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Tuesday, December 06, 2022

BP to review all North Sea investment in light of windfall tax

The IFS has sounded the alarm over Rishi Sunak’s plans to help British households with their energy bills.

Paul Johnson, director of the IFS, said further support for the UK’s poorest households was “very much needed” as energy bills continue to rise.

But he said a blanket handout – which could cost around £10bn – meant money would go to people who “don’t desperately need it” and could drive inflation even higher.

The Chancellor is expected to unveil plans to give relief to household energy bills, which will be funded partly by a windfall tax on energy giants.

5 things to start your day

1) Government to intervene in Chinese bid for chip giant: Kwasi Kwarteng has ordered a detailed security review into the Chinese-backed takeover of Britain’s biggest microchip plant in the clearest sign yet that the deal will be blocked.

2) Britain plots rival summit to Davos to woo international elite: The Government is in the early stages of putting together the summit expected to be launched in autumn 2023 after Davos was shunned by many top political and business leaders this year.

3) Volkswagen will hand British drivers £2,000 over ‘dieselgate’ scandal: The German carmaker will pay out £193m after settling a five-year long legal battle over the use of illegal software in its cars to manipulate pollution data on tests.

4) China must destroy Elon Musk’s satellites with ‘hard kill’ weapon, says academics: Researchers from the Beijing Institute of Tracking and Telecommunications Technology called Starlink a threat to China’s national security because of its “huge potential for military applications”.

5) Oligarch Alexander Lebedev cuts ties with independent after sanctions hit: The billionaire was hit with an asset freeze and visa ban last Friday over his links to the Kremlin, while Vladimir Putin continues to wage war on Ukraine.

What happened overnight

Asian share markets slipped after minutes from the Federal Reserve’s early May meeting showed a majority backing half-percentage-point rate hikes in June and July, and as persistent concerns over global growth sapped confidence.

MSCI’s broadest index of Asia-Pacific shares outside Japan were dragged down 0.5pc after trading higher early in the morning.

Chinese blue-chips fell 1.1pc despite another drop in Covid cases, where lockdowns threaten to undermine recent economic support measures.

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