ~ ,, continue that remains to be seen. . ~ i. ., continue that remains to be seen. . ~ ., seen. thank you for your analysis seen. thank you for your analysis here seen. thank you for your analysis here on - seen. thank you for your analysis here on bbc - seen. thank you for your i analysis here on bbc news. thank you. well, russia s invasion of ukraine has led to rising energy prices and the uk oil and gas giant shell has posted record
windfall tax question into it. yes, because there windfall tax question into it. yes, because there has windfall tax question into it. yes, because there has been - windfall tax question into it. yes, because there has been criticism that the taxes imposed by the government last year on gas and oil giants didn t go nearly far enough according to many people. and what is shell saying about this? does it think that it may need to pay more taxes here in the uk? does it understand that argument? i think they understand understand that argument? i think they understand that understand that argument? i think they understand that there - understand that argument? i think they understand that there is - understand that argument? i think they understand that there is that| they understand that there is that outrage at the sort of numbers they are making. but it isn t straightforward to taxing a multinational company and getting them to pay uk tax. 95% of the money that shell makes isn t
this is bbc news these are the latest headlines in the uk and around the world. the oil giant shell reports record annual profits of 32 billion pounds the highest in its 115 year history. the bank of england is expected to announce that it will raise interest rates for a tenth consecutive time. allegations of war crimes in ukraine a former russian army officer tellsthe bbc he saw russian soldiers shooting prisoners of war. the colonel shot the prisoner in the arm and in the right leg. under the knee and hit the bone. i went to the commanders and said the ukrainian needs to go to hospital, he will be dead by morning from blood loss.