Bank of England chief urges banks to show restraint on bonuses; global stocks recover – business live

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The Treasury select committee is quizzing Bank of England governor Andrew Bailey, deputy governor Ben Broadbent, as well as Jonathan Haskel and Professor Silvana Tenreyro, both external members of the monetary policy committee.

Haskel, a professor of economics at Imperial College London, just said that the Bank doesn't want the blip" of soaring gas and oil prices to become permanently embedded inflation.

We've been very clear that we're going to limit Russian access to British markets. We're going to stop the Russian government with raising sovereign debt in the United Kingdom.

even more tough sanctions on key oligarchs, on key organisations in Russia, limiting Russia's access to the financial markets, if there is a full-scale invasion of Ukraine.