BUSINESS LIVE: Early interest rate hike warning

BUSINESS LIVE: Latest early interest rate hike warning; Liberty Steel secures £50m cash injection; Heathrow in decarbonisation drive

Households must prepare for interest rates to rise earlier than expected as the Bank of England attempts to keep a lid on inflation, a key policymaker has warned.

Michael Saunders, who sits on the bank’s interest rate-setting Monetary Policy Committee, even hinted that rates could be hiked as early as this year.

Sanjeev Gupta’s Liberty Steel has secured a £50m cash injection, safeguarding 1,000 jobs at its plant in Rotherham and Stocksbridge.

The deal is part of a wider restructuring of GFG Alliance, Liberty’s owner, which was forced to seek funding when its key lender, Greensill Capital, collapsed.

Heathrow airport has urged the Government to ramp up policies to ensure the development of sustainable aviation fuels, following the International Air Transport Association’s commitment to net zero aviation by 2050.

The airport’s passenger numbers remained at just under 40 per cent of pre-pandemic levels in September, while cargo was close to 8 per cent down by volume on 2019, ‘reflecting the way in which travel restrictions have been damaging UK exports and supply chains’.

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Works recommissioned by Liberty Steel Group at the Dalzell steel plant in Motherwell