Eshe Nelson

The British economy has showed signs of slowing down, with inflation dropping below 5 percent in October, but the bank gave no sign of a rate cut anytime soon.

The Bank of England and European Central Bank both held their benchmark rates steady. Even though inflation has been slowing, they gave no indication of when rates would start to come down.

Britain’s inflation rate ticked up to 4 percent in December, driven by an increase in tobacco taxes.

Company insolvencies hit a three-decade high, with businesses under pressure from high debts, prices and interest rates. The Bank of England held rates steady on Thursday.

The government announced a budget as a national election looms. Here’s what you need to know.

Although inflation has eased, the eurozone’s central bank said that “domestic price pressures remain high.” Rates remain the highest in the central bank’s history.

The review, which was led by Ben S. Bernanke, a former Federal Reserve chair, came after the central bank had been criticized for underestimating inflation.

European Central Bank governors are highlighting cooler inflation as a sign the bank could cut interest rates before the Federal Reserve.

The company had expanded quickly to keep ahead of rivals, but like other pandemic darlings, its business lost steam after lockdowns were eased.

Danish drugmaker Novo Nordisk has eclipsed French luxury group LVMH to become Europe’s most valuable company – thanks to demand for diabetes and weight-loss drugs.