Thursday evening news briefing: Supermarkets summoned to explain food price shock
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Good evening. Supermarket bosses have been summoned to the Treasury to explain surging food prices, as the Bank of England increased interest rates to their highest level in 15 years. We have the latest, as the Bank scrapped its prediction of recession this year.
Grocers summoned to explain food price shock as interest rates hit 15-year high
Just hours after Bank governor Andrew Bailey increased interest rates to their highest level in 15 years, blaming a "very big underlying shock" in food prices, some of Britain's biggest grocery giants were summoned for questioning over alleged profiteering.
Trevor Williams argues that the Bank is now overcompensating for its mistakes on inflation.
And Ruby Hinchliffe writes that the clock is ticking for savers to cash in on high interest rates - these are the eleven savings accounts with the best interest rates for 2023.
Meanwhile, Szu Ping Chan reports that the Bank has upgraded its growth forecasts by the biggest amount on record as it scrapped its prediction of recession this year. You can follow the latest developments on our Business live blog.
Britain is first nation to send Storm Shadow long-range missiles to Ukraine
Britain is supplying Ukraine with Storm Shadow missiles that can hit targets nearly 200 miles away, the longest range rockets to be used against Russia. Ben Wallace, the Defence Secretary, confirmed reports that the RAF cruise missiles are arriving to bolster Ukraine’s anticipated counter-offensive.
It came as Volodymyr Zelensky said Kyiv needs more time to prepare for its spring counter-offensive.
And Patrick Sawer has a piece on why the Ukrainian president didn’t want the UK to host Eurovision.
Joe Biden says he visited Ireland to make sure ‘Brits didn’t screw around’
Joe Biden has said he travelled to the island of Ireland to make “sure the Brits didn’t screw around” and “walk away” from their commitments in the Good Friday Agreement.
His latest criticism of Britain was made during a fund-raising speech in New York at a Democratic National Committee reception on Wednesday night.
James Crisp has more on the US president's comments.
Evening Briefing: Today's essential headlines
Stephen Tompkinson | DCI Banks actor Stephen Tompkinson has been found not guilty of inflicting grievous bodily harm after he confronted a drunk man outside his home.
Collision | Duchess of Edinburgh's motorcade hit 80-year-old woman
Douglas Chapman | SNP treasurer ‘didn’t know about motorhome’ bought by the party
Chris Skidmore | Churchill would be ‘turning in his grave’ over Channel migrants plan, says Tory MP
Budweiser | 'It took me 20 years to build this brand... they dismantled it in a week', says man behind iconic ads
Gaza Strip | Israel assassinates Islamic Jihad commander
Comment and analysis
Tom Harris | The myth of perfect nationalist parties is crumbling fast
Allison Pearson | It’s time to unpick the local election fiasco
Michael Deacon | Oxford University students are supposedly our future leaders – when did they become so pathetic?
Julian Jessop | Ireland’s warped economics offer valuable lessons for Britain
Telegraph readers | ‘Problems in the NHS need to be dealt with by a complete overhaul and reform, not by reducing entry requirements’
World news: Imran Khan released from custody after arrest ruled unlawful
Imran Khan has been released from custody after Pakistan's Supreme Court ruled his arrest was unlawful. Mr Khan told the court in Islamabad he had been "treated like a terrorist" before he was allowed to leave.
Interview of the day
Fabio Capello: Of course Gareth Southgate's England replacement can be foreign
The former England manager has found a new obsession in life after saying ciao to football
Business news: Public sector twice the size it should be, economists warn
Britain's bloated public sector is nearly twice as large as official figures suggest, economists have said, after the Tories failed to stem its relentless growth over the past 13 years. Eir Nolsøe has more on the analysis by the National Institute of Economic and Social Research.
Editor's choice
Royals | The planning behind the Royals’ patriotic dress code is a high-stakes operation
Texas | The curious case of the Mexican white supremacist mass shooter - and what it says about America
Politics | Rishi Sunak wins over 79pc of Telegraph readers
Sport news: Real Madrid's Galacticos 2.0 plan
Real Madrid's pursuit of Kylian Mbappe, as well as Jude Bellingham, has prompted comparisons with their spending during the Galacticos era of the early 2000s. Yet the finances of Real are very different now and the biggest question will be: can they afford to buy these players? Sam Wallace has the answer here.
Three things for you
TV | Crime, ITVX
Review | Amol Rajan challenges Piers Morgan on phone hacking – but he’s quickly outwitted
John Lewis | Inside a year of hell at the retailer
The 11 films at Cannes that everyone’s talking about | From Jude Law as Henry VIII to Phoebe Waller-Bridge joining Indy, here are the hottest tickets at the world's biggest movie festival
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