Rolling coverage of the latest economic and financial news, as German exports to Russia fall nearly two-thirds in March
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- Crossrail: much-delayed Elizabeth line to open on 24 May
- Graphic: How Crossrail will link services from east and west
- German exports to Russia sank 63% in March as conflict hits economy
- ING: hard evidence of impact of Ukraine war
- Russia-Ukraine war: EU proposes ban on all Russian oil imports
The Elizabeth line will open on 24 May, with the tunnelled central London section of the long-delayed £19bn Crossrail project now ready for passengers.
Transport for London said that the line will open, subject to final safety approvals, the week prior to the Queen’s Jubilee celebrations.
Rates of contraction in production and new sales eased from March, but sanctions weighed on client demand and the ability of firms to source raw materials. Input shortages and unfavourable exchange rate movements meanwhile led to further substantial upticks in cost burdens and output charges.
Meanwhile, output expectations were historically subdued amid concerns regarding the impact of sanctions on future demand and new orders.