This is Rishi Sunak’s chance to stop a recession; any delay and it will be too late | Larry Elliott

The chancellor says he sympathises with people struggling to make ends meet. He needs to convert that into action

The Bank of England's message to Rishi Sunak was simple. Russia's invasion of Ukraine is the latest unwelcome shock to the UK economy. It will make people poorer. There is nothing we, the Bank, can do about it. So, over to you, Chancellor.

Threadneedle Street is absolutely right. It doesn't have the tools to respond to rising global commodity prices but the Treasury does. Sunak has all sorts of ways of alleviating the pain: cutting taxes, increasing benefits, reducing excise duties, helping out with energy bills.