Sooner or later, the downward pressure on the pound since the UK's Brexit vote is expected to lead to upward pressure on the prices of most things we buy.

The UK expects to be part of EU decision-making until Brexit, Theresa May tells fellow leaders, as she is warned of potentially tough exit talks ahead.

Here's a round-up of Thursday's political developments: 

• Prime Minister Theresa May arrived at a summit of EU leaders in Brussels pledging to work with them after Brexit
• In the Commons, MPs backed a call to strip former BHS boss Sir Philip Green of his knighthood after the company's collapse
• In the US, commentators analysed the fall-out from the last of three US presidential debates and Republican Candidate Donald Trump said he would accept the result 'if I win'
• Voters turned out to vote in two by-elections, David Cameron's former seat in Witney and the late Jo Cox's Batley and Spen constituency
• Plans were unveiled to change parliamentary boundaries in Scotland, which would reduce seats at Westminster
• And thousands of men convicted of now-abolished sexual offences will receive pardons, following the pardoning of World War Two code-breaker Alan Turing

Number 10 has reiterated its aim to reduce annual net migration to the tens of thousands, after a Downing Street spokesman hinted all parts of the immigration system were under review.

"Our position on who is included in the figures has not changed, and we are categorically not reviewing whether or not students are included," a statement said.

Chancellor Philip Hammond set out some views on the government's immigration control plans when he appeared before MPs on Wednesday.

Image source, Getty Images

Republican candidate Donald Trump has hinted that he may challenge the result of the US presidential election should he lose.

"I'll keep you in suspense," he said when asked, in the final TV debate against Democrat rival Hillary Clinton, whether he would accept the result.

His comments are supported by his campaign team, but they go against a long and important tradition in US politics that the loser recognises the result.

Read more here: 

While the EU leaders summit is under way, Jeremy Corbyn has been meeting European colleagues and MEPs. And his shadow Brexit secretary Keir Starmer has called on the UK government to set out its Brexit plans. The Labour leader tweets: 

Our Europe Editor has more on what Malta's Prime Minister Joseph Muscat has to say on Brexit:

House of Commons
Parliament

Image source, Reuters

Oil and gas should be "top and centre" of the UK's industrial strategy, says the SNP's Kirsty Blackman.

"This industry is not having the best of times at the moment," she says, "which is why it's important that the government commits" to it.

Kirsty Blackman is the MP for Aberdeen North, where much of the UK's oil and gas industry is based. 

Last month, Oil and Gas UK figures showed that 120,000 jobs had been lost in the industry since 2014. Oil prices in 2016 have been a third of the level they were two years ago.

David Davis is in "cloud cuckoo land" if he believes Brexit talks are heavily weighted in favour of the UK, a former Treasury civil servant tells the BBC.

Katya Adler
Europe Editor

Image source, Getty Images

Some EU leaders are keeping open the option that Brexit may not happen, the Maltese Prime Minister has told the BBC. 

Joseph Muscat's country will hold the rotating presidency of the EU in Spring 2017 when the UK is expected to formally announce its intention to leave. 

Some leaders, including himself, he told our Europe Editor had "at the back of their mind" that the UK may not in the end leave the EU. 

But could only happen if the British people or the British government reversed the decision that had been taken.  

Mr Muscat will be sitting next to Mrs May at an EU leaders dinner tonight - but rather than Brexit talk, expects to hear a list of priorities for the months ahead.

French President Francoise Hollande, meanwhile stuck with firmer comments in Brussels. 

The UK remained part of the EU, he said, but added:"I say very firmly, (if) Mrs May wants a hard Brexit, the negotiations will be hard."

BBC Panorama
Investigative TV show

How did BHS collapse, leaving a £571m deficit in the pension fund for staff?

The BBC's Panorama investigated.

Watch here.

House of Lords
Parliament

"Brexit might mean Brexit but no amount of wishing removes the UK from the EU's bioregion," says Labour peer Baroness Young of Old Scone, who chairs conservation charity the Woodland Trust and is vice president of the RSPB.

