Rolling coverage of the latest economic and financial news. Closing post 17:06 Time to recap. Average UK mortgage rates have risen as major lenders hike their rates, despite the Bank of England’s cut to borrowing costs last week.

Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst joins Bloomberg intelligence to discuss Meta being fined by the EU over classified ads dominance. (Source: Bloomberg)

The executive arm of the European Union isn’t shying away from slapping major tech companies with hefty fines. The European Commission has fined Meta €797.12 million ($842 million) for violating antitrust regulations.