Jacob Rees-Mogg cuts business energy bills in half

Good morning. 

All eyes are on the Business Secretary this morning for more details about a multi-billion-pound support package to help companies cope with soaring energy bills.

Jacob Rees-Mogg is expected to unveil a package that will slash businesses’s energy costs in half amid concerns the crisis could spark a wave of collapses.

Electricity bills are expected to be slashed in half, while gas bills will be cut by a quarter. The measures will last for six months.

It comes after ministers intervened to cap households energy bills at £2,500 per year for two years from October.

5 things to start your day 

1) Sir Richard Branson-backed bid to launch rocket from Cornwall pushed back again  Virgin Orbit is planning over a dozen rocket launches from Cornwall in the next decade

2) Chocolate scratch-n-sniff cards on the menu at National Lottery  Czech-owned gambling business aims to dramatically increase number of scratch card purchases

3) British millionaire numbers surge above France and Germany  Recovery in UK markets boosts ranks of the wealthy, finds Credit Suisse 

4) Jacob Rees-Mogg faces High Court showdown with 11 striking unions  Trade unions launch judicial review over plans to replace striking workers

5) New Transport Secretary to meet union bosses in olive branch after months of rail strikes  Dialogue with unions comes after a new wave of strikes announced for October

What happened overnight 

Hong Kong stocks dropped at the start of trade this morning, reversing the previous day’s gains as investors geared up for an expected Federal Reserve interest rate hike.

The Hang Seng Index fell 0.768pc. The Shanghai Composite Index shed 0.5pc, while the Shenzhen Composite Index on China’s second exchange lost 0.7pc.

Tokyo stocks opened lower, with the benchmark Nikkei 225 index down 1pc, while the broader Topix index plummeted 0.8pc.

Coming up today

  • Economics: Federal Reserve interest rate decision (US), public sector net borrowing (UK)
  • Corporate: Supermarket Income REIT (full-year results); Petershill Partners, Keywords (interims)

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