Wall Street at record high after US inflation falls to 3.4%; takeover offer for Royal Mail raised – as it happened

Traders at the New York Stock Exchange. Photograph: Spencer Platt/Getty Images

4.15pm BST

Closing post

Time to wrap up.

Here are today’s main stories:

Chancellor Jeremy Hunt and work and pensions secretary Mel Stride have been accused of “gaslighting the British public”, after claiming the unemployed have “ample opportunities” to find a job.

Former Federal Reserve chair Ben Bernanke has told MPs that the UK’s inflation shock “was inevitable”, and would have happened even if his recommendations to improve the Bank of England had been implemented.

4.11pm BST

More takeover drama in the City: Oil services company John Wood Group has rejected a second takeover approach.

John Wood told shareholders that Dubai-based Sidara has raised its previous offer – which it turned down – by 3% yesterday.

However, John Wood’s board has concluded that it continued to fundamentally undervalue Wood and its future prospects, and unanimously rejected it today.