Rishi Sunak is scrambling to finalise a package of measures that could be announced as soon as Thursday aimed at alleviating the cost of living crisis, after the energy regulator said annual bills were likely to shoot up by more

The Federal Reserve moved to tamp down soaring inflation in the US on Wednesday, announcing the sharpest rise in interest rates in over 20 years. The Fed’s benchmark interest rate was raised by 0.5 percentage points to a target rate range