Rolling coverage of the latest economic and financial news, as BoE says the higher bus fare cap and adding VAT to private school fees will push up CPI inflation

• City analysts overwhelmingly predict Bank of England interest rate cut
• Wall Street and bitcoin soar to record highs as Trump wins US election

Mark Haefele, chief investment officer at UBS Global Wealth Management, predicts more market turbulence as Donald Trump’s policy proposals take shape:

Markets have started to digest Trump’s victory, with the initial response pointing to expectations of stronger growth, higher inflation, a slower pace of interest rate cuts, and trade tariffs.

As more detailed policy proposals emerge from the Trump transition team, investors should brace for further swings ahead. We advise investors to be ready to use any outsized market reactions to build stronger long-term portfolios.

The net worth of billionaires led by Tesla’s Elon Musk, the world’s wealthiest person, surged by $63.5 billion on Wednesday, according to the Bloomberg Billionaires Index.

Musk alone added $26.5 billion to his pot. Amazon.com’s Jeff Bezos and Oracle’s Larry Ellison were also among the top gainers. It’s the biggest daily increase since Bloomberg’s wealth index began in 2012.