US economy shrinks unexpectedly; England and Wales insolvencies double; dollar at 20-year high – as it happened

Rolling coverage of the latest economic and financial news

• Latest: Biden blames technical factors for contraction
• US GDP fell in Q1, first time since 2020
• Inventories and net trade hit growth, but consumer spending up
• Economists play down recession worries

Earlier:

• UK delays EU food import checks, again
• Company insolvencies in England and Wales highest since 2012
• Unilever: More price rises coming
• Sainsbury's CEO: Starting to see more customer caution

In China, authorities have said they are cracking down on price gouging as food shortages due to Shanghai's lockdown continue and fears in Beijing prompt a run on supermarkets.

It comes as social media platforms shut down the account of a high-profile critic of the government's insistence on a traditional Chinese medicine product being rolled out to millions of residents.