Evening Briefing: Monday 2 November 2026
- Brent fell almost 8% today to about $105 a barrel; if the slide holds, pressure on petrol and heating costs should ease in the coming weeks.
- Economists unanimously expect Bank Rate to rise to 4% on Thursday, which would push up tracker and variable mortgage payments, though savers should see better rates.
- Migrants on the route to settlement now face a default ten-year wait unless they meet earnings or public-service thresholds; those earning over £50,271 can still settle after five years.
Oil plunges as Rubio signals Washington prefers peaceful end to war
Brent crude fell 7.7% to $104.66 a barrel by midday in New York after Marco Rubio said President Trump “hasn’t made a decision” on renewed military action and that the administration “would prefer to do it peacefully”. West Texas Intermedi…
Iranian delegation leaves Qatar amid fears of post-midterm strikes
Qatari mediators met Iranian officials on Sunday for a third consecutive day in an effort to restart direct talks with Washington. Tehran says it has a two-day plan to halt attacks on Hormuz shipping and resume negotiations, contingent on…
Election chief rejects Likud bid to delay certifying Israeli result
Justice Noam Sohlberg refused a Likud request to postpone certification of the election, ruling that the Central Elections Committee has no authority to withhold results or intervene in an ongoing investigation. Avigdor Liberman said he wo…
Coordinated cyberattacks sabotage supermarket fridges across six European countries
Hackers seized refrigeration control systems at supermarket chains in Sweden, the Netherlands, Belgium, Ireland, Luxembourg and Estonia, switching evaporators to defrost mode and spoiling food. Affected chains include ICA, Coop, Ahold Delh…
Yotova becomes Bulgaria’s first elected female president
Acting President Iliana Yotova won Sunday’s run-off with 57.6% of the vote against 39.5% for the liberal Andrey Gyurov, who conceded. Yotova said she had voted “for national consensus through dialogue, for institutions that work for citize…
Mahmood unveils earned settlement, doubling default wait to ten years
Shabana Mahmood set out rules ending near-automatic settlement after five years. The default qualifying period rises to ten years; the highest earners may settle within three, while those earning over £50,271 and some public servants, incl…
Bank of England expected to raise rates for first time since 2023
All 35 economists in a Bloomberg survey expect the Monetary Policy Committee to raise Bank Rate to 4% from 3.75% on Thursday, its first increase in more than three years. Ten-year gilt yields fell to their lowest since 22 September, around…
FTSE 100 edges higher as BP and Shell slide with crude
The FTSE 100 closed up 0.29% at 10,761.33, while the domestically focused FTSE 250 gained 1.4%. BP fell 4.4% and Shell 3.3% as oil tumbled; Ryanair rose 3.5%. Sterling firmed to $1.3415. October manufacturing PMI rose to 52.8, a five-month…
Commons committee says government has failed to deliver China strategy
The Business and Trade Committee’s first report on doing business with China concludes the government has not delivered its 2024 promise of a strategic, long-term approach. Ministers began re-engagement “without having finalised its China…
Badenoch rejects slavery reparations, provoking Antigua’s prime minister
Kemi Badenoch said the Chogm summit was “yet another opportunity for people to start asking Britain for money because of the slave trade”, adding that Andy Burnham should not apologise. Antigua’s prime minister told ITV News it was “no won…