Pound jumps 1.3pc as US inflation slows

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Households need at least an extra £500 to survive soaring energy bills this winter as price cap forecasts keep rising.

That’s according to Octopus Energy boss Greg Jackson, who said current £400 aid plans ‘were clearly not enough’ and urged the government to go further.

He said direct help with energy bills would not only help families survive the winter, but would also help fight inflation.

It comes after Cornwall Insight’s latest forecast revealed bills are set to hit £4,200 a year by January.

Meanwhile, The Sun reports that energy bosses will meet ministers tomorrow over plans to raise a windfall tax of 25% on the profits of major producers.

5 things to start your day

1) Spanish Heathrow owner plans to sell stake in airport chaos Ferrovial has already warned against committing additional funds after a row over landing fees

2) Used car sales plummet as drivers keep their vehicles longer Shortage of chips suffocates production lines, leading to lack of supply in second-hand market

3) Taxpayer-backed tech startup falls into administration as investor cancels £79m stake Ticketing company Pollen had received support from Rishi Sunak’s Future Fund

4) The last thing we need to fight energy poverty is Soviet price controls or Macron pampering the rich Letting the state intervene could have harmful consequences

5) EDF sues the French government for 8.4 billion euros after Macron forced it to sell energy at a loss The nuclear giant estimates that the price cap could cost it 15 billion euros over the year

What happened overnight

Asian stocks fell and the dollar stabilized on Wednesday as investors waited for a key US inflation report to provide clues to the Federal Reserve’s plans for future monetary tightening.

The Consumer Price Index (CPI) report will be out later today as markets watch for signs of slowing inflation in July despite surprisingly strong US jobs numbers last week .

MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 0.51%, while Japan’s Nikkei extended losses from the previous day and fell 0.65%.

South Korea’s KOSPI lost 0.64pc, Australia’s AXJO lost 0.12pc and Taiwan’s TAIEX fell 0.7pc.

coming today

  • Company : 4imprint Group, Admiral Group, Aviva, CLS Holdings, ContourGlobal, Gamesys Group, Quilter, TP ICAP (interims)
  • Economy: Consumer Price Index (US, China, Germany), Monthly Fiscal Statement (US)

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