Good evening. Supermarket bosses have been summoned to the Treasury to explain surging food prices, as the Bank of England increased interest rates to their highest level in 15 years. We have the latest, as the Bank scrapped its prediction of recession this year.

Just hours after Bank governor Andrew Bailey increased interest rates to their highest level in 15 years, blaming a "very big underlying shock" in food prices, some of Britain's biggest grocery giants were summoned for questioning over alleged profiteering. 

Trevor Williams argues that the Bank is now overcompensating for its mistakes on inflation. 

And Ruby Hinchliffe writes that the clock is ticking for savers to cash in on high interest rates - these are the eleven savings accounts with the best interest rates for 2023. 

Meanwhile, Szu Ping Chan reports that the Bank has upgraded its growth forecasts by the biggest amount on record as it scrapped its prediction of recession this year. You can follow the latest developments on our Business live blog.

Britain is supplying Ukraine with Storm Shadow missiles that can hit targets nearly 200 miles away, the longest range rockets to be used against Russia. Ben Wallace, the Defence Secretary, confirmed reports that the RAF cruise missiles are arriving to bolster Ukraine’s anticipated counter-offensive. 

It came as Volodymyr Zelensky said Kyiv needs more time to prepare for its spring counter-offensive. 

And Patrick Sawer has a piece on why the Ukrainian president didn’t want the UK to host Eurovision.