The policy makers at the Bank of England have a target of keeping the CPI measure of inflation at or around 2%.

However, amid forecasts that it's due to rise because of weak sterling pushing up the price of imports, the MPC says it 's prepared to let inflation rise above target. 

"Given the projected rise in unemployment, together with the risks around activity and inflation, and the potential for further volatility in asset prices, the MPC judges it appropriate to accommodate a period of above-target inflation.  That notwithstanding, the MPC is monitoring closely the evolution of inflation expectations."In light of these developments, and in keeping with its remit, the MPC at its November meeting agreed unanimously that Bank Rate should be maintained at its current level."

The MPC also it would not extend its quantitative easing programme to boost the economy at this stage.

The MPC "also agreed unanimously that it remained appropriate to continue the previously announced asset purchase programmes, financed by the issuance of central bank reserves," it said in a statement.  

The Bank has raised its 2017 growth and inflation forecasts.

It said: "Largely as a result of the depreciation of sterling, CPI inflation is expected to be higher throughout the three-year forecast period than in the Committee’s August projections. 

"In the central projection, inflation rises from its current level of 1% to around 2¾% in 2018, before falling back gradually over 2019 to reach 2½% in three years’ time. 

"Inflation is judged likely to return to close to the target over the following year."  

Image source, Getty Images

The Bank of England's Monetary Policy Committee has left the bank rate unchanged at 0.25%.

The decision was expected.

Image source, Getty Images

Avon calling...with better news for once. 

Some savage cost-cutting means the door-to-door cosmetics group has returned to profit in the third quarter, with income of $36m compared to a $668m loss last year. This is despite sales shrinking by 2% to $1.4bn.  

Avon plans to reduce costs by $350m over the next three years and said it has already made good progress on its targets for 2016.  

No doubt this will give investors a nice rosy glow as the company heads into the all important Christmas season.

BBC political editor Laura Kuenssberg tweets:

Nice turn of phrase from FT chief political correspondent Jim Pickard:

Simon Jack
BBC Business Editor

Nearly five months ago, Sir Philip Green promised to "sort" the pension problems at BHS. In his mind - he's delivered.

I understand that Sir Philip is offering around £250m. The Pensions Regulator wants around £350m.

Working with the help of global accounting heavyweights Deloitte, Sir Philip has come up with a solution that he says achieves three important things.

It keeps the scheme out of the pensions lifeboat fund (so other pension schemes don't end up subsidising BHS's), it provides better benefits for the 20,000 members than they would get in the PPF and it has the support of the chairman of the BHS pension fund trustees.

Job done.

Not according to the Pension Regulator who didn't think the proposal was "comprehensive or credible" enough. Read more here

Image source, AFP

Lenovo, the world's largest personal computer (PC) manufacturer, has seen a return to profit in its second quarter, beating estimates. 

The surprise result is though primarily due to money coming in from an asset sale. 

Profit stood at $157m for the three months ending September from its worst-ever quarterly loss of $714m in the same period the previous year. 

Back then, Lenovo was pulled down by one-off costs to restructure and integrate the mobile business of Motorola.

For years, growth in the consumer PC market has been sluggish in the face of the rise of tablets and better and better smartphones. 

The Chinese company is the world's largest PC maker with a 21.3% market share, ahead of HP in second place. 

Simon Jack
BBC Business Editor

I understand that the regulator, headed by Lesley Titcomb (pictured), is looking for around £350 million in redress from Sir Philip Green while he is offering the BHS pensioners around £250 million.

Worth noting that if the regulator's enforcement action is successful, the £350m will most likely go into the Pension Protection Fund's funds to mitigate the hit it will take for taking on the scheme - not to the BHS pensioners.

Image source, Thinkstock

One fifth of all card payments are now contactless, according to a new report.   

Contactless cards were used for 21% card payments in August 2016, totalling £2.3bn,  the UK Cards Association says.

In August last year they were used for just 7.9% of card purchases.

The average value of a contactless card transaction has gone up as well, from £7.12 last August to £8.97 this year. 

Press Association data journalist Ian Jones tweets:

More on the High Court ruling and the High Court has given government lawyers leave to appeal against its decision that the prime minister seek MPs' approval to trigger the process of taking Britain out of the EU.

Image source, Getty Images

As we've been reporting, High Court judges have ruled that the government needs Parliament's approval, to trigger the process of the UK leaving the European Union. The Prime Minister had insisted that the Brexit vote in June gave her the authority to begin the procedure. 

Outside the High Court in London, investment fund manager Gina Miller, one of the claimants who'd brought the legal challenge, read a statement welcoming the ruling: 

Neil Wilson, a markets analyst at ETX Capital, says: “The High Court ruling on Article 50 is a body blow for Theresa May and the Brexit-leaning ministers at the heart of government. It’s made triggering Brexit a lot trickier and has given sterling a massive shot in the arm.

"The stage is now set for a fresh battle over Brexit and there is the prospect that parliament will block Britain’s withdrawal from the EU, albeit a dim and distant one for now. We need to get more clarity on what MPs think and intend to do about this now they have a say.

"In a year of political surprises, who would bet against another one? A massive grass-roots remain campaign could tilt the balance."