(Bloomberg) -- The energy regulator’s announcement of a 21% rise in its energy price cap would have been a stomach-churning moment for households across the country this morning had it not been for the government’s commitment to freeze bills. Still, The Times reports this morning that ministers are preparing a public information campaign to encourage people to save energy. But customers don’t need to be told, its seems: Kingfisher Plc’s stores like Screwfix have benefited from customers investing in their comes to save energy, without a nudge from Downing Street.
Here’s the key business news from London this morning:
In The City
Ofgem Price Cap: The energy regulator’s price cap for the average household will rise by 21% to £4,279 a year from January, well ahead of the government’s freeze at £2,500 until April.
Dr. Martens Plc: The iconic bootmaker will raise prices again, despite a worsening consumer environment slowing their direct to consumer sales growth.
- A stronger dollar and what the company called “targeted investment for the future rather” will also impact its full year margins
Jet2 Plc: Travel chaos over the summer will cost the package holiday provider more than £50 million in delay and compensation costs.
- Still, strong demand for summer holidays meant the company had to discount fewer plane tickets, and it is on track to out perform market expectations
Kingfisher Plc: The home improvement company said DIY sales are being supported by people upgrading their homes to help save energy, as well as a move to more permanent work from home set-ups.
The government scrapped a controversial plan to give itself an intervention power over financial regulators, in a U-turn that's likely to be seen as another move to repair relations with the Bank of England and regulatory bodies.
Chancellor Jeremy Hunt’s decision to maintain non-domiciled tax status is becoming harder to defend amid evidence that removing it would not prompt wealthy individuals to leave the country.
Rishi Sunak says he isn’t interested in a Swiss-type model of partnership with the EU. “He should be,” argues Bloomberg Opinion. Meanwhile, the EU will require derivatives traders to use accounts at clearing houses in the bloc for some transactions, under plans aimed at boosting Europe’s capital markets.
In Case You Missed It
Here’s a closer look at Britain’s egg crisis, which is exposing a food-supply crunch that’s unlikely to go away.
Water companies illegally dumped raw sewage into the UK’s rivers at least 146 times this year, a campaign group called Surfers Against Sewage said.
Elsewhere, it might be wise to avoid talking about crypto at the Thanksgiving dinner table today. “Investment bubbles tend to leave behind something useful when they pop. Unfortunately, crypto looks like an outlier,” says Bloomberg Opinion’s Merryn Somerset Webb.
Aggregates company Breedon Group Plc is among the firms expected to cap off the earnings week tomorrow.
For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.
--With assistance from Kwaku Gyasi.
©2022 Bloomberg L.P.