European Central Bank increases main deposit rate to 2.25%, with two further rises expected by next spring

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The European Central Bank has raised interest rates for the first time since 2023 in response to higher inflation caused by the war in Iran.

The ECB raised its main deposit rate from 2% to 2.25% in a move that financial markets expect to be the first of three rises by next spring.

Figures suggest common travel area being used in both directions, but particularly UK to Ireland

Up to 90% of asylum seekers in Ireland may have entered the country via the Northern Ireland land border in the last three years, figures suggest.

Irish government data shows the common travel area (CTA) is being exploited in both directions but suggests it may be more popular for those seeking asylum in Ireland than in the UK.

Banks, crypto firms and Kremlin oil reserves also targeted in 21st set of measures since full-scale invasion of Ukraine

The EU hopes to ban Russian soldiers from entering its territory as part of further sanctions against Moscow that also target banks, crypto firms and the Kremlin’s oil revenues.

Announcing the proposals on Tuesday, the European Commission president, Ursula von der Leyen, said: “We propose for the first time to ban from entry into the European Union anyone who has served in the Russian armed forces since the beginning of the war. So Europe stays off limit for anyone who has participated in the invasion of Ukraine, as simple as that.”