Convenience store chain McColl’s collapses, putting 16,000 jobs at risk – as it happened

The chain said discussions with lenders collapsed on Friday as creditors refused to extend a deadline for the retailer to find more cash

• McColl's to fall into administration after rescue talks fail
• Bank of England raises interest rates as it warns of recession and 10% inflation
• Recession: the price Britain will pay to control inflation
• The fudging is over, as monetary policy committee predicts 10.2% inflation

Here's a video clip of Conservative Chairman Oliver Dowden denying the UK faces an economic horror story (see earlier post).

Airline group IAG are the top faller in London, down 8%, after scaling back its expansion plans after the chaos at UK airports over Easter.