Millions of homeowners will be forced to rein in their spending or take a second job when interest rates rise to cope with higher mortgage repayments, the Bank of England has warned. – The Telegraph

Bert Pijls, the brave, perhaps foolhardy, British Gas executive who stepped forth on to Twitter when public rage over rising energy prices was at its most frenzied, was yesterday looking for a new job. – The Times

High Street chains including M&S, Gap and Debenhams have cut prices by up to 75% in battle for shoppers’ wallets in the lead up to Christmas. The average discounts rose to 46% compared with 42% last week and 44% in the same week last year, according to the accountancy firm PwC. – The Guardian

An emergency cash injection by the Chinese central bank failed to calm the country’s lenders as money market rates climbed to dangerously high levels. Analysts cited a variety of technical factors for the tightness in the Chinese financial system, but the sudden run-up in rates was an uncomfortable echo of a cash crunch that rattled global markets earlier this year. – Financial Times

BAE Systems suffered a bruising setback after Britain’s negotiations to supply 60 Typhoon fighter jets to the UAE collapsed and pricing talks on a separate deal with Saudi Arabia stalled. – Financial Times