Today’s Exchange-Rate Report
As of 11 :00 on 7 November 2025, the pound sterling’s exchange rate against the renminbi stood at 1 : 9.34667, up 0.04437 RMB from the previous closing of 9.3023 RMB, an approximate rise of 0.48%. This reflects the policy-stability signal released by the Bank of England’s decision on 6 November to keep rates unchanged, and it is also supported by China’s October trade surplus exceeding expectations, driving the renminbi stronger.
Major Events This Week
Bank of England holds base rate at 4%
Autumn 2025 budget preview: tax rises likely
Oxford University announces it will no longer accept the revised TOEFL
British Royal Family relocates; Buckingham Palace to become museum
David Beckham formally awarded a knighthood
01 Bank of England Holds Base Rate at 4%
On 6 November, the Bank of England announced that it will continue to hold its base rate at 4%. The decision was reached by the Monetary Policy Committee with a narrow 5-to-4 majority, where four members voted for a 25 basis-point cut — a divergence larger than the market’s prior expectation of 6-to-3.
In its accompanying statement, the Bank pointed out that the UK’s consumer price index (CPI) rose 3.8% year-on-year in September, suggesting inflation has likely peaked and is gradually cooling. This view is supported by slower wage growth and easing service-price inflation.
Governor Andrew Bailey stated: “We have passed the peak phase of the restrictive policy; given that we have cut rates five times since August 2024, this outcome is in line with expectations. Personally, while I believe policy remains restrictive, the relatively stricter period is behind us.”
It is noted that before the next policy meeting on 18 December, the Bank will reassess inflation reports, labour-market data, and the autumn budget to be published by Chancellor Rachel Reeves on 26 November. The Bank emphasised that any future rate cuts will depend on the inflation outlook; if disinflation continues, the base rate could be gradually lowered.
Market analysts view the decision as reflecting the UK policy-makers’ cautious attempt to balance growth and inflation. Victoria Clark, UK economist at Santander UK, argues that the policy stance’s mild tilt is largely influenced by dove-wing members gaining the upper hand in the decision-making debate.
02 Autumn 2025 Budget Preview: Tax Rises Likely
On Monday 3 November, Prime Minister Keir Starmer warned Labour MPs that the upcoming budget may include sizeable tax increases, possibly including higher income tax.
Starmer said the budget will be founded on “tough but fair decisions”, admitting that the fiscal backdrop is “more severe than external observers expected”. He pledged to reduce the UK’s national debt level, while emphasising that the government will not pursue austerity or drastically cut public spending; the NHS will continue to be protected.
Chancellor Rachel Reeves publicly stated that, facing the £22 billion fiscal hole left by the previous government, the priority will be “necessary measures” rather than “populist giveaways”, and she refused to rule out tax adjustments.
Her comments also did not exclude raising income tax, national insurance or value-added tax, prompting many Labour MPs to argue that Reeves is likely to break the party’s election pledge not to increase these taxes. According to Treasury insiders, Reeves is considering adjusting the basic income-tax rate and possibly targeting high-income groups with tax increases. Tax and financial planner Rachael Griffin says the Chancellor’s recent remarks are in fact laying the groundwork for more “challenging” fiscal measures later this month.
03 Oxford University Announces It Will No Longer Accept the Revised TOEFL
On 5 November, UK media reported that Oxford, following Cambridge and Glasgow, has become the third UK institution to red-flag the revised TOEFL.
Oxford University’s official email and its website’s admissions language-test page announced that, from 21 January 2026, it will no longer accept scores from the revised TOEFL iBT as proof of English-language ability for postgraduate programmes.
The 2026 TOEFL reform by ETS is considered one of the most thorough in the past decade; the test will better reflect contemporary academic settings, with the reading and listening components adopting section-level adaptive design to dynamically adjust difficulty based on candidates’ performance.
However, as the reform advances, UK universities are implementing restrictive policies in response. In September 2025, Cambridge announced that TOEFL scores taken in or after January 2026 will no longer be accepted; in November, Oxford followed suit.
The university says its decision is primarily driven by concerns about the academic assessment validity of the revised test, arguing that the shorter format and simplified question types may undermine evaluation of critical reading and academic writing skills. Notably, the ban currently applies only to postgraduate admissions and not to undergraduate. Oxford is actively preparing to reassess whether the revised test meets its language requirements and to clarify the bridging arrangements between old and new scoring systems — the current stance is temporary and might change.
04 Royal Relocation, Buckingham Palace Becomes Museum
On 3 November, UK media reported that Prince William Prince of Wales and Princess Catherine Princess of Wales hosted a special thank-you event last Friday at the York Club in Windsor Great Park, to honour the construction workers and supporting staff who assisted their early move-in.
It is understood that William and Catherine will move with their three children from Adelaide Cottage to Forest Lodge in Windsor. The eight-bed Georgian-style estate lies just two miles from Royal Lodge; it offers convenient schooling for the children and symbolises the new chapter in Catherine’s life following her cancer diagnosis.
Meanwhile, King Charles III and Queen Camilla Queen Consort have also vacated Buckingham Palace, moving into Clarence House, the former childhood residence of Charles. Buckingham Palace is earmarked for a large-scale refurbishment — covering power, HVAC upgrades and accessibility enhancements — at a cost approaching £400 million, with completion expected in 2027. Once finished it will be repurposed as a museum open to the public. The King and Queen are thus expected to continue living and working at Clarence House and are not currently planning a return to Buckingham Palace.
05 Beckham Officially Knighted
On 4 November, former England captain David Beckham was formally knighted at Windsor Castle in Berkshire by King Charles III, in recognition of his outstanding contributions to football and British society. The 50-year-old former professional footballer had earlier been included in the King’s Birthday Honours list this year.
“I feel extremely proud,” said Beckham at the investiture ceremony, “I have always loved my country, and the monarchy has always meant so much to my family. While travelling abroad I’m often asked about the British monarchy, and that makes me feel honoured.” His wife Victoria and his parents attended the ceremony alongside him.
Beckham’s playing career was prolific; he earned 115 caps for England, captained the side from 2000 to 2006, and appeared at three World Cups and two European Championships. Beyond the pitch, his social impact is also significant. Raised in East London, he supported London’s bid for the 2012 Olympics, collaborated with UNICEF from 2005, and established a personal-named foundation in 2015 to mark ten years of that partnership.
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