"Several nations announced sanctions against Russia yesterday in response to its invasion of Ukraine. On the pretext of peacekeeping, Vladimir Putin ordered personnel and armoured vehicles into the two regions in the east of Ukraine that he recognized as independent states on Monday.

The response from the UK Government was to introduce measures against five Russian Banks in the UK, freezing their assets and three oligarchs known to have close ties to Russian President Vladimir Putin.

These measures have been criticized as being too weak in comparison to actions taken by other G7 nations. The Prime Minister countered those criticisms by saying that these are the first of many measures that are under consideration.

The Deputy Governor of the Bank of England David Ramsden spoke yesterday of the resilience of the UK economy, despite the scarring that has been caused by Brexit and Covid-19.

He believes that the Central Bank will need to increase interest rates further over the next few months, but the long-term path is difficult to predict due to the new uncertainties created by the conflict in Ukraine.

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