US adds 531,000 jobs in October; Bank of England ‘sorry’ about rising inflation – as it happened

Rolling coverage of the latest economic and financial news

• Latest: US added 531,000 jobs last month
• September and August revised higher too
• Jobless rate falls to 4.6%
• MPs call for inquiry into Liberty Steel tycoon Sanjeev Gupta
• Pound hits five-week low as losses continue
• Introduction: UK households face two-year squeeze
• BoE governor very sorry' for rising cost of living

UK interest rates are not going back to their levels before the financial crisis, governor Andrew Bailey pledges.

He won't say whether the markets are correct to forecast UK rates at around 1% by the end of next year, but it's correct to think in those terms.

When we talk about interest rates rising, it's important to put it into that context.

It's still in a framework of low interest rates.

We think, based on a lot of evidence from the past, that these shocks are temporary.

It is possible that some of what we're seeing with gas prices at the moment is already climate change starting to have an effect, if there is a switch out of coal, which obviously we want to see.

It's possible it's part of the story.