Sunak claims energy brochures will add less than 1% to inflation


All eyes are on Rishi Sunak this morning as we digest the latest measures to help combat the cost of living crisis.

Paul Johnson, director of the IFS, warned that there is a risk that inflation will rise further if the chancellor gives in to the temptation to offer more and more handouts.

He told BBC Radio 4: “In general, when you have very high inflation, you have to be very careful about putting more money into the economy.

“I think the biggest risk here is that the Chancellor is tempted to do this over and over again and I think if that happens then we could really have some problems.”

It comes after the chancellor unveiled a £15bn package of measures to help households cope with rising energy bills, to be partly funded by a one-off tax on oil and gas profits. gas.

5 things to start the day

1) How middle-aged peakers resist going back to the office London has effectively become the local working capital of the world.

two) BP to review all North Sea investments in light of windfall profits tax The oil giant has previously said it would go ahead with its planned £18bn investment for the area, regardless of an additional tax.

3) Used car shortage to last until 2024, warns Auto Trader The shortage of second-hand vehicles drives up prices

4) Missguided on the brink of collapse Fashion chain accused of leaving suppliers millions of pounds out of pocket

5) French broadband takeover fears as billionaire’s BT involvement triggers national security review Business Secretary Kwasi Kwarteng orders review ahead of potential takeover

what happened during the night

Hong Kong shares rose more than 3% on Friday morning thanks to a surge in technology companies after strong earnings from Alibaba and Baidu. Shanghai, Tokyo, Seoul, Sydney, Singapore, Taipei, Manila, Jakarta and Wellington were also far superior.

arriving today

  • Corporate: World Health Care Trust (full year results)
  • Economic Sciences: Basic Personal Consumption Expenditures (US), Personal Income (US), Michigan Consumer Confidence Index (US)

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