Rolling coverage of the latest economic and financial news, with state pension likely to increase by £9 a week or £460 per year. Brent crude oil falls below $70/barrel 15:43 Newsflash: The oil price has tumbled to its lowest level in two and a half years.

Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after OPEC+ revised down its demand forecast for this year and 2025.