EasyJet operations chief quits; petrol hits new high; Suez Canal’s record revenues – as it happened

EasyJet's chief operating officer Peter Bellew resigns amid growing anger over flight disruption

• EasyJet's COO departs ... blamed for breakdown in relations with staff
• Last month we predicted Bellew probably be first in the line of fire'
• Suez Canal revenues hit record $7bn for last year

Earlier:

• Resolution: families brutally exposed' to surging inflation
• IFS: Half of all children in lone-parent families are in relative poverty
• Germany's first trade deficit since 1991...Turkey's inflation hits 78%

In the City, shares in oil companies are rallying amid forecasts that tight supply will keep crude prices up.

North Sea producer Harbour (+4.2%) and BP (+3.1%) are the top risers on the FTSE 100, with Brent crude steady around $111.30 per barrel - even as metal prices weaken.

Crude oil and fuel products have maintained support throughout the current recession-focused storm which has seen metals and agriculture suffer steep declines, and it shows that commodities with tight supply can be supported despite the risk of slowing demand.

However, the upside potential for crude oil remains limited with China reporting widening Covid-19 outbreaks and with recession risks rising in the US and elsewhere.

That can only come from the government paying the full rate for funded childcare places for children under five.

Our own research has clearly shown that the proposal to relax ratios for two-year-olds in nurseries and pre-schools from 1:4 to 1:5 will not only fail to lower the cost of early years places, but in any settings that do adopt the new ratios, will drive down quality and worsen the already catastrophic recruitment and retention crisis the sector is already experiencing."