British households are facing a cost-of-living attack today, as the energy price ceiling rises by more than 50%. Average domestic energy bills will increase by £ 693 next year as a result of sharp increases in wholesale prices. The Resolution Foundation’s analysis found that this would double the number of English households suffering from fuel poverty to 5 million. Another 2.5 million households will be at risk from “fuel stress” – spending at least a tenth of their household budget on energy bills – if the price ceiling jumps again in October, as expected by official meteorologists. It comes days before the National Insurance tax increase that will further push the budgets, while the skyrocketing inflation is already pushing consumer prices. Overall, the average family will be 100 1,100 worse in the next 12 months, according to the Resolution Foundation.

5 things to start your day with

  1. The end of the Covid spree reveals a bleak reality for Britain’s finances State aid has fueled UK growth, but the private sector has come to its knees
  2. Albania plans ‘new Hoover Dam’ to turn off Russian gas The dam will be the largest construction project in Albania since the fall of communism
  3. Boris Johnson opens the door for a resurgence of fracking The Prime Minister stops the order for sealing three wells to “evaluate the options” in the midst of an energy crisis
  4. Kremlin-affiliated company launches UK delivery service Yandex, known as Russia’s Google, is already shutting down in Paris
  5. Ban on Russian bank deposits over .000 50,000 is illegal, finance chiefs warn Bankers say the proposal would violate equality laws

What happened overnight

Asian stocks were mostly lower on Friday as a resurgence of Russian attacks dashed hopes of a quick end to the war in Ukraine. The downturn followed a broad fall on Wall Street, which closed its worst quarter since the pandemic broke out two years ago. Japan’s Nikkei 225 index fell 0.7% in morning trading to 27,618.27 points. Hong Kong Hang Seng lost 0.8%, while Shanghai Composite gained 0.9%.

He is coming today

Corporate: Pennon (transaction update) Finance: Manufacturing PMI (United Kingdom, USA, EU); Inflation (EU); non-farm payrolls, unemployment rate (US)