Energy price cap will hit £2,800 in October, Ofgem warns

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ggood morning.

We start the day with a stern warning from Grant Shapps about the potential fallout from the food crisis.

The transport minister said the world could suffer “a lot of hunger and even starvation” due to shortages caused by Putin’s war in Ukraine.

He said it was “absolutely essential” that Ukraine – known as Europe’s breadbasket – could continue to export grain.

Ministers are currently considering options for intervening in the crisis, with The Times reporting that the Royal Navy could be sent to the Black Sea to protect ships ferrying supplies out of Ukraine.

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

5 things to start your day

1) Henry Kissinger warns of Russian defeat as Western unity unravels: Former US Secretary of State urges Ukraine to cede territory to Putin in order to end the war

2) Cost of electric car batteries set to skyrocket as war disrupts supply chain: Rising prices will be ‘biggest hurdle’ to electrifying more consumers, warns International Energy Agency

3) Nicola Sturgeon accused of having “fabricated” the Scotrail crisis: The Scottish government refused to discuss wages ahead of the industrial action that sparked a wave of working hours cuts, the union said.

4) Households brace for internet blackout as wave of bankruptcies threatens: Soaring inflation pushing small broadband providers to the brink could leave homes without connectivity

5) Millions ‘walking towards starvation’ as Putin triggers global food catastrophe: The UN chief is attacking Russia for triggering the worst humanitarian crisis since World War II.

What happened overnight

Hong Kong shares opened lower on Tuesday, with the Hang Seng dropping 0.4pc.

The Shanghai Composite Index fell 0.2pc, while the Shenzhen Composite Index on China’s second-largest stock exchange fell 0.6pc.

In Tokyo, the benchmark Nikkei 225 was down 0.5pc in morning trade, while the broader Topix index slid 0.5pc.

coming today

  • Business : Cranswick, HomeServe, RS Group (Fannual results); Bytes Technology, Greencore, Shaftesbury, SSP (temporary workers); Hill & Smith Holdings, Hilton Foods (commercial declaration)
  • Economy: World Economic Forum (EU); Services IPM (UK, US, EU)Manufacturing PMI (UK, US, EU); Composite PMI (US, EU); new home sales (WE)
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