UK economic outlook has deteriorated, Bank of England warns

While the Bank said the UK’s banking sector was well-placed to cope with a severe downturn, it said banks must increase the amount of money they set aside to absorb shocks. Starting a year from now, banks will be required to set aside a sum equal to 2% of their assets as a buffer, as opposed to the normal 1%.

Sainsbury’s customers switching to own-brand products

Announcing Sainsbury’s latest trading update, Mr Roberts said: “We really understand how hard it is for millions of households right now and that’s why we are investing £500m and doing everything we can to keep our prices low, especially on the products customers buy most often.”

DHL investment plan to create 3,500 jobs

Peter Fuller, chief financial officer of DHL Parcel UK, said: “This investment is a real demonstration of the excellent work our people and partners have delivered over the past two years to get us to the level of growth where major expansion is required to meet customer demand.

Sri Lanka: ‘I can’t afford milk for my babies’

Depleted foreign reserves and soaring inflation have devastated Sri Lanka’s economy in recent months. President Gotabaya Rajapaksa – who pushed through tax cuts that shrunk the state’s coffers and borrowed heavily from China to fund ambitious infrastructure projects – has been blamed for the crisis. The pandemic, which hit tourism, and the war in Ukraine, which sent oil prices rocketing, has only made the situation worse.