EU may keep Russian pipeline open despite oil ban

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All eyes are on Rishi Sunak this morning as we digest the latest measures to tackle the cost of living crisis.

Paul Johnson, director of the IFS, has warned that there is a risk that inflation will be even higher if the Chancellor gives in to the temptation to offer more and more handouts.

He told BBC Radio 4: “Generally when you have very high inflation you have to be very careful not to put more money into the economy.

“I think the biggest risk here is that the Chancellor will be tempted to do it again and again and I think if that happens we could really be in for some trouble.”

It comes after the Chancellor unveiled a £15billion package of measures to help households cope with rising energy bills, which will be funded in part by a windfall tax on oil and gas profits .

5 things to start your day

1) How quarantine ‘peaks’ are resisting returning to the office London has effectively become the work from home capital of the world

2) BP to review all North Sea investments in light of windfall tax The oil giant previously said it would continue with its planned £18billion investment in the region regardless of an additional levy

3) Used car shortage will last until 2024, warns Auto Trader Shortage of used vehicles pushes prices up

4) Missguided on the verge of collapse Fashion chain accused of leaving millions of pounds to suppliers

5) Fears of French broadband takeover as billionaire’s stake in BT triggers national security review Business Secretary Kwasi Kwarteng orders review ahead of possible takeover

What happened overnight

Hong Kong shares rose more than 3% on Friday morning on a rise in tech companies after strong profits from Alibaba and Baidu. Shanghai, Tokyo, Seoul, Sydney, Singapore, Taipei, Manila, Jakarta and Wellington were also up sharply.

coming today

  • Company : Global Healthcare Trust (annual results)
  • Economy: Basic Personal Consumption Expenditure (US), Personal Income (US), Michigan Consumer Confidence Index (US)
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