Twitter shares jump as Elon Musk takes 9.2% stake; UK household income squeeze ‘to tighten’ – as it happened

Rolling coverage of the latest economic and financial news

• BoE deputy governor warns Ukraine war will intensify inflationary pain
• Musk takes 9.2% stake in Twitter
• Analyst: this is just the start
• UK consumer confidence lowest level since first Covid-19 lockdown
• Guardian Newsroom: The cost of living crisis
• Turkish inflation hits 61%

In the City, the FTSE 100 index has inched higher this morning, although travel companies, hospitality firms and banks are lower.

The blue-chip index is up 15 points at 7552 points, approaching last Thursday's six-week highs.

Elsewhere, the conflict between Russia and Ukraine continues to engender a split between hope and despair. Reports of some progress in talks aimed at ending the war continue to be offset by further reports of Russian atrocities which have seemingly strengthened the resolve of other nations to ratchet up sanctions once more.

The oil price has shown some recent weakness after the actual and potential release of further supply, alongside a truce in Yemen, although even allowing for this dip the price is still ahead by 36% so far this year.