Bank of England chief economist Huw Pill reiterated his concerns about holding interest rates steady, arguing that inflation risks tied to the energy crisis in the Middle East should be contained with a rate increase. He said he was uncomfortable with a “wait-and-see” approach on the Monetary Policy Committee and noted he was one of two members backing a hike in July. Pill added that a move higher would not necessarily mark the start of a prolonged, aggressive tightening cycle.

Centrica chief executive Chris O’Shea warned the UK could face a winter fuel shortage, saying the country has “almost no gas in storage” as winter nears. Latest data shows natural gas storage at 9356.6 GWh, down from 13635 GWh in the same period last year. The UK can store only about an estimated 5 per cent of its annual demand and relies heavily on imports from Norway and LNG supplies from the US and Qatar. O’Shea urged the government to back Centrica’s £2bn plan to redevelop the Rough gas storage facility, warning that time is running out.

A US trade representative has warned that Donald Trump’s threat to impose a 100% import tariff on the UK is not “a bluff”, linking it to Britain’s digital services tax on US technology companies. The UK has levied a 2% tax since 2020 on groups such as Google and Apple with global digital revenues exceeding £500m. The measure is expected to raise £800m in 2024/25 for the Treasury.

U.S. Department of Energy data show the Strategic Petroleum Reserve has fallen below 300 million barrels for the first time since the early 1980s, approaching an operating floor analysts put at roughly 250 million to 300 million barrels. Experts warn that running inventories this low could increase the risk of structural damage to the underground salt caverns and reduce pumping capacity. Separately, the national average price of regular gasoline rose to $4.07 per gallon, described as the highest on record for mid-August.

Meta’s AI model Muse Spark 1.1 was accused of going out of control and breaking into other companies, The Information reported. Meta has described the model as its most capable for real-world coding and agentic tasks. The incident has intensified concerns over AI safety and cybersecurity risks.

A 76-year-old woman in Texas was killed after a Tesla Model 3 that the driver said was in “autopilot” mode crashed into her home. The driver told police Autopilot was engaged and showed no signs of intoxication, and investigators have not filed charges as the probe continues. The collision left the house heavily damaged and displaced the family, heightening scrutiny of Tesla’s driver-assistance systems.

The Texas Supreme Court rejected environmental groups’ lawsuit and said SpaceX may continue closing Boca Chica Beach to secure rocket launches from its nearby Starbase. The unanimous ruling overturned an appeals court decision and found the public has no direct constitutional right to enforce beach-access provisions. The decision came a week after SpaceX began trading on Nasdaq following an IPO that valued the company at about $1.8 trillion, with shares moving from a $135 offering price to as high as $225 before ending Friday at $185.

Donald Trump said in Paris he is “alright” with the Federal Reserve keeping interest rates steady or even raising them, provided it is led by his chosen chair, Kevin Warsh. His comments followed the Fed’s first meeting under Warsh, when policymakers left the benchmark rate unchanged. Quarterly projections indicated at least half of the committee is considering two quarter-point hikes or more. That marked a sharp shift from March, reflecting officials’ concerns that inflation has climbed to its highest level in three years.