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The EU is preparing emergency measures to curb soaring electricity prices, as Shell warns that the energy crisis could last for years, and utilities turn to the state for support. With member states stepping up pressure to decouple electricity prices from the spiralling cost of gas, European Commission president Ursula von der Leyen said Brussels

Outgoing UK prime minister Boris Johnson on Sunday warned that the country would face “eye-watering” energy bills and promised his successor would soon announce a “huge package” of financial support for struggling households. Writing in the Mail on Sunday newspaper, Johnson said that while Russia wanted the UK to “buckle” in the face of surging

Typical household energy bills in Britain will rise above £3,500 in October and could exceed £6,000 by April. But why are they suddenly going up by so much and what can be done to mitigate the impact on households and the wider economy? Why are bills soaring? The simple answer is the price of gas

The typical household gas and electricity bill in Britain will rise to £3,549 a year from October from £1,971 at present, the sector’s regulator confirmed on Friday, as consumers grapple with a cost of living crisis driven by soaring energy costs. Ofgem said the 80 per cent increase in the so-called price cap, which governs

Financial markets are betting the Bank of England will more than double interest rates by May next year, as concern mounts about further rises in UK inflation. The shift in expectations in the swap market — which anticipates interest rates of 4 per cent in May compared with 1.75 per cent today — are among

Ukraine has called for a permanent mission of nuclear and military experts at the Zaporizhzhia power plant to protect “the security of Europe”, as fears increase about the risk of a nuclear disaster at the Russian-occupied site. German Galushchenko, Ukraine’s energy minister, said he was hopeful that a long-term mission of nuclear experts from the

The euro hit a fresh two-decade low against the dollar on Tuesday as fears of tighter US Federal Reserve monetary policy and a European energy crisis darkened investor sentiment. Europe’s common currency fell as much as 0.4 per cent to $0.9899 reaching a fresh 20-year low, having dropped below parity with the dollar on Monday,

UK inflation is on course to hit 18.6 per cent in January — the highest peak in almost half a century — because of soaring wholesale gas prices, according to a new forecast from Citigroup based on the latest market prices. The investment bank predicted that the country’s retail energy price cap — which limits

The daughter of a Russian ideologue, who is one of the most prominent supporters of President Vladimir Putin’s invasion of Ukraine, died in a car bombing outside Moscow on Saturday night. Russian investigators said Daria Dugina, a nationalist journalist and political analyst, died after the Toyota Land Cruiser she was driving exploded outside Odintsovo, a

Investors are raising red flags over a stock market rally that has added more than $7tn in value to US equities since June, with many of the gains being driven by hedge funds unwinding bearish bets rather than newfound conviction that it is time to buy. Traders at Goldman Sachs, Morgan Stanley and JPMorgan Chase

UK consumer confidence has fallen to its lowest level since comparable records began almost 50 years ago as the rising cost of living stokes concerns over personal finances and economic prospects. In monthly research from data provider GfK, the August index score for overall consumer confidence fell to minus 44 from a figure of minus

Liz Truss, the frontrunner to be the next UK prime minister, has the City of London’s top regulators in her sights with an immediate review of their roles and responsibilities if she wins, according to campaign insiders. The foreign secretary, who is 32 points ahead of the former chancellor Rishi Sunak in the latest survey

The UK’s rate of inflation jumped to 10.1 per cent in July, the first time it has registered a double-digit annual increase in more than four decades. Consumer price inflation, driven by higher food prices, rose from 9.4 per cent in June to its highest level since February 1982. The double-digit rate exceeded economists’ expectations

Real levels of UK wages fell at the fastest rate for at least 20 years in the second quarter of this year, but the labour market remains too tight for the Bank of England to feel comfortable about inflationary pressures. Data from the Office for National Statistics showed that in the three months to June

US homebuilder confidence fell in August, as high home prices, construction costs and interest rates threatened housing affordability and depressed demand. The National Association of Home Builders’ housing market index for August dropped 6 points to 49, below economists’ forecasts of 55, according to a Refinitiv poll. This is the first time since May 2020

A new lender has been granted a licence by UK financial regulators to offer mortgages with fixed rates of up to 50 years in a move aimed at helping borrowers manage soaring inflation. Perenna, a UK-based specialist lender, is initially planning to provide home loans that lock in rates for 30 years, before rolling out

Activist investor Dan Loeb is agitating for sweeping changes at Disney, including a shake-up of its board, a spin-off of the sports television network ESPN and aggressive cost-cutting after rebuilding a stake in the entertainment and media group. The head of the Third Point hedge fund also recommended that the company take full control of

When the UK’s new prime minister forms a government on September 6, he or she will need a rapid plan to address soaring household energy bills this winter. With estimates that the annual average combined gas and electricity bill will rise from £1,971 in the summer to £3,582 at the start of October, and more

Britain’s cost of living crisis is deepening by the day. Millions worry about how they will pay their winter heating bills. The UK government, meanwhile, is frozen in inaction as it waits for the result of a two-month, presidential-style campaign to elect the next Conservative party leader and prime minister. The two candidates have sparred

If I scatter broken glass on the ground and someone else walks over it and cuts their feet, does it matter “when” they cut their feet? That’s the thought experiment at the start of the philosopher William MacAskill’s forthcoming book, What We Owe The Future. MacAskill’s argument is that harm is harm, whether my littering

Stock markets were subdued on Monday as disappointing Chinese economic data and an interest-rate cut by the country’s central bank complicated the global outlook. US equity futures declined, with contracts tracking the S&P 500 falling 0.5 per cent. The broad Wall Street index on Friday closed out its fourth consecutive week of gains. Contracts tracking