Bank of England faces flak as economic history fails to repeat itself

Critics say Bank should pay less attention to economic models and more to what is happening on the ground

With Thursday’s 0.5 percentage point increase in interest rates to 5%, the Bank of England is hoping to land a knockout blow against inflation.

The latest hike is an admission that 12 rises over more than 18 months have not been enough to tackle the problem. Or, as the minutes said, the impact of shocks from Covid and the energy price crisis “were likely to take longer to unwind than they had done to emerge”, adding that the risks of inflation remaining high “were skewed to the upside”.

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Titanic sub: rescuers intensify search as fears grow over Titan’s remaining oxygen supply

Equipment including deep sea vehicles heading to site as theoretical limit of oxygen supply inside Titan submersible nears

The search for a submersible that went missing during a dive to the wreck of Titanic has entered its fourth day, amid concerns the oxygen supply sustaining its five passengers is running dangerously low.

Equipment from the US, Canada, UK and France is heading to the scene of the search, about 400 miles (640km) south of St John’s, Newfoundland, joining an international coalition of rescue teams that is sweeping a vast expanse of the north Atlantic for the Titan after it went missing on Sunday, nearly two hours into its dive.

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‘It’s not going to happen’: Ben Wallace expects hopes of top Nato job to be dashed

UK defence secretary had earlier shown interest in the role, but the US is believed to want Jens Stoltenberg to stay in post

The defence secretary, Ben Wallace, has said he does not expect to be the next head of Nato, amid claims that the US wants the current leader to stay.

In an interview with the Economist, the Conservative MP said “it’s not going to happen”, adding that he thinks the United States wants the current secretary general, Jens Stoltenberg, to remain in post for another year.

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Labour piles pressure on Sunak with plan to prevent ‘mortgage catastrophe’

Shadow chancellor Rachel Reeves says party would force banks to take a range of steps to protect borrowers

Labour has piled further pressure on Rishi Sunak to take action to help struggling mortgage holders as the Bank of England prepares to raise interest rates again to levels not seen since before the 2008 financial crash.

Rachel Reeves, the shadow chancellor, said on Wednesday that if Labour were currently in power, it would force banks to offer a range of support to borrowers, including letting them move on to interest-only mortgages and extending their repayment period.

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Search called off for swimmer who went missing attempting Channel crossing

Firefighter Iain Hughes, from the West Midlands, set off on Tuesday morning but was reported missing that evening

A firefighter who was swimming the Channel for charity is missing in the water and a search for him has been called off, West Midlands fire service (WMFS) has said.

Crew manager Iain Hughes, based at Wednesbury station as part of the technical rescue unit, began his attempt on Tuesday morning, but was reported missing that evening. He was accompanied by a support boat when he began the effort.

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MPs vote down Labour attempt to revive animal welfare bill

Motion to bring back legislation on puppy smuggling and live exports that was part of Tory manifesto rejected in Commons

MPs have voted down an attempt by Labour to revive the government’s animal welfare bill.

Last month ministers announced they were dropping the kept animals bill, which was part of the Tories’ 2019 manifesto. The legislation aimed to clamp down on puppy smuggling and dog theft, as well as banning the live exports of farm animals.

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Barbican apologises after asking speaker to avoid topic of ‘free Palestine’

A co-founder of the Palestinian station Radio Alhara was due to address the arts centre via a livestream

The Barbican has apologised after asking a Palestinian speaker to avoid discussing “free Palestine” at length during an event, calling the intervention “unacceptable and a serious error of judgment”.

Last week Elias Anastas, a co-founder of the Palestine-based Radio Alhara, was invited to deliver a livestreamed talk remotely on the radical possibilities of radio, exploring how broadcasting could be used as a tool of subversion.

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Author convicted over Sheffield tree-felling protest says council’s apology not enough

Simon Crump says the ordeal has cost him his career and relationship, and asks for his name to be cleared

An author and academic who received a suspended prison sentence for demonstrating against tree-felling work in Sheffield has made a plea for the council to help clear his criminal record and compensate him for the “mental, emotional and reputational harm” caused.

On Tuesday the local authority issued a four-page apology for its “flawed” programme to fell 17,500 street trees – many of which were healthy – after an independent inquiry found a “serious” mishandling of the long-running dispute.

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Titanic sub search team still hearing underwater noises, says US Coast Guard

Sounds are ‘inconclusive’, says US Coast Guard captain, but focus of search relocated to that area

Search teams in the Atlantic trying to locate the missing Titan submersible said they were still hearing underwater “noises” on Wednesday, but added that the sounds were “inconclusive” and not confirmation the crew was still alive.

A US Coast Guard captain, Jamie Frederick, told a lunchtime briefing “several flights” of Canadian P3 aircraft had heard the noises, reported by several media outlets as “banging”, on Tuesday and Wednesday, and that the focus of the search was relocated to that area.

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Nato allies back fast-track membership for Ukraine, says Cleverly

UK foreign secretary says Ukraine has ‘evolved quickly’, as Zelenskiy tells summit it can be engine of green growth

The UK foreign secretary, James Cleverly, has said all Nato allies are backing a plan to give Ukraine a fast track to Nato membership of the kind offered to Sweden and Finland earlier this year.

Speaking on the margins of the two-day Ukraine Recovery conference in London, Cleverly said the UK was “very, very supportive” of Ukraine being able to join Nato without the usual need for it to meet the conditions set out in a Nato membership action plan (Map).

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Titanic sub: Joe Biden watching search closely as vessel’s oxygen supply dwindles – live

White House says US president is thinking of crew on missing vessel and their families as desperate search continues

No 10 has said the UK Foreign Office is in contact with the family of Hamish Harding, as the rescue operation for the tourist submersible off the coast of Canada continues.

The UK prime minister’s official spokesman said: “The FCDO are in contact with Hamish Harding’s family and the local authorities.

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UK’s best known retailers top list of firms fined £7m over pay breaches

WH Smith, Marks & Spencer and Argos among more than 200 firms that failed to pay workers legal minimum wage

Some of the UK’s best known retailers including WH Smith, Marks & Spencer, Argos and LloydsPharmacy are at the head of a list of more than 200 companies collectively fined £7m for failing to pay the legal minimum wage.

The businesses were also forced to pay out £4.9m to about 63,000 workers left out of pocket after violations of the rules were uncovered by inspectors at HMRC, varying from breaches related to asking workers to pay for aspects of their uniform to paying the incorrect apprenticeship rate.

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Tutoring not a long-term plan to help English pupils catch up, say teachers

School leaders are considering dropping out of the government’s post-pandemic scheme as it prepares to cut funding

Almost half of school leaders say the government’s national tutoring programme (NTP), set up to help pupils in England catch up after Covid, is not cost-effective, according to a new survey.

Most senior leaders who took part in the poll (58%) said they did not regard tuition as a long-term solution to closing the attainment gap for disadvantaged pupils.

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Keir Starmer ‘eyes dozens of new peers to aid Labour government’

Party reportedly looking to increase share in Lords, as Tory majority ‘could make life difficult’

Labour is reportedly devising plans to appoint dozens of peers to the House of Lords to prevent a Keir Starmer government being stymied by the upper chamber.

There are 174 Labour peers, making up 22% of the Lords, compared with 263 Conservatives and 183 unaligned crossbench peers.

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Tory MPs expected to back Labour plans to reintroduce animal welfare bill

Conservative backbenchers plan to speak in favour of opposition motion to force government’s hand

Rishi Sunak is facing a potential headache as backbench Conservative MPs prepare to support a Labour plan to bring back ditched animal welfare policies.

Last month, ministers announced they were dropping the kept animals bill, which was part of the Tories’ 2019 manifesto. The legislation was intended to ban live exports of farm animals as well as clamp down on puppy smuggling and dog theft.

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Murder inquiry launched into death of two-year-old girl in road crash

Oria Henry was passenger in car driven by Ashley Henry, 35, when it collided with a lorry in Anwick, Lincolnshire

A murder inquiry has been launched into the death of a two-year-old girl who died along with a driver in a road crash.

Ashley Henry, 35, and passenger Oria Henry, from Leicester, were both pronounced dead at the scene in Anwick, near Sleaford, Lincolnshire, on Sunday.

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Missing Titan sub’s air supply dwindling as search yields no results

Rescue teams race to find crew of the submersible Titan, which went missing during a dive to the wreck of the Titanic

US Coast Guard officials said on Tuesday afternoon that the crew of the submersible Titan, which went missing in the Atlantic during a dive to the wreck of the Titanic, had about 40 hours of breathable air remaining, if they are still alive.

Capt Jamie Frederick also told reporters at a media briefing that a massive sea and air search that began on Sunday night for the vessel and five men aboard, and which has so far covered 7,600 sq miles of a remote area of the ocean, had “not yielded any results”.

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Best and worst case scenarios to explain Titan’s loss of contact with surface

The missing submarine had enough oxygen to sustain those onboard for four days, but limited air is far from the only hazard

For an expedition as hazardous as the Titan’s descent to the Titanic, there is a long list of onboard systems that need to be checked and a host of environmental hazards that must be identified and assessed before the voyage begins.

“When you are putting people in a potentially dangerous position like this you want to be absolutely sure everything’s checked through before getting under way,” said Stefan Williams, a professor of marine robotics at the University of Sydney. “We have an extensive checklist before we put anything in the water.”

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Why is inflation in the UK worse than in other major economies?

While the rate has fallen from its October peak of 11.1%, the figure for May is expected to stay stubbornly high

UK inflation is expected to have remained stubbornly high in May despite a string of forecasts earlier this year predicting a sharp fall in response to tumbling energy prices.

Official figures are expected to show on Wednesday that the UK’s consumer prices index (CPI) eased slightly last month, to 8.4%, from 8.7% in April.

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Missing Titanic submarine: US and Canadian teams search for tourist vessel

Race against time to find craft that went missing on Sunday with five people onboard, including British billionaire

US and Canadian rescue teams are scrambling to search for a tourist submarine that went missing during a voyage to the Titanic shipwreck with a British billionaire among the five people onboard.

Hamish Harding is the chair of the private plane firm Action Aviation, which said he was one of the mission specialists on the OceanGate Expeditions vessel reported overdue on Sunday evening about 435 miles south of St John’s, Newfoundland.

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