Sunak attempts to ease cost of living squeeze as interest rates climb

Analysis: Chancellor says 9bn package will take sting out of UK's economic woes - but is it enough?

• Bank of England raises interest rates to 0.5%

At 11am the regulator Ofgem put up the cost of the average energy bill by 700 a year. At noon the Bank of England raised interest rates for the second time running and warned of rapidly rising inflation. Sandwiched in between these two cost of living bombshells, Rishi Sunak popped up in the Commons with the government's attempt at damage limitation.

The chancellor said his 9bn package would take the sting out a rise in energy bills made inevitable by the rising global price of gas. Even so, the Treasury measures will cover only half the expected increases looming in April. All households will be worse off, with charities warning more children in Britain's poorer households will go hungry as a result.