Key events
The Labour government needs a plan for âenduring supportâ for energy bills, according to the head of a lobby group for the industry.
Emma Pinchbeck, chief executive of Energy UK, told BBC Radio 4 that she backed Labour plans to increase the proportion of renewables powering Britain, which the government hopes will cut bills, but added that consumers will need support before those hoped-for benefits feed through.
She also defended the retail energy sector against accusations that it is making big profits while consumers struggle.
I completely understand why people would think that way given the reports of big profits elsewhere in the sector particularly in oil and gas production. But itâs important that people understand that the retail sector doesnât make huge profits.
She said that some companies do make âsmall profitsâ, but that depends on them running efficient businesses.
In most of the time Iâve been doing this job theyâve been losing money. Thatâs because theyâre exposed to the high gas prices that everyone else is, and they buy gas to sell to customers. Under the price cap they are limited in the profits they make.
The FTSE 100 has edged up by 0.1% in the first few minutes of trading.
There are very few big movers. B&Q owner Kingfisher is down by 1.8% after Citi downgraded its expectations for its shares.
Here are the opening snaps from across Europe, via Reuters:
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EUROPEâS STOXX 600 UP 0.2%
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BRITAINâS FTSE 100 UP 0.2%; GERMANYâS DAX UP 0.3%
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FRANCEâS CAC 40 UP 0.3%; SPAINâS IBEX UP 0.2%
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EURO STOXX INDEX UP 0.3%; EURO ZONE BLUE CHIPS UP 0.3%
Energy bosses to meet minister over