SVB collapse was ‘fastest since Barings’, Bank of England says, in call for vigilance – as it happened

Treasury committee holds hearing on the sudden collapse of Silicon Valley Bank this month

• Silicon Valley Bank collapse was fastest since Barings, says BoE governor

In the City, the FTSE 100 share index has gained 0.5% in early trading, as fears over the banking sector continue to ease.

The index of blue-chip shares has gained 38 points to 7510 points, the highest since last Thursday, before jitters over Deutsche Bank triggered Friday's selloff.

Morrisons saw a welcome return to growth with sales rising by 0.1%, giving it an 8.8% market share. Waitrose also had a positive period, pushing up sales by 2.1% to deliver the fastest rate of growth for the John Lewis Partnership owned supermarket since September 2021.

Asda's sales increased by 7.3%, just ahead of both Tesco and Sainsbury's on 6.9%. Tesco remains Britain's largest grocer with a 26.9% share of the market, while Sainsbury's is on 14.8% and Asda 14.3%.