The crisis in Ukraine feels to many Brits as though it is on their doorstep and very soon the impact from Russia’s invasion will start to be felt at home as the cost of living spirals (The Times £).
Businesses’ expectations for inflation are at their highest in more than five years, a Bank of England survey suggests (The Times £).
Britain’s economic growth will halve this year as a result of soaring inflation, hefty tax rises and the destabilising shock from the war in Ukraine, a leading business lobby group has warned (The Guardian).
Coca-Cola Hellenic Bottling Company has temporarily halted production at its Kyiv factory and evacuated employees following Russia’s invasion of Ukraine (The Mail).
Two UK supermarket chains have removed a Russian vodka brand from sale with immediate effect, with the Co-op describing its decision “as a sign of solidarity with the people of Ukraine” (Sky News). Russian Standard vodka, which is distilled in St Petersburg, will also no longer appear on shelves at Morrisons.
The London Stock Exchange has frozen trading in another 27 Russian companies as British directors face mounting pressure to quit the boards of firms linked to Moscow (The Mail). LSE bosses banned investors from buying or selling shares in a host of Russian entities including energy giants Gazprom, Rosneft and En+, retailers Fix Price Group and Lenta International, and the country’s biggest lender Sberbank.
The Israeli licence-holder of Ben & Jerry’s is suing the ice cream brand and its owner Unilever, claiming its production and distribution deal was terminated after it refused to end sales in the occupied Palestinian territories (The Financial Times £).
The Financial Times (£) takes the view that an online sales tax can’t save the high street.
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