Around 25% of EU regulations are about environmental protection, she says, and calls for "at least at tough domestic compliance regimes" once the UK leaves the EU.

Baroness Young urges the government not to "mess up" agriculture as a result of whatever trade relationship is reached with the EU post-Brexit, and adds: "Let's not develop a system of our own that is even more bureaucratic than the European one."

House of Commons
Parliament

Minister Jo Johnson says the government's industrial strategy is "under development" and that now is "not the time to set out detailed plans for our approach". 

He promises a "discussion paper" at around the time of the Autumn Statement (due to be given on 23 November) and a full government response "in the New Year".

He says the strategy will be "wide ranging" but "not at the expense of a clear focus" and that the government plans to build on the UK's "proven strengths" like science and innovation.

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Parliament

Labour's Peter Kyle says that every postwar government, which has tried to implement an "industrial strategy" has "come across one kind of difficulty or another" but says it could be quite simple if we "focus on the strategy part".

He also talks approvingly of former Business Secretary Vince Cable's industrial partnerships scheme, external, which brought together employers in certain industrial sectors to help develop skills. The scheme was scrapped in September 2015, a few months after the Lib Dems left the government.

He says he's confused how - in a two year period - the government can reverse its position on industrial strategy twice. Businesses find it hard to deal with "profound change in a very rapid space of time", he says.

House of Lords
Parliament

Labour's Lord Giddens focuses his remarks on climate change.  

He asks the minister to "unequivocally" confirm that the closure of the department for energy and climate change does not equate to a downgrade in the issue.

He goes through a number of implications that leaving the EU and the single market would have on the UK's ability to tackle climate change, including the effect on environmental standards and climate change agreements.

He concludes: "Brexit sounds so simple - especially now Mrs May has explained what it means - but the issues are dauntingly, dauntingly dauntingly complex."

The Scottish government has published its draft bill on a second independence referendum, but why now? Here, I attempt to answer some of the key questions being asked.

Tom Symonds
Home Affairs Correspondent

The group representing 600 alleged victims of child abuse in Lambeth says it is close to "pulling out" of the public inquiry as it fears the investigation will not hold public hearings. 

The Shirley Oaks Survivors Association wants assurances that the inquiry won't downgrade key areas of its work.

And it wants the inquiry to make public the nature of allegations made against the former chair Dame Lowell Goddard, who has resigned, denying reports she made racist comments. 

The group is the largest representing victims and survivors within the inquiry.

"We need to know if the inquiry intends to continue hiding relevant information," chair Raymond Stevenson said.

The group has also raised questions over the appointment of the new inquiry chair Professor Alexis Jay, a former senior social worker and social work inspector.

BBC News Channel

Frank Field MP is pursuing Sir Philip Green over the deficit in the BHS pension fund.

The chairman of the Commons pensions committee says Theresa May has been waiting to speak until the reports on the collapse of BHS are in. 

But when the Prime Minister first entered Downing Street, she pledged that her administration would protect the "weak underbelly" of people in the UK.

He also said the committee had "bulldog teeth" and would keep on the issue to ensure "there's justice done".

House of Lords
Parliament

Image source, Reuters

The statement on pharmacies comes to an end and the second of the afternoon's debates in the Upper House begins.

This debate is on the future of environmental and climate change policy following Brexit.

The Lib Dems' climate change spokeswoman Baroness Parminter opens the debate by expressing concern that without "critical EU backstops" the government will be not meeting its obligations to protect the environment.

She says new ways of holding the government to account will be needed if "or more likely when" the government "fails to live up to its promises".

By leaving the EU she fears that green policy will enter "a new dark age".

The Daily Politics

People voted for Brexit, but not to leave the Single Market, said former Liberal Democrat leader Nick Clegg.

He wants MPs to vote on the Brexit deal, which should be subject to a referendum, but he accepts the decision to leave the EU.

Conservative MP Oliver Dowden, who also voted Remain, said Parliament should debate and scrutinise the deal, but there was no need for a vote to trigger Article 50, which starts a formal two-year timetable for the UK leaving the EU.