The global chief executive of accounting and consulting firm EY has announced he will step down, the Financial Times reports. Carmine Di Sibio’s resignation has sparked a race for the position after his plan to split the company in two failed.

The front page leads on comments from the governor of the Bank of England about persistent inflation in the UK economy. New data has shown wages are climbing in the public sector, which Andrew Bailey said indicates that inflation “is taking a lot longer than we expected” to come down. Traders expect the base interest rate to increase from 4.5% to 5.75%, the FT reports – which is bad news for people with mortgages.