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5 Things You Need To Know, Today, on Friday 4th February 2022
5. Amazon is raising the price of its Prime service for US customers after reporting record sales and profits.
The e-commerce giant said it was hiking the price by 17% to $139 for annual membership.
4. Facebook's owner Meta Platforms saw its stock market value slump by more than $230bn (£169bn) on Thursday, in a record daily loss for a US firm.
Its shares fell 26.4% after quarterly figures disappointed investors.
3. The UK needs to create a new motoring tax to plug a £35bn revenue "black hole" as drivers switch to electric cars, MPs have said.
The government should tax motorists based on miles travelled as the use of petrol and diesel vehicles decreases, the Transport Select Committee said.
2. New car registrations rose by more than 25% in January compared with the same month last year when showrooms were closed due to tight coronavirus restrictions.
The Society of Motor Manufacturers and Traders (SMMT) said private registrations were up by about 60% and one in five buyers opted to purchase an electric vehicle last month.
1. The Bank of England governor says workers should not ask for big pay rises, to try and stop prices rising out of control.
Andrew Bailey said the Bank raised rates to 0.5% from 0.25% to prevent rising prices becoming "ingrained" and said inflation is on course to rise above 7% this year.