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MPs have quietly rebuked Mark Carney over a shareholding of one of his Bank of England colleagues. Richard Sharp, a former Goldman Sachs colleague of Carney, has an interest in a loan company. MPs expressed concern that the BOE had failed to flag up that relationship. The rebuke comes as Carney denies he has an unspoken deal with George Osborne to keep rates low until after the general election.
Discount retailer Lidl is to launch a women’s fashion range, reports The Times. Starting next week, the chain’s 600 stores in England, Scotland and Wales will sell a collection of women’s fashion products, including shirts for £5.99 and ankle boots for £9.99. The retailer describes a faux leather jacket – which costs just £14.99 – as the highlight of the range.
Two members of the Bank of England's Monetary Policy Committee have voted to raise interest rates, reports the BBC. August’s meeting was the first time in three years that policymakers have voted for the move. The minutes show Ian McCafferty and Martin Weale voted for a 0.25% rise to 0.75%. It means the nine-member MPC voted 7-2 to hold interest rates at their historic low of 0.5%.
The UK is exporting cars at a record rate amid strong international demand for luxury brands, reports The Guardian. In a historically strong start to a decade, Britain has exported more than 5m cars since 2010, said the Society of Motor Manufacturers and Traders. The society predicts that in 2017 the UK will smash the previous record of 1.92m cars set in 1972.
Nutella prices could soon soar amid a shortage of hazelnut crops, reports The Independent. Hail storms and cold weather in Turkey earlier this year devastated hazelnut crops, sending prices up 60%. The country controls over 70% of the global hazelnut market. The shortage comes as demand for Nutella grows, with sales up 6.4% according to data from Euromonitor.
“This event triggered a filing requirement for Berkshire and we were late in realising that fact. We made a mistake.” Warren Buffett, on the stakebuilding that prompted a near-$1m fine from the US Department of Justice imposed on his Berkshire Hathaway firm.
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