Bank chief warns against ‘exaggerating’ rise in UK borrowing costs

The governor of the Bank of England has cautioned against “exaggerating” the impact of a steep rise in the UK’s long-term borrowing costs, which he said was part of a global trend.Andrew Bailey told MPs the Treasury had continued to borrow at the same interest rate for most of the year despite a rise in the rate on 30-year bonds to a 27-year high.Bailey’s intervention will bring some relief to Rachel Reeves, who is under pressure from rising debt financing costs ahead of a budget which on Wednesday she set for 26 November.The governor said the government’s switch to borrowing over five or 10 years rather than 30 years meant its borrowing costs had remained flat this year, and commentators should not “over-focus” on the figure.“There is a lot of dramatic commentary on this but I wouldn’t exaggerate the 30-year bond rate,” he said

Hackers linked to M&S breach claim responsibility for Jaguar Land Rover cyber-attack

A group of English-speaking hackers linked to the Marks & Spencer cyber-attack has claimed responsibility for an attack on Jaguar Land Rover.A channel on the Telegram platform posted a screenshot of what appeared to be the carmaker’s internal IT systems, as well as a news article detailing the hack.The name of the Telegram channel is a combination of three English language speaking, or western-based, hacking groups known as Scattered Spider, Lapsus$ and ShinyHunters.Scattered Spider, a collective of teenage and twentysomething hackers, has been blamed for attacks this year on British retailers M&S, Co-op and Harrods. Four people including three teenagers were arrested at UK addresses in July as part of an investigation into the retail cyber-attacks

BoE’s Bailey plays down surge in 30-year borrowing costs, and criticises Trump’s attacks on the Fed – as it happened

The governor of the Bank of England has warned that Donald Trump’s attacks on the US Federal Reserve are damaging, and could lead to higher inflation and interest rates.Testifying to parliament’s Treasury Committee, Andrew Bailey reveals he is “very concerned” that the independence of central banks is being threatened, following Trump’s repeated criticism of Fed chair Jerome Powell and his attempt to fire governor Lisa Cook.He warns that undermining central banks could hurt consumers and businesses, as it would damage attempts to keep price rises under control.Asked about the attacks on the Fed’s independence, Bailey says it is a very serious situation, and that he is “very concerned”.Bailey says:“The Federal Reserve is the central bank for the world’s strongest economy

Shein opens investigation after shirt listing displayed image resembling Luigi Mangione

The clothing company Shein said it has opened an internal investigation after its website briefly displayed a shirt listing featuring an image resembling Luigi Mangione, the man accused of killing Brian Thompson, the CEO of UnitedHealthcare, in New York last year.The image appeared to show Mangione in a short-sleeved white shirt, and the top was reportedly priced at just under $10.In a statement shared with various media outlets, the company said: “The image in question was provided by a third-party vendor and was removed immediately upon discovery.”Exactly when and for how long the shirt was on sale is unclear, with Shein uploading thousands of products every day, but searches for “Luigi Mangione Shein” on Google spiked on Tuesday and the listing began circulating across social media.An archived posting of the product description for the “Men’s New Spring/Summer Short Sleeve Blue Ditsy Floral White Shirt” shows the item was nearly sold out, with only one size left in stock

John Lewis targets gen Z with Topshop revival tie-up

John Lewis is to host Topshop in 32 of its 36 stores from February as the clothing brand’s only national stockist on UK high streets, in a drive to attract younger shoppers and their mothers.Peter Ruis, the managing director of the staff-owned department store chain, said Topshop – and Topman, which is to go into six outlets – would “really exemplify the new John Lewis”, as it tries to broaden its appeal with more fashion, home and beauty brands, ranging from Fenty to the Conran Shop.He said Topshop was “a brand that is going to resonate with our gen Zs [those in their late teens and early 20s] and our gen Xers and everyone in between”.Topshop, which launched in Sheffield in 1964, closed all its UK high street stores in 2021 after its parent company, Philip Green’s Arcadia, went into administration.The brand was bought out by the online fashion seller Asos, which last week relaunched Topshop’s website and opened an outlet in the London department store Liberty

Thames Water to do fewer improvement projects under lenders’ new rescue plan

Thames Water customers are set to get less bang for their buck if a consortium of creditors wins approval for its rescue plan.The development was revealed in the outline of a business plan – without some key spending details – published on Wednesday by the investors who hold much of the company’s debts. The consortium is called London & Valley Water.It wants to use about £20.5bn of consumers’ cash to prioritise key activities but deliver fewer projects than under a deal set out by water regulator Ofwat