Boris begging Saudi UAE for oil, Interest rate hikes & US growth projected at 0%, Ruble recovering

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The Bank of England raised interest rates from 0.5 per cent to 0.75 per cent today in response to inflationary pressures.

The move had been widely predicted, as inflation reached a 30 year high of 5.5 per cent, with interest rates expected to increase even further in the coming months.

As the cost of living increases, many people will be concerned about changes to their finances. So what does a further 0.25 per cent hike in the base rate mean for your money?

Boris Johnson’s government has ditched plans to limit MPs’ earnings from second jobs in a major rethink over the issue which sparked a sleaze scandal at Westminster, prompting Sir Keir Starmer to accuse the PM of “breaking his promise yet again”.

The move – which marks a stark reversal in tone from comments made by ministers during the Owen Paterson lobbying scandal – came as transport secretary Grant Shapps announced the government was investigating a number of yachts linked to Russian oligarchs currently moored in the UK.

Meanwhile, Mr Johnson was landing back in the UK empty-handed this morning, having failing to secure commitments from Saudi Arabia to step up oil production to ease cost-of-living pressures, on a visit overshadowed by the announcement of three further executions in the desert kingdom.

The Labour leader described the prime minister as “going cap in hand from dictator to dictator” in his search for oil – but Foreign Office minister James Cleverly claimed it was “ridiculously distasteful” to compare Saudi Arabia with Russia.

A new fast-food chain could be about to launch in Russia – with a logo strikingly similar to its famous American predecessor.

All 847 McDonald’s restaurants were shut in solidarity with those suffering in Ukraine.

Bosses said the closures were necessary due to the ‘needless human suffering’ caused by Russia.

The shutdown led to huge tailbacks in Moscow on the final days of operation, while some even stockpiled burgers to prepare for life without Maccies.

But now, the golden arches seem to have re-appeared – just horizontally.

A trademark has been registrated by Russkoye Polye-Logistik LLC for a new brand called ‘Uncle Vanya’.

Its golden logo and red background were noted almost immediately by online critics.

One Twitter user said: ‘I would like to try a Putin McMuffin or a Big Stalin Mac or a Borscht Milkshake.’