MORNING NEWS: BoE rate guidance reaction, inquiry updates and retailer results verdicts

The market has reacted to yesterday’s hawkish Bank of England comments which indicate that it is poised to raise interest rates for the first time in a decade. The pound rallied, UK government bond prices fell, and the FTSE dropped 1%. Also in this morning’s papers, updates to two inquiries of interest to the property sector. The Grenfell inquiry into UK high-rise fire opens to criticism of its remit, and the Financial Conduct Authority rejects calls to publish it’s report into RBS’s controversial restructuring unit. And finally for your Friday, the verdicts are in following a round of retailer results yesterday. The future looks promising at Next despite profits shrinking, Morrisons is flying under David Potts, while inflation and restructuring costs take their toll at John Lewis. Hawkish BoE spurs markets to revise rate expectations Grenfell inquiry into UK high-rise fire opens FCA rejects calls to publish report into RBS’s controversial restructuring unit John Lewis profits halve as inflation hits demand Profits shrink at Next but future looks more promising Sales and profits rise at Morrisons Channel 4 in talks with Government on partial move from London WeWork doubles down in Manchester