London celebrations

Energy-efficient renovations boost DIY sales: The London rush

The energy regulator’s announcement of a 21% increase in its energy price cap would have been a turbulent moment for households across the country this morning if the government had not taken commitment to freeze invoices. Yet The Times reports this morning that ministers are preparing a public information campaign to encourage people to save energy. But customers don’t need to be told, it seems: Kingfisher Plc stores like Screwfix have benefited from customers investing in their com

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(Bloomberg) – The energy regulator’s announcement of a 21% increase in its energy price cap would have been a turbulent moment for households across the country this morning if the government did not had not made the commitment to freeze the invoices. Yet The Times reports this morning that ministers are preparing a public information campaign to encourage people to save energy. But customers don’t need to be told, it seems: Kingfisher Plc stores like Screwfix have benefited from customers investing in their products to save energy, without a nudge from Downing Street .

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Here is the main economic news from London this morning:

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In the city

Ofgem price cap: The energy regulator’s price cap for the average household will rise by 21% to £4,279 a year from January, well ahead of the government’s £2,500 freeze until April.

Dr. Martens Plc: The iconic shoemaker will raise prices again, despite a deteriorating consumer environment that is slowing growth in its direct-to-consumer sales.

  • A stronger dollar and what the company called “targeted investments for the future” will also impact its margins for the full year.

Jet2 Plc: Travel chaos over the summer will cost the package tour provider more than £50million in delays and compensation costs.

  • Still, high demand for summer vacations has forced the company to cut fewer airfares, and it’s on track to exceed market expectations.

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Kingfisher Plc: The home improvement firm said DIY sales were buoyed by people renovating their homes to help save energy, as well as a shift to more permanent work from home installations .

In Westminster

The government has abandoned a controversial plan to give itself power to intervene over financial regulators, in a U-turn that will likely be seen as another move to mend relations with the Bank of England and regulators.

Chancellor Jeremy Hunt’s decision to maintain non-domiciled tax status is becoming increasingly difficult to defend as evidence proves its removal would not entice wealthy people to leave the country.

Rishi Sunak says he is not interested in a Swiss-style partnership model with the EU. “He should be,” says Bloomberg Opinion. Meanwhile, the EU will require derivatives traders to use accounts at the bloc’s clearinghouses for certain transactions, as part of plans to boost European capital markets.

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In case you missed it

Here is a closer look at Britain’s egg crisis, which reveals a food supply crisis that is unlikely to go away.

Water companies have illegally dumped raw sewage into UK rivers at least 146 times this year, a campaign group called Surfers Against Sewage has said.

Elsewhere, it might be wise to avoid talking about crypto at the Thanksgiving dinner table today. “Investment bubbles tend to leave behind something useful when they burst. Unfortunately, crypto looks like an outlier,” says Merryn Somerset Webb of Bloomberg Opinion.

Look forward

Aggregates company Breedon Group Plc is among the companies set to close the week of earnings tomorrow.

For a news fix when the day is over, sign up for The Readout with Allegra Stratton, to make sense of the day’s events.

—With help from Kwaku Gyasi.

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