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5 Things You Need To Know, Today, on Friday 4th November 2022
5. Twitter says it will inform its staff today about whether they will be laid off following the firm's takeover by Elon Musk.
In an internal email, the social media company said the cuts are "an effort to place Twitter on a healthy path".
4. British new car registrations rose for the third consecutive month in October, up by around a quarter, according to preliminary industry data released today.
The Society of Motor Manufacturers and Traders (SMMT) said it expects a market recovery in 2023.
3. The biggest downturn since January 2021 hit British services companies last month, although it was not as severe as first estimated.
The final version of the S&P Global UK Services Purchasing Managers' Index (PMI) fell to 48.8 in October, slipping below the 50.0 threshold for growth where the index sat in September.
2. A new nuclear power plant in Suffolk is under review and could be delayed or even axed, as the government tries to cut spending.
Sizewell C was expected to provide up to 7% of the UK's total electricity needs, but critics have argued it will be expensive and take years to build.
1. The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years from 2.25% to 3%.
It warned the UK would face a "very challenging" two-year slump with unemployment nearly doubling by 2025.