Elon Musk ‘still committed’ to Twitter deal after putting it on hold – as it happened

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• Twitter shares fall 10%
• Musk: $44bn Twitter deal temporarily on hold
• Musk seeking details on spam and fake accounts.
• Analyst: It's a full-on Friday the 13th circus show
• Bitcoin set for record weekly losing streak, says Reuters
• Turmoil and panic in crypto market as stablecoin' slump prompts wider collapse

Jacob Rees-Mogg's call for higher UK interest rates comes amid growing irritation, and worse, against the Bank of England over its performance.

Conservative MPs are blaming the BoE for failing to get a grip on inflation, creating the cost of living crisis (for which the government has few answers, critics say)

Liam Fox, a former cabinet minister, told the Commons that the BoE had consistently underestimated the threat" of rising inflation, which the BoE fears could top 10 per cent later this year.

The BoE persisted beyond any rational interpretation of the data to tell us that inflation was transient, then that it would peak at 5 per cent," he said. Fox said the Commons Treasury select committee should launch an investigation into the central bank's handling of inflation.

The right responses are tighter monetary policy, which is the responsibility of the Bank of England, and constrained fiscal policy.

An emergency budget is not likely to be an answer to this. What is going to be an answer are essentially long-term measures combined with the immediate help that's been given to people who are particularly affected."