BUSINESS LIVE: BoE interest rate decision; Boohoo sales growth slows

BUSINESS LIVE: FTSE 100 jumps on Fed clarity; BoE rate decision looms; Boohoo warns on sales growth

The Bank of England will this afternoon decide whether to finally hike interest rates from their current record low of 0.1 per cent.

The bank faces soaring inflation and fears of stagflation amid stuttering economic growth, but the BoE has previously indicated it may hold off on a hike in order to collate more data on the economic impact of the Omicron Covid-19 variant.

Online fashion retailer Boohoo has warned that expectations for its financial year ending 28 February will be lower than previously guided, blaming a large volume of returns, delivery disruption and pandemic-related cost inflation.

It said it now expected net sales growth to be 12 per cent to 14 per cent, compared to previous guidance of 20 per cent to 25 per cent.

Patrick Drahi, the French-Moroccan billionaire currently making waves at BT, is mulling a listing of the Sotheby’s auction house.

Drahi, who bought the firm founded in 1744 for £2.8billion in 2019, has hired bankers to weigh up the potential for a float on the US stock market next year.

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The IMF has recently warned the BoE to avoid ‘inaction bias’ when making its interest rate decision