Hot Minute News: Musk, Exxon and Interest Rates

What does the recent interest rate hike mean for the UK economy? Find out as we cover the three biggest stories of the week. 

  • At number three, oil company Exxon has reported a quarterly profit of £20bn, over triple what it made last year. The oil giant expects to make over $50bn profit this year - that’s more than Amazon and Meta combined. Oil companies have raked in profits in recent months due to increased production and bumper gas prices. 

  • At number two, Elon Musk is now officially CEO of Twitter and could slash Twitter's workforce by half. Reports suggest Musk could let go over 4000 employees. Musk is also planning to end Twitter’s work from home forever policy and introduce a charge of $8 a month for a blue tick on the app.

  • And at number one, The Bank of England has raised interest rates from 2.25% to 3%, the biggest hike since 1989. It’s also been forecasted that the UK’s economic downturn could last until the first half of 2024. Inflation is also expected to hit 11% this winter, before falling next year.

And that’s all for today, follow Shares to keep updated and we’ll see you next week!

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Meet the authors

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James Ashoo

Senior Content Writer

James has been investing for over five years. His aim is to explain the hard stuff, easily! When he's not chewing your ear off about stocks and crypto, he'll most likely be telling bad jokes.

Harjas Singh

Harjas Singh

Chief Product Officer & Co-Founder

With a wealth of experience in fintech, Harjas is the man in the know when it comes to all things product. Investing features, chatting capabilities and thriving communities – he oversees all development on the Shares app!

Harry Harrison

Harry Harrison

Finance Writer

Harry is an experienced business writer, with a love for all things tech. In his free time, he enjoys reading, playing sport and winning at chess. He also loves posting inside the Shares app!