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5 Things You Need To Know, Today, on Thursday 3rd November 2022
5. Chinese video-sharing platform TikTok has told users that some of its workers in China have access to the data of accounts in the UK and European Union.
It has come under scrutiny from authorities around the world, including the UK and US, over concerns data could be passed to the Chinese government.
4. Renters could find it more difficult to find properties in the next year or two as landlords struggle with higher mortgage rates, MPs have heard.
Ray Boulger, from mortgage broker John Charcol, said landlords would be more reluctant to buy "buy-to-let" properties which could have a "serious impact" on the availability of homes.
3. The US central bank has approved another sharp rise in interest rates as it wrestles to rein in fast rising prices.
The Federal Reserve said it was raising its key interest rate by 0.75 percentage points, lifting it to its highest rate since early 2008 to between 3.75% - 4%.
2. Rishi Sunak and Chancellor Jeremy Hunt are planning to extend windfall taxes on oil and gas companies to raise nearly 40 billion pounds ($45.55 billion) over the five years.
Sunak and Hunt want to maximise revenues from the windfall tax, by increasing the rate from 25% to 30% and extending it until 2028, adding that the scheme will be expanded to cover electricity generators.
1. The Bank of England looks on track to raise interest rates by three quarters of a percentage point to 3% at 12pm today, its biggest rate rise since 1989 as it battles the highest inflation in 40 years.
The BoE has faced political and financial market turmoil since its last rate rise on Sept. 22, a day before former Prime Minister Liz Truss's government launched an unfunded 45 billion-pound ($52 billion) package of tax cuts.