A Joseph Rowntree Foundation report published on 16 March tells us that as Northern Ireland entered the pandemic, nearly one in five people lived in poverty, including over 100,000 children. 1 in 14 households are in food insecurity, and the recent spike in energy prices, and wider inflation. People in workless families, disabled people, carers, and people in ethnic minority households have much higher poverty rates. So people across Northern Ireland need the new Executive to focus on whether to reverse or partly mitigate the impact of the £20 per week cut to the basic rates of Universal Credit. It could also match benefit up-rating more effectively to the cost of living. A targeted payment, such as the Scottish child payment, would reduce child poverty. The Executive could also consider the role that DLA/PIP can have in helping disabled people into the labour market, including considering how the administration of payments could be redesigned with dignity and poverty reduction at their heart.

A detailed analysis of where almost £5bn of Covid business funding went is not possible due to gaps in data, a spending watchdog has found. The Scottish government provided £4.4bn in grants and business rates relief between the start of the pandemic and October 2021. A further £375m was announced following the emergence of Omicron last winter. Although the speed and scale of the rollout helped to safeguard thousands of jobs and businesses, Audit Scotland was unable to determine where all the money ended up. It also identified gaps in information about how quickly applicants received funding. Auditor general Stephen Boyle said, ‘Knowing where the money went matters’. Information to enable wider analysis of how funding supported groups, such as female-owned businesses, is not available from centrally held data. The Accounts Commission said that councils' fraud arrangements are generally robust, but during the pandemic they were severely relied upon.

The department of transport has blocked yachts from leaving Britain over suspected links to oligarchs, and ships linked to Russia have been turned away or redirected when attempting to enter British shores. Grant Shapps told the House of Commons, ‘I can confirm that we are investigating yachts moored in this country we suspect are linked to Russian oligarchs. I have taken steps to ensure that they are unable to depart, and investigations are ongoing. Ten Russian-linked ships have been turned away or redirected on their course. Eight ships or their companies have severed their Russian ties.’ Data from Marine Traffic, a global intelligence group, shows yachts owned by oligarchs are on the move, and sailing out to sea. Anti-corruption activist Bill Browder said, ‘No self-respecting oligarchy exists without a yacht. What we're seeing now is an escape on the high seas.'

On 17 March Interest rates rose again for the third time in four months to counter higher prices and calm the rise in the cost of living. It means interest rates are now at their highest level since March 2020, when the Covid pandemic began. Energy bills and food costs are increasing and there is concern the war in Ukraine will push prices up further. Inflation, the rate at which prices rise, is currently 5.5%, well above the Bank of England's 2% target. The Bank expects inflation to reach 8%, possibly higher, in coming months, and cited rising prices and strong employment as the reasons for the latest rise. About two million households will see an immediate increase of about £26 a month to a typical tracker mortgage, and £16 to a typical standard variable rate mortgage.