Ggood morning.
The UK will cut off gas supplies to mainland Europe as part of an emergency plan designed to combat Russia’s energy crisis.
According to the Financial Times, the so-called interconnect pipeline to the Netherlands and Belgium will be closed by the National Grid if supply is scarce in the coming months.
This is part of a four-step emergency plan that could include distributing gas to large industrial users and encouraging households to reduce consumption.
However, European gas companies have warned that they will undermine efforts to counter Putin’s attack and exacerbate the continent’s energy crisis.
After Russia cuts its gas supply to Europe, Germany and the Netherlands have already triggered their own emergency plans, raising fears of a shortage this winter.
5 things to start the day
1) Electric vehicle shift “endangers 22,000 jobs” The report warns that the move to electricity means less work is available and many people will be forced to retrain.
2) According to the person responsible for climate change, cut meat, reduce the number of flights, and work to circulate and achieve net zero. Climate Change Commission progress reports challenge sensitive areas of lifestyle choices to help the environment
3) Inflation confronted UK military spending cuts despite the cry of Boris Johnson’s rally Prime Minister urges allies to “dig deeper” in defense spending
Four) Why doctors’ 30pc salary increases are too unrealistic British Medical Association payment demands will put pressure on finances and benefit already ultra-high-income people
Five) “Don’t say gay” bill for Disney chiefs to survive the Florida line Board renews embarrassed Bob Chapek’s contract for another three years
What happened overnight
Hong Kong stocks fell more than 1% this morning after a plunge on Wall Street amid concerns about the economic impact of runaway inflation.
The Hang Seng Index fell 1.3%, the Shanghai Composite Index fell 0.3%, and the Shenzhen Composite Index, the second largest exchange in China, also fell 0.3%.
Tokyo Securities started trading at a lower price as the benchmark Nikkei Stock Average fell 0.7% and the wider Tokyo Stock Exchange index fell 0.8%.
Come today
- Company: Moonpig, Mulberry (Full-year financial results)B & M, Meggitt (Bank statement)
- Economy: GDP (we)Core consumer spending (we)Business environment (we)Consumer trust (we)