Interest rates forecast to jump to 3.75pc by end of year - live updates

End petrol and diesel car sales by 2035, urges International Energy Agency​ German and Italian industry will struggle to recover from loss of Russian gas, warns Barclays FTSE 100

slips 0.2pc Matthew Lynn: The Porsche IPO will be another humiliation for Germany Inc. Sign up here for our daily business briefing newsletter Traders are rapidly ramping up

their bets on interest rate rises, betting that the Bank of England will raise rates to 3.75pc by the end of the year. Markets are pricing in 200 basis points of rises over

the next three meetings, implying that rates will jump from the current rate of 1.75pc to 3.75pc. It also suggests the Bank’s Monetary Policy Committee will raise rates by

75 basis points at two of those meetings. Such a move, which could come as early as this week, would be the largest increase since 1989, when the Bank hiked borrowing costs

by a full percentage point. The repricing comes as central banks including the ECB and Federal Reserve step up the pace of their monetary policy tightening in a bid to

control surging inflation. Sign up to the Front Page newsletter for free: Your essential guide to the day's agenda from The Telegraph - direct to your inbox seven days a

week. 01:18 PMTruss: I'm prepared to take unpopular decisions Liz Truss has signalled she's ready to take unpopular decisions to boost economic growth. "Not every

measure will be popular," the Prime Minister told reporters en route to New York. "There are always vested interests, people who oppose measures that increase economic

growth."