Britain will cut off gas supplies to mainland Europe as part of an emergency plan drawn up to deal with the Russian energy crisis. The so-called interconnection pipelines to the Netherlands and Belgium will be closed by the National Grid if supplies fall short in the coming months, the Financial Times reports. It is part of a four-stage emergency plan that could also include limiting gas to large industrial users and encouraging households to reduce consumption. However, European gas companies have warned that it will undermine efforts to counter Putin’s aggression and exacerbate the continent’s energy crisis. Germany and the Netherlands have already launched their own contingency plans after Russia cut gas supplies to Europe, sparking fears of shortages this winter.

5 things to start your day with

  1. Changing electric vehicle ‘puts 22,000 jobs at risk’ Switching to electric will mean fewer jobs available and many people will have to be retrained, the report warns
  2. Cut meat, fly less and ride a bike to work to achieve a clean slate, says Climate Change Committee progress report
  3. Inflation lets British military spending face cuts despite Boris Johnson’s rally cry Prime Minister urges allies to dig deep into defense spending
  4. Why a 30% salary increase for doctors is too unrealistic. The payroll requirements of the British Medical Association will put pressure on public finances and benefit already high-income earners
  5. Disney chief survives Florida’s “Do not say gay” bill controversy Board of Directors renews Bob Chapek’s contract for another three years

What happened overnight

Hong Kong shares fell more than 1% this morning after a sharp sell-off on Wall Street amid concerns about the impact of dramatic inflation on the economy. The Hang Seng Index fell 1.3%, the Shanghai Composite Index fell 0.3% and the Shenzhen Composite Index in China’s second stock market also fell 0.3%. Tokyo shares opened lower, with the Nikkei 225 index falling 0.7% and the broader Topix index falling 0.8%.

He is coming today

Corporate: Moonpig, Mulberry (full time results). B&M, Meggitt (transaction statement) Finance: GDP (US), basic personal consumption expenditure (US), business climate (EU), consumer confidence (EU)