Bank of England raises base rate to 4%, first hike in over three years

■ Steady

Chancellor Healey to veto offshore wind projects that won't lower energy bills

On Saturday's reporting window, Chancellor John Healey said he will veto new offshore wind projects unless they lower energy bills, adding to concerns the government is moving away from its pro-renewables agenda. On Thursday he backed away from cutting welfare costs this parliament, after the Institute for Fiscal Studies said his first budget ducked big tax and spending decisions amid a £28bn shortfall in public finances.

• Healey says clean power helps break the grip of international gas prices but must proceed at the right pace with grid capacity.
• The Institute for Fiscal Studies says the budget avoided big decisions amid a £28bn shortfall.
• Earlier on Thursday, Healey had said the welfare bill will fall before the next election. OBR documents suggest sickness and disability benefits will cost £100bn a year before the end of the decade.
• Wednesday's budget helped pensioners and households through tax breaks and rule tweaks, while banks and betting shops face higher payments.