Third BHP takeover offer swiftly rejected by Anglo American; UK inflation slows to 2.3% – as it happened

Anglo agrees to enter talks with larger rival, though BHP calls its 38.6n offer final'

Financial markets have scaled back their expectations for an interest rate cut in June, and August is also looking slightly less likely. They are forecasting a reduction by September, though.

Before today's inflation data, which showed services inflation is more stubborn than expected, markets had fully priced in two rate cuts this year, one by August and another one before the end of the year. Investors are now split on whether there will be a second reduction.

The cost-of-living crisis is not over - no matter how much ministers pretend it is. Prices are still going up. Food and energy bills are much higher than a couple of years ago. And many are being hit by soaring mortgage repayments.

That's because household budgets have been decimated by the highest price rises in the G7 and wages have flatlined over the last 14 years.

Pay packets are still worth less today than in 2008, with working people on course to end this Parliament poorer than at the start.