US inflation rises to new 40-year high of 7.9%; Abramovich sanctioned by UK – as it happened

• ECB raises inflation forecasts, cuts growth outlook due to Ukraine war
• UK sanctions Chelsea FC owner Roman Abramovich and Rosneft boss Igor Sechin; Chelsea sale halted
• European stock markets fall ahead of ECB rate decision, oil prices rise
• UK fuel prices hit fresh record highs; a tank of petrol costs nearly 88
• CBI urges UK government support amid looming crisis' in energy bills
• Sony, Nintendo, Hitachi join corporate exodus from Russia
• Closing summary

Rishi Sunak is also facing intense pressure from Conservative colleagues to take action in this month's spring statement to alleviate the cost of living crisis, which has been dramatically exacerbated by the Russian invasion of Ukraine, write our political editor Heather Stewart and political correspondent Peter Walker.

Asked about the impact of sanctions on Russia for consumers at home, the business secretary, Kwasi Kwarteng, told MPs on Wednesday he believed the public was willing to endure hardships" in solidarity with the people of Ukraine.

The crisis is likely to have a negative impact on investment intentions of UK firms following Brexit and Covid. This is the worst timing possible, as business investment intentions were high coming into 2022. So the Government must move now to stimulate business investment to maintain UK growth, thereby demonstrating true independence from Russia.