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...

Jenny Ross, money editor at Which?, said: "With many airlines warning of widespread disruption this summer and Covid cases on the rise, travellers should ensure they have taken out adequate insurance to cover any losses or unexpected costs they might face.

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...