A summer of discontent looks set to worsen after UK train drivers threatened their first national strike in more than 25 years. Aslef, the drivers’ union, will vote on industrial action at 10 train companies to coincide with similar action by the Transport Staff Union (TSSA), which represents station and ticket office workers. It follows a walkout from the Rail, Shipping and Transport (RMT) union last month, sparking the biggest upheaval in Britain’s railways for a generation. The Telegraph reported at the weekend that unions will coordinate strike action over the summer, in a move that could leave just one in 10 trains running and cause disruption for days. It is the latest example of turmoil over the cost of living crisis as inflation soars. Strikes are also planned at companies including BT and Royal Mail, while motorists blocked motorways yesterday in protest at rising fuel prices.

5 things to start your day

  1. Approve a mini-nuclear reactor or delay the green revolution, Johnson said: Rolls-Royce warns it will miss target to develop technology unless government acts quickly
  2. Church of England borrows money to fund net zero move: Church hires several Wall Street giants to gauge market interest in a bond sale
  3. Secret billionaire scrap dealer killing over car shortages: Scrap dealer founded by ‘metal recycling god’ emerges as one of UK’s biggest private companies
  4. Milk doesn’t make cereal healthier, Supreme Court rules: Judges condemn Kellogg’s after taking government to court over plans to tackle childhood obesity
  5. Kremlin cuts spending by £24bn as Western sanctions hit Russia: Defense, technology and transport budgets set to be slashed, Russian media say

What happened in the night

Hong Kong stocks opened higher this morning amid speculation that US President Joe Biden is preparing to reverse some of the tariffs imposed on Chinese goods by Donald Trump. The Hang Seng rose 1pc. The Shanghai Composite index climbed 0.2% while the Shenzhen Index rose 0.2%. Tokyo stocks also opened higher, with the Nikkei 225 index gaining 0.7%.

It’s coming today

Corporate Company: J Sainsbury, Saga (Trading Updates) Finance: Composite PMI, Services PMI (UK, EU). financial stability report (UK); factory orders (US)