Bank of England warns inflation could breach 8%, raises rates, condemns Russia’s invasion of Ukraine – as it happened

Rolling coverage of the latest economic and financial news, including the UK interest rate decision

• Macron: France must take control of some energy firms
• Full story: Bank of England raises interest rates to 0.75%
• BoE warns inflation could breach 8% as energy and goods price rise
• BoE: Energy price cap could rise 35% in October
• Condemns Russia over Ukraine invasion
• P&O Ferries sacks all 800 crew members across entire fleet

P&O Ferries has suspended sailings ahead of a major announcement", which will cause disruption on routes including Dover-Calais.

A statement which appears to be from the ferry operator posted on Twitter by Hull Labour MP Karl Turner said P&O's vessels have been asked to discharge their passengers and cargo and standby for further instructions.

To facilitate this announcement all our vessels have been asked to discharge their passengers and cargo and standby for further instructions.

This means we're expecting all our ports to experience serious disruption today."

Regretfully, P&O Ferries services are unable to run for the next few hours.

Our port teams will guide you and travel will be arranged via an alternative operator.