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5 Things You Need To Know, Today, on Wednesday 10th March 2022
5. British employers' hiring of new permanent staff rose by the smallest amount for 11 months in February, reflecting a shortage of candidates, although starting salaries continued to rise rapidly.
Staff shortages and wage growth that appears to be higher than before the pandemic are part of the reason why the BoE raised interest rates in February for the second time in two months, faster than other major central banks.
4. Frozen Russian assets should be used to rebuild Ukraine after the war, the governor of Ukraine’s Central Bank has said.
Kyrylo Shevchenko called for an extensive list of extra sanctions, from cutting card payments to suspending Russian access to the IMF.
3. The International Monetary Fund (IMF) has approved $1.4bn (£1.1bn) of emergency funding for Ukraine, as it fights against a Russian invasion.
It comes as the IMF predicts Ukraine will see a deep recession this year as more than 2m people are estimated to have left the country since the war started two weeks ago.
2. Oil prices dropped after the United Arab Emirates said it supported increasing production.
Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec.
1. Chancellor Rishi Sunak faces a "huge judgment call" over whether to borrow more or allow household budgets to be squeezed, as the cost of living recently hit a 30-year high.
The Institute for Fiscal Studies (IFS) says the soaring cost of living and war in Ukraine present fresh challenges ahead of the Spring Statement and without extra protection, many households will struggle to keep up with bills, it suggests.