UK presents contingency plan to cut gas supply to Europe

ghello.

Britain will cut gas supplies to mainland Europe as part of a contingency plan drawn up to counter the Russian energy crisis.

So-called interconnecting pipelines to the Netherlands and Belgium would be shut down by National Grid if supply runs out in the coming months, reports the Financial Times.

It’s part of a four-step contingency plan that could also include rationing gas to large industrial users and urging households to reduce consumption.

But European gas companies have warned it will undermine efforts to counter Putin’s aggression and exacerbate the continent’s energy crisis.

Germany and the Netherlands have already triggered their own contingency plans after Russia cut gas supplies to Europe, raising fears of shortages this winter.

5 things to start your day

1) Electric vehicle switch ‘puts 22,000 jobs at risk’ Switching to electricity will mean fewer jobs available and many people will be forced to retrain, warns report

2) Cut meat, steal less and cycle to work to reach net zero, say climate change chiefs Climate Change Committee’s progress report ventures into sensitive territory of lifestyle choices to help the environment

3) Inflation leaves UK military spending facing cuts despite Boris Johnson’s rallying cry PM urges allies to ‘deepen’ defense spending

4) Why a 30% salary increase for doctors is far too unrealistic British Medical Association wage demands would put pressure on public finances and already benefit very high earners

5) Disney chief survives row over Florida’s ‘Don’t Say Gay’ bill Board of directors renews Bob Chapek’s contract for three years

What happened overnight

Hong Kong stocks fell more than 1% this morning, following a sharp sell-off on Wall Street amid concerns about the impact of runaway inflation on the economy.

The Hang Seng Index fell 1.3pc, the Shanghai Composite Index slid 0.3pc and the Shenzhen Composite Index on China’s second largest stock exchange also fell 0.3pc.

Shares in Tokyo opened lower, with the benchmark Nikkei 225 index down 0.7pc, while the broader Topix index slid 0.8pc.

coming today

  • Company : Moon Pig, Mulberry (annual results); B&M, Meggitt (commercial statement)
  • Economy: GDP (WE)basic personal consumption expenditure (WE)business climate (EU)consumer confidence (EU)

Mary I. Bruner