BUSINESS LIVE: 12-month inflation hits decade high; JP Morgan sues Tesla; Branson sells another stake in space flight firm
British inflation surged to a 10-year high in October, bolstering expectations that the Bank of England will raise interest rates next month.
Consumer prices rose by 4.2 per cent in annual terms last month, accelerating from a 3.1 per cent increase in September, and beating expectations of 3.9 per cent.
JP Morgan is suing Tesla for £120million over claims it ‘flagrantly’ breached a contract.
The investment bought warrants – which are contracts to buy shares at a specific price – from the electric car maker in 2014, but changed the prices twice in the wake of controversial tweets from Tesla’s boss Elon Musk in 2018 suggesting he was taking Tesla private.
Richard Branson has sold another £224million of Virgin Galactic shares to prop up a business empire hammered in the coronavirus pandemic.
The billionaire got rid of 15.6m shares – 6 per cent of the space travel company – leaving him with 11.9 per cent.
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Pressure builds on the Bank of England after inflation once again rose faster than expected