The Bank has resisted calls to raise interest rates - seen as the most effective policy tool in combating inflation - on the basis that temporary, external factors, such as rising oil and food costs, are driving price rises.

BBC: UK inflation rate rises to 4.5% in April

Mario Ploner, the managing director of Tecnomeccanica Biellese, says the ship-based system will use external booms running parallel with the vessel's sides to channel oil onto wool that has been spread over the surface of the sea.

ECONOMIST: Monitor