Seven days in the Square Mile

The Bank of England governor, Mark Carney, offered another strong hint of an imminent interest rate hike, which some took to mean before the end of the year. But he maintained that any tightening would be “limited” and “gradual”. In a speech marking the 20th anniversary of the Bank’s independence, Carney claimed too many people “confused independence with omnipotence”. It was mainly a positive week for stock markets – Wall Street extended its recent run of record highs – but Spain’s Ibex index suffered its worst day of trading since August 2016, as political tensions mounted in Catalonia, with banks worst hit. Catalan bonds also came pressure. The fraud trial of three former Tesco executives got under way at Southwark Crown Court. They’re accused of manipulating Tesco’s accounts in 2014, coercing subordinate employees to falsify figures in an attempt to bolster profits. The supermarket posted a set of strong first-half figures: pre-tax profits of £562m were nearly eight times higher than in the same period last year. The global value of private equity deals hit a post-crisis high, soaring to $212bn in the first nine months of the year after buyout groups raised record-sized funds from investors. Rona Fairhead, former chair of the BBC Trust, was named as the UK’S new trade minister. Colman’s Mustard said it may stop manufacturing at its Norwich factory, breaking links with the city dating back 200 years.