Good morning.
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, has warned that there is a risk that inflation could rise further if the chancellor succumbs to the temptation to offer more and more aid.
He told BBC Radio 4: “In general, when you have very high inflation, you have to be very careful to put more money into the economy.
“I think the biggest risk here is that the chancellor will be tempted to do it over and over again and I think if that happens, we could really have a bit of a problem.”
It comes after the chancellor introduced a £ 15bn package to help households cope with rising energy bills, which will be funded in part by an extraordinary tax on oil and oil profits. gas.
5 things to start the day
1) How middle-aged peakers resist the return to the London office has effectively become the working capital at home in the world
2) BP will review all investments in the North Sea in the light of the unexpected tax The oil giant said earlier that it would go ahead with its planned investment of £ 18 billion for the area, regardless of an additional tax
3) The shortage of used cars will last until 2024, warns Auto Trader The scarce supply of second-hand vehicles is increasing prices
4) Missguided on the verge of collapse Fashion chain accused of leaving suppliers millions of pounds out of pocket
5) Fears of the acquisition of French broadband as the participation of billionaire BT provokes a review of national security Business Secretary Kwasi Kwarteng orders a review before a possible takeover
What happened overnight
Shares in Hong Kong rose more than 3% on Friday morning thanks to a rise in technology companies following strong gains from Alibaba and Baidu. Shanghai, Tokyo, Seoul, Sydney, Singapore, Taipei, Manila, Jakarta and Wellington were also much higher.
Arrive today
- Corporate: Worldwide Healthcare Trust (annual results)
- Economy: Basic Consumer Spending (US), Personal Income (US), Michigan Consumer Sentiment Index (US)