The live energy price cap will rise to £ 2,800 in October, Ofgem warns: live updates

Good morning.

We begin the day with a stern warning from Grant Shapps about the possible consequences of the food crisis.

The Minister of Transport said that the world could suffer “a lot of hunger and even hunger” as a result of the shortage caused by Putin’s war in Ukraine.

He said it was “absolutely essential” that Ukraine, known as the barn of Europe, could continue to export grain.

Ministers are currently considering options to intervene in the crisis, and the Times reports that the Royal Navy could be sent to the Black Sea to protect ships carrying food supplies outside Ukraine.

Shapps said he had a meeting with Oleksandr Kubrakov, Ukraine’s infrastructure minister, and that different options were being considered.

5 things to start the day

1) Henry Kissinger warns against Russia’s defeat as Western unity shatters: Former US Secretary of State urges Ukraine to cede territory to Putin to end war

2) The cost of electric car batteries will increase as the war disrupts the supply chain: rising prices will be the “big obstacle” for more consumers to switch to electricity, warns the International Bureau of Energy

3) Nicola Sturgeon accused of “fabricating” the Scotrail crisis: The Scottish government refused to discuss wages before an industrial action that led to a wave of time cuts, the union says.

4) Households prepare for internet shutdown as bankruptcy wave threatens: Rising inflation pushing smaller broadband providers to the limit could leave households without connectivity

5) Millions “march on hunger” as Putin unleashes a global food catastrophe: UN chief attacks Russia for provoking worst humanitarian crisis since World War II.

What happened overnight

Shares of Hong Kong opened lower on Tuesday, with Hang Seng falling 0.4%.

The Shanghai composite index fell 0.2%, while the Shenzhen composite index on China’s second-largest stock market fell 0.6%.

In Tokyo, the Nikkei 225 benchmark fell 0.5% in morning trading, while the broader Topix index fell 0.5%.

Arrive today

  • Corporate: Cranswick, HomeServe, RS Group (annual results); Bytes Technology, Greencore, Shaftesbury, SSP (interim); Hill & Smith Holdings, Hilton Food (trade statement)
  • Economy: World Economic Forum (EU); Services PMI (UK, US, EU), Manufacturing PMI (UK, US, EU); Composite PMI (US, US); sale of new homes (USA)

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