FTSE 100 racks up eighth day of gains despite rising insolvencies and unemployment – as it happened

More firms are at risk of tipping from danger' to distress', experts warn, as businesses are hit by soaring costs and weak economy

• China's economy rebounds faster than expected after Covid reopening
• Real value of UK pay continues to slide as inflation bites

Minister for Employment, Guy Opperman MP, says the government is taking steps to help people into work:

Helping more people into work will deliver on our priority to halve inflation and grow the economy, while tackling labour shortages.

Today's figures are encouraging, and I remain focused on supporting those on the lowest incomes to progress in work and build a steady and sustainable future.

While unemployment remains close to historic lows, rising prices continue to eat into pay cheques which is why halving inflation this year is one of our top economic priorities.

To help families in the meantime, we are making work pay with a record increase in the National Living Wage, while providing cost of living support worth an average of 3,300 per household this year and last, funded through windfall taxes on energy profits."