U.K. inflation slows to 2.6% in break for BOE

U.K. inflation grew faster than expected in February, moving past the Bank of England's target for the first time in more than three years.

U.K. inflation unexpectedly slipped to 2.6 percent in June, easing Bank of England policy makers' concerns about price growth.

Staff strike at the Bank of England over pay, highlighting growing pressure on the government to lift a cap on public-sector wages.

Geoffrey Yu, head of U.K. investment office at UBS Wealth Management, examines U.K. inflation data and how it impacts markets.

The selection of Andrew Bailey is expected to be confirmed by the treasury on Friday. The 60-year-old will become the 121st governor and will take over from Mark Carney, who leaves the prestigious post on January 31.

It is the fourth month in a row the central bank's Monetary Policy Committee has voted for a rise. Policymakers are currently trying to stem inflation amid high energy prices sparked partly by Russia's war in Ukraine.

The Bank of England has followed the US Federal Reserve in raising interest rates. Both economies are battling the highest level of inflation in years and hope that tighter monetary policy will curb spiralling price rises. Also in the show: Australia's new government commits to more ambitious emissions reduction targets, and TV critics question Netflix's plans for a reality show based on the life-or-death hit "Squid Game".