Good morning.
Households need at least an extra £500 to survive rising energy bills this winter as predictions for the price cap continue to rise.
That’s according to Octopus Energy boss Greg Jackson, who said the current £400 bailout plans were “clearly not enough” and urged the Government to go further.
He said direct help on energy bills would not only help families survive the winter but also help tackle inflation.
It comes after the latest predictions from Cornwall Insight found bills to top £4,200 a year in January.
Meanwhile, The Sun reports that energy chiefs will meet ministers tomorrow amid plans to raise a surprise 25% tax on top producers’ profits.
5 things to start the day
1) Heathrow’s Spanish owner considers selling stake amid airport chaos Ferrovial had already warned it would commit more funding after the landing fee dispute
2) Used car sales fall as drivers hold on to vehicles longer. Chip shortages choke production lines, causing a lack of supply on the second-hand market.
3) Taxpayer-backed tech startup falls into administration as investor cancels £79m stake Banknote firm Pollen had been backed by Rishi Sunak’s Future Fund
4) The last thing we need to fight energy poverty is Soviet price controls or Macron’s pampering of the rich. Allowing the state to intervene could have harmful consequences.
5) EDF sues French government for €8.4bn after Macron forces it to sell power at a loss The nuclear giant estimates the price cap could cost it €15bn this year
What happened during the night
Asian stocks fell and the dollar steadied on Wednesday as investors awaited a key U.S. inflation report for clues to the Federal Reserve’s plans for future monetary tightening.
The Consumer Price Index (CPI) report is due later today, with markets awaiting signs that inflation eased in July despite last week’s unexpectedly strong US jobs numbers .
The broadest index of Asia-Pacific shares outside Japan fell 0.51 percent, while Japan’s Nikkei extended losses from the previous day and fell 0.65 percent.
South Korea’s KOSPI lost 0.64%, Australia’s AXJO fell 0.12% and Taiwan’s TAIEX fell 0.7%.
It arrives today
- Corporate: 4imprint Group, Admiral Group, Aviva, CLS Holdings, ContourGlobal, Gamesys Group, Quilter, TP ICAP (interim)
- Economy: Consumer Price Index (US, China, Ger), Monthly Budget Status (US)