BUSINESS LIVE: UK set for December rate hike amid IMF inflation warning; Private equity sharks circle Glaxo unit; Marston’s toasts return to pre-pandemic sales
The Bank of England is now expected to raise interest rates from 0.1 per cent to 0.25 per cent in December and then to 0.5 per cent in March, overturning forecasts that predicted a rate hike would not take place until next year.
It follows a warning on Tuesday from the International Monetary Fund, which urged central banks to be ‘very, very vigilant’ about the threat posed by soaring inflation.
Private equity groups are plotting a swoop on the consumer arm of Glaxosmithkline in what could be the biggest ever takeover by the buyout industry.
The circling predators have valued the pharma giant’s consumer business, which owns brands including Aquafresh toothpaste and Otrivin nasal spray and is being spun out of GSK by chief executive Emma Walmsley, at £40billion or more.
Pub operator Marston’s saw sales rise to above pre-pandemic levels in the fourth quarter, as warm weather and summer sports tournaments saw Britons flock to the pub.
The nearly 200-year old brewer said total pub sales were £402million for the year.
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Pressure rises on the Bank of England to boost interest rates early to combat rising inflation