Figures out today show the scale of the Government’s spending to subsidise household energy bills.
The Treasury borrowed £27.4bn in December, the highest figure ever for the final month of the year.
This was above the £22bn of public borrowing in November and £16.7bn more than was borrowed in the same month in 2021.
5 things to start your day
1) Households told to get used to cutting power as Grid extends discounts for second day | People will routinely be asked to use less electricity at peak times as part of the shift to net zero, National Grid and Ofgem officials suggested
2) Mark Carney’s climate group under fire for ‘dragging its feet’ on green investment | Accusations call former Bank of England governor’s climate credentials into question
3) New houses will have heat pumps as standard, says FTSE 250 builder | Redrow’s shift comes amid growing pressure to ditch gas boilers.
4) Passengers face steeper take-offs under plans to reduce noise near airports | ‘Increased minimum climb gradient’ would reduce noise pollution but emit more carbon
5) US investors push foreign investment in Britain above £2 trillion | US investors were behind an extra £89.7bn of investment into Britain from the Americas in 2021
What happened overnight
Asian markets that traded climbed after the tech-shares rally in New York, but markets including Hong Kong, Shanghai, Singapore and Seoul were closed for the lunar new year.
Tokyo gained more than 1pc while Sydney, Manila, Jakarta and Wellington were also well up.
Oil prices were barely moved after jumping last week to their highest point since November on demand hopes fuelled by China’s reopening.
OANDA’s Edward Moya said: “Crude prices are wavering as the dollar stabilises and over-exhaustion from China reopening headlines.”