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The Bank of England’s outgoing chief economist has given his starkest warning yet that the institution is not doing enough to control inflation, saying that “everyone would lose” if it had to execute an “economic handbrake turn” (The Times £). The Bank of England is failing to prevent a dangerous spike in inflation and has put its independence at risk through a massive money printing programme, Andy Haldane has said in his final speech as chief economist (The Telegraph). Britain faces a ‘significant and persistent’ rise in the cost of living that could force the Bank of England into a ‘handbrake turn’ on interest rates, its outgoing chief economist has warned (The Daily Mail). The Bank of England’s departing chief economist has warned that the risk of high inflation is “rising fast” and could reach nearly 4% this year (The BBC).

More factories are planning to increase their prices than at any time in the past 31 years, in a sign that higher input costs are feeding through to inflation. (The Times £)

After a day of doing very little, Morrisons stock shot up sharply in late afternoon trading as talk spread through the City that the supermarket’s private equity suitor was thinking of increasing its takeover bid. (The Times £)

A deal to avoid a ban on sausages and other chilled meats moving from Great Britain to Northern Ireland has been agreed at the last minute. The UK and EU have announced a three-month extension to a grace period allowing their transit across the Irish Sea, hours before a ban would have come into force. (Sky News)

Shoppers living near a select number of Asda stores can now get their groceries delivered in one hour, as part of the supermarket’s new ‘super speedy service’. (The Daily Mail)

Employers will have to shoulder more of the costs of furlough from Thursday as the government starts to wind down its flagship job support scheme. (The BBC)

The BBC looks at what impact has the furlough scheme had – writing: “The number of jobs furloughed peaked at 8.9 million on 8 May last year. It then fell steadily until late last year, when it picked up again, without ever hitting the heights of the first lockdown.” (The BBC)

Long-term fans of Krispy Kreme will be hoping for a case of second time lucky for the maker of glazed doughnuts when it returns to the stock market today under the ticker symbol “DNUT”. (The Times £)

The hospitality industry is warning of a looming crisis sparked by the surge in Covid infections, with various businesses having to close as entire teams of workers are sent home to isolate after receiving notifications from the NHS app. (The Guardian)

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