The Bank of England says it expects inflation to reach 5% this year, due to higher fuel bills that could rise by up to 15%, and revises down its growth projection for the UK economy.
The Court of Appeals for England and Wales overturns a ruling earlier this year by the High Court of Justice that stated the government of Venezuelan President Nicolás Maduro did not have the right to access the Central Bank of Venezuela's gold, worth more than US$1.8 billion, currently stored by the Bank of England due to the UK government's recognition of oppositional leader Juan Guaidó as the actual president.
The Caribbean Community (CARICOM) says "sorry is not enough" from British financial institutions that benefited from the Atlantic slave trade, and demands reparations from the United Kingdom. This comes after the Bank of England apologized for the "inexcusable connections" of some of its past governors and directors to slavery.
The UK's Home Office launches a ten week consultation on whether to introduce a minimum price for the sale of alcohol of 45p a unit. The plans are aimed at tackling binge drinking and other alcohol related problems.
The Bank of England's governor Mervyn King admits the economy will not grow very much and inflation will stay higher for longer in the UK, describing as a "choppy recovery" being ahead over the next two years.