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5 Things You Need To Know, Today, on Friday 24th March 2023
5. Tech billionaire Jack Dorsey is facing scrutiny, after a report accuses the payments company he leads of inflating user numbers and catering to criminals.
The firm, Block, rejected the claims, which sent its shares tumbling 15%.
4. The chancellor is urging over-50s back into work but the average age of Treasury staff is 33.6.
Just under 10% of Treasury staff are over 50, it revealed. This age group makes up 32% of the UK workforce, the Office for National Statistics said.
3. Bank of England boss Andrew Bailey has warned businesses that raising prices risks embedding inflation in the UK and hurting the "least well off".
He warned interest rates would rise again if prices continued to increase.
2. British consumer confidence rose this month to its highest level in a year, helped by improving sentiment around the economy but its still at levels historically associated with recessions.
Market research firm GfK's consumer confidence index rose to -36 in March, in line with the consensus in a Reuters poll of economists and up from -38 in February and its highest since March 2022.
1. The head of the Bank of England, Andrew Bailey, has said he is "much more hopeful" for the UK economy, as interest rates were raised to their highest for 14 years.
The decision to lift rates to 4.25% from 4% came after the inflation rate rose unexpectedly last month.