Deliveroo cutting 9% of staff; Bank of England governor pledges to get inflation down – as it happened

BoE governor Andrew Bailey has warned MPs that paying for public sector pay rises with borrowing could push up inflation

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Over in parliament, the Treasury Committee is starging to quiz some of the Bank of England's top officials.

MPs will be questioning the BoE over last week's monetary policy report, and its decision to raise UK interest rates to 4%, the highest since 2008.

MPs are likely to explore the outlook, risks and expectations for inflation, and the likelihood of future interest rate rises, as well as exploring dissenting views on interest rate policy within the MPC and the risks of over-tightening.

Other likely topics for discussion include how energy and commodity prices are impacting inflation, the Bank's forecast of a UK recession and slow recovery, and the MPC's approach to the sale of the 875bn it held in Government bonds, known as quantitative tightening.

Reports suggest First Abu Dhabi Bank is still interested in buying Standard Chartered, despite guidance to the contrary last month.

If successful, it would represent yet another UK stock acquired by a foreign player. It would also play to the theory that industry players are more likely to buy UK-listed companies than private equity in the current environment.