Bank of England announces interest rate decision today

The Bank of England is set to announce its latest interest rate decision today. Policymakers are considering weak economic growth and concerns about rising inflation. Markets expect that the bank will keep the base rate steady at 4.5 percent. In related news, private-sector wage growth has been reported at 5.9 percent, a key indicator for inflation. This number is unchanged from the previous quarter but is a slowdown from earlier in the year. Economic analysts note that despite rising employment and steady unemployment rates, wage growth remains high, which could affect future interest rate decisions. Yorkshire Water has been fined £40 million for regulatory breaches. The financial penalties come amid a broader discussion of economic stability as various companies, including Prudential and Bloomsbury, release their trading updates. In the U.S., the Federal Reserve has also decided to hold interest rates steady, as it monitors inflation trends. Current forecasts suggest that the UK's GDP growth will only reach around 1% this year, a decline from earlier predictions.