Written by 7:21 pm EU Investment

‘Increasingly likely’ Putin will cut off gas supplies completely, EU warned

Good morning. 

Thousands of households in Britain are facing energy bills of £7,000 as soon as October when the price cap rise comes into effect.

Forecasts from Nationwide show the least energy efficient households face a huge £2,700 rise in bills. That’s far more severe than the £1,250 rise facing the average household.

The figures also showed surprisingly resilient growth in house prices in August. They were up 0.8pc on the previous month after posting growth of just 0.2pc in July.

But a combination of higher interest rates and soaring energy bills means a slowdown in the market is still expected.

5 things to start your day 

1) Executives working from holiday homes fear a tax crackdown – Britons on post-pandemic ‘workcations’ face threat of tax rules shake-up

2) ONS inflation ruling to cost households millions in higher fares, phone and broadband contracts – Official statistics body rules the £400 energy bill discount will not act to reduce inflation figures

3) John Lewis is giving free English breakfasts to Christmas workers – Retailer offers free meals as it embarks on a hiring spree of 10,000 festive workers

4) Earnings to collapse to 2003 levels as inflation batters living standards – Households facing worst hit for a century, warns Resolution Foundation

5) Gazprom hands Kremlin £8.5bn dividend after record profit – State-owned energy giant’s shares soar by 20pc as global surge in gas prices nets it a half-year profit of £36bn

What happened overnight 

Tokyo stocks opened lower this morning, with the benchmark Nikkei 225 index down 1pc and the broader Topix index dropping 0.8pc.

Hong Kong stocks also opened with more losses. The Hang Seng Index plummeted 1pc.

The Shanghai Composite Index lost 0.2pc, while the Shenzhen Composite Index on China’s second exchange also eased 0.2pc.

Coming up today

Corporate: PPHE Hotel Group (interim results); Kainos (trading statement)

Economics: Manufacturing PMI (UK, US, EU), unemployment rate (EU), jobless claims (US), retail sales (Ger)

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