Utilities fell after Rishi Sunak announced a £15 billion emergency aid package to support UK households during the times of high inflation. This is partly paid for by a £5bn windfall tax on oil and gas giants. The chancellor said the government is looking to target “extraordinary profits” made by electricity generators.

This morning, the FTSE 100 was struggling for direction. Oil majors are still at the bottom of the index.

In other news, Anglo Asian Mining is asking for shareholder approval to buy back up to 10% of its shares.

 

Things to read today:

Europe plans for risk that Russia cuts gas supply this year (Financial Times)

EDF Nuclear Failures Undermine Europe’s Push to Exit Russian Gas (Bloomberg)