Jacob Rees-Mogg to cut business energy bills in half

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All eyes are on the Business Secretary this morning for details of a multibillion-pound support package to help businesses cope with soaring energy bills.

Jacob Rees-Mogg is set to unveil a package that will halve business energy costs as the crisis could trigger a wave of meltdowns.

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

It comes after ministers stepped in to cap household energy bills at £2,500 a year for two years from October.

5 things to start your day

1) Sir Richard Branson-backed bid to launch a rocket from Cornwall is again rebuffed Virgin Orbit plans more than a dozen rocket launches from Cornwall over the next decade

2) Chocolate scratch cards on the National Lottery menu Czech-Owned Gambling Company Aims to Dramatically Increase Scratch Card Purchases

3) The number of British millionaires exceeds France and Germany Recovery in UK markets bolsters ranks of the wealthy, Credit Suisse says

4) Jacob Rees-Mogg faces High Court showdown with 11 striking unions Unions launch judicial review of plans to replace strikers

5) New transport secretary to meet union bosses in an 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 fell in early trading this morning, reversing gains from the previous day as investors braced for an expected Federal Reserve interest rate hike.

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

Shares in Tokyo opened lower, with the benchmark Nikkei 225 down 1pc, while the broader Topix index fell 0.8pc.

coming today

  • Economy: Federal Reserve interest rate decision (US), public sector net borrowing (UK)
  • Company : Supermarket Income REIT (annual results); Petershill Partners, Keywords (Interims)

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