MPs to grill Bank of England over interest rates and inflation, as housing market weakens – business live

Rolling coverage of the latest economic and financial news, as Treasury Committee prepares to quiz BoE officials this morning

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UK housebuilder Redrow has withdrawn its financial guidance for 2024, warning that this year will be ‘challenging’.

Redrow has told the City that “economic and political uncertainty” led to a fall in sales in the second half of 2022.

Due to the recent change in market conditions the Company has withdrawn its guidance for 2024.

We have experienced a positive start to second half trading. Whilst 2023 will be a challenging year as the market resets, early indications are better than anticipated and the market appears to be finding a new, natural level.