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Supply chain crisis undermining recovery as stagflation fears grow – business live

Rolling coverage of the latest economic and financial news

  • BoE governor: UK recovery will take longer than thought
  • Fed’s Powell: inflationary supply chain problems may persist
  • Fuel crisis: UK government mobilises reserve tanker fleet and army
  • Transport bosses call on governments across world to ease Covid restrictions

The government is insisting this morning that Britain’s fuel crisis is back under control, with the army on standby to help replenish forecourts.

We are in a situation now where more fuel is being delivered than is being sold, so that crisis is now absolutely something which is back under control.

“The army is on standby to help support the commercial operations and, of course, we’ve seen some changes, including, notably, allowing some MoD driving instructors to help boost the number of tankers,”

“There’s 150 drivers on standby to help support operations as required.

Related: Fuel crisis: UK government mobilises reserve tanker fleet and army

Coronavirus has caused a global shortage in HGV drivers globally. Here are the 24 interventions delivered to tackle the lorry driver shortage and improve fuel supply with more petrol delivered than dispensed yesterday. pic.twitter.com/RvWTQHKrmI

Virgin Money has announced it will close 31 branches – almost all in Scotland and the north of England – in the latest stage of the UK banking sector’s retreat from the high street.

The bank said it expected to make 112 people redundant because of the closures after the coronavirus pandemic accelerated the shift to online and mobile app-based banking, a move that has rapidly reduced the profitability of physical bank branches.

Related: Virgin Money to close 31 branches across Scotland and north of England

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