Five-year mortgage rates drop below 6%; UK lagging G7 rivals; European stocks at three-month high – as it happened

Average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks, as OECD cuts growth forecasts

• UK borrows more as energy support begins and economy slows

Online electricals retailer AO World has been hammered by the cost of living crisis, but the future may be brighter after it shut loss-making divisions.

AO has reported that revenues fell 17% in the six months to 30 September, while its pre-tax loss swelled to 12m from 4m in a tough environment".

We've now closed the loss making and cash consumptive parts of our operations meaning the remaining UK business is cash generative, and are successfully closing our German business with a minimal cash impact to the wider Group.