Borrowing costs just hit their highest level in almost three decades, Middle East tensions are pushing your fuel and energy costs back up, and the Companies House ID deadline is now two months away. Here’s what mattered this week — and what to do about it.
1. Borrowing just got even more expensive — and the Bank might push rates up further
30-year gilt yields hit 5.89%, their highest since 1998, and 10-year yields touched levels last seen in 2008 — all ahead of the 28 October Budget. On top of that, the Bank of England’s chief economist is now arguing for a rate rise from 3.75% to 4% to head off Middle East-driven inflation. If you’re due to refinance or borrow for new kit this autumn, don’t wait for the Budget to see which way rates move. Get your quotes now.
2. Middle East tensions are pushing your fuel and energy costs back up
Renewed US-Iran tensions have knocked confidence in the Strait of Hormuz, sending Brent crude above $92 a barrel and European gas prices up for three sessions straight. After a summer of falling costs, don’t assume that trend just continues. If your energy or fuel contract is up for renewal, get shopping now, before this feeds through further.
3. Services jobs have now fallen for 23 months straight
The services sector is still growing — but employment in it has fallen for the 23rd consecutive month running, as firms respond to higher wage, fuel and transport costs with hiring freezes and automation instead of headcount. If you’re hiring right now, you’re the exception, not the rule. Worth knowing when you’re negotiating salaries or benchmarking against competitors.
4. The manufacturing “recovery” isn’t reaching smaller firms
Larger manufacturers grew this month. Smaller ones didn’t — output and new orders both fell, and rising energy costs are expected to squeeze them further. If you’re a small manufacturer, don’t take sector-wide headlines at face value. Check your own order book, not the industry average.
5. Fuel and shop prices are climbing again
Petrol’s up to 161.6p a litre, diesel to 183.4p, and shop price inflation is at a two-year high. If you run anything transport-dependent, revisit your delivery costs now — and expect customers to get more price-sensitive as their own costs rise too.
6. Two months left on the Companies House ID check
18 November marks the end of the 12-month transition window for existing directors and PSCs to verify their identity — there’s no exemption for company size, and it ties to your next confirmation statement filing. If you haven’t done it yet, check when your confirmation statement is due and get it sorted via GOV.UK One Login or your accountant now, rather than at the last minute.
That’s the week. The Budget and Middle East-related stories are fast-moving and could shift by next week — treat them as a planning input, not gospel.
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