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5 Things You Need To Know, Today, on Friday 3rd February 2023
5. Apple sales dropped at the end of 2022 as shoppers squeezed by the rising cost of living cut back their purchases.
Sales at the iPhone giant fell 5% in the three months to December compared with the same period in 2021. It was the biggest decline since 2019 and worse than expected.
4. Projects to develop driverless buses, taxis and lorries around the UK have received £81m in funding.
They include trials of HGVs running between car maker Nissan and parts company Vantec, and a shuttle to Sunderland's university and hospital.
3. Rising paint prices and higher energy costs were among the reasons for a leap in the cost of motor insurance late last year, a trade body has said.
The average price paid for cover rose by 8% in the final three months of the year, compared with the previous quarter, the Association of British Insurers (ABI) said.
2. Energy companies have been asked by the energy regulator Ofgem to suspend the forced installation of prepayment meters.
This comes after The Times found debt agents for British Gas had broken into vulnerable people's homes to fit meters.
1. The Bank of England signalled the tide was turning in its battle against high inflation after it raised interest rates on Thursday for the 10th meeting in a row, prompting investors to prepare for the end of its run of higher borrowing costs.
The BoE's interest rate setters voted 7-2 to push Bank Rate to 4.0% - its highest since 2008 - from 3.5%. The move had been expected by most investors and economists polled by Reuters.