Businesses are worried about energy costs as temperatures plummet across Britain.
A CBI survey has found that businesses believe their bills will more than double next year if government financial support is withdrawn.
Two-thirds said they were exposed to an immediate increase in energy bills when current support expires, rising to 74 percent by the end of June.
5 things to start your day with
1) Michael Gove approves UK’s first deep coal mine in 30 years – Leveling Up Secretary backs Cumbria project after accepting fossil fuel vital to UK steel
2) Canceled parties threaten Christmas ruin for pubs and restaurants – Railway strikes hammer businesses into what should be their busiest week of the year
3) Britain threatens to come under pressure from strikes bringing rail freight to a halt
4) China accuses Britain of failing to fulfill its international obligations after ‘super embassy’ was blocked – Public pressure from the Chinese adds to growing tension between Westminster and Beijing
5) Brussels launches new attack on city’s prized clearinghouses – European Commission insists new rules aim to protect stability, not launch a power grab
What happened from one day to the next
Asian stocks rallied higher on Thursday, sharply lifted by stocks from Hong Kong and China, despite growing fears of an economic slowdown and concerns about the pace of rate hikes by the Federal Reserve.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan rose 0.19% in what would be a two-day losing streak. The Chinese stock market was 0.12 percent higher, while the Hang Seng index in Hong Kong grew almost 2 percent.
The gains in Chinese stocks came after some investors posted gains on Wednesday after the government announced sweeping changes to ease strict anti-COVID policies that have battered the world’s second-largest economy.
Elsewhere in Asia, Australia’s S&P/ASX 200 index fell 0.67 percent, while Japan’s Nikkei fell to an all-time low in nearly a month.
The US dollar remained weak on Thursday after slipping overnight against major peers for the first time this week.