Good morning.
The UK will cut off gas supplies to continental Europe as part of an emergency plan drawn up to counter the Russian energy crisis.
So-called interconnection pipelines to the Netherlands and Belgium would be shut down by National Grid if supplies fall short in the coming months, the Financial Times reports.
It is part of a four-stage emergency plan that could also include rationing gas to large industrial users and urging households to reduce consumption.
But European gas companies warned it would undermine efforts to counter Putin’s aggression and aggravate the energy crisis on the continent.
Germany and the Netherlands have already activated their own emergency plans after Russia cut gas supplies to Europe, causing fears of shortages this winter.
5 things to start the day
1) Electric vehicle shift “puts 22,000 jobs at risk” The transition to electricity would mean fewer jobs available and many people forced to recycle, the report warns
2) Cut the meat, fly less and go to work to achieve zero net, they say the Climate Change Committee’s progress report of climate change leaders ventures into sensitive territory of life choices to help the natural environment
3) Inflation makes British military spending face cuts despite Boris Johnson’s war cry. The prime minister urges allies to “deepen” defense spending
4) Why a 30% pay rise for doctors is too unrealistic Wage demands from the British Medical Association would increase the pressure on public finances and benefit those who already have very high incomes
5) Disney chief survives dispute over Florida law “Don’t say gays” Board renews Bob Chapek’s contract for three more years
What happened overnight
Shares in Hong Kong fell more than a percentage point this morning, following a strong sell-off on Wall Street amid concerns about the impact of rampant inflation on the economy.
The Hang Seng index fell 1.3%, the Shanghai composite index fell 0.3% and the Shenzhen composite index on China’s second-largest stock market also fell 0.3%.
Shares in Tokyo opened lower, with the Nikkei 225 benchmark down 0.7%, while the broader Topix index fell 0.8%.
Arrive today
- Corporate: Moonpig, Mulberry (annual results); B&M, Meggitt (business statement)
- Economy: GDP (USA), basic personal consumption expenditure (USA), business climate (EU), consumer confidence (EU)