Energy price cap to be reset every three months amid market chaos

Good morning

UK energy bills could be reviewed every three months under new proposals by Ofgem.

The regulator is launching a consultation into whether the price cap should be updated quarterly from October, rather than every six months.

The plan is designed to keep energy bills more up-to-date, allowing customers to benefit from cheaper bills sooner once prices start to fall from their current highs.

It will also help suppliers work out how much energy they need to buy for their customers.

5 things to start your day 

1) National Grid slashes gas shipments meant to tackle energy crisis Company fears network will be overwhelmed by deliveries to LNG terminals

2) Ministers pile more pressure on Andrew Bailey over inflation mistakes Business Secretary Kwasi Kwarteng says inflation overshoot ‘is an issue’ for the Bank of England

3) Traders bet £5bn against the pound  Markets expect sterling to plunge even lower as UK economy weakens

4)  Goldman boss warns of ‘very high’ recession risk in US Banking giant’s senior chairman Lloyd Blankfein said firms and households should prepare for a recession

5) UAE rival launches shock $4.4bn raid on Vodafone Etisalat Group becomes biggest shareholder in UK telecoms giant with 9.8pc stake

What happened overnight 

Hong Kong equities opened higher on Monday, following a Wall Street bounce sparked by a rally among tech-rich stocks.

The Hang Seng climbed 1.2pc. The Shanghai Composite Index rose slightly by 0.5pc, while the mainland’s second exchange the Shenzhen Composite increased 0.8pc.

Tokyo shares also opened higher, with the benchmark Nikkei 225 index gaining 1.2pc, while the broader Topix index rose 1pc.

Coming up today

• Corporate: Diploma (Interim results); Greggs (Trading update)
• Economics: Growth forecasts (EU); retail sales, industrial prod (China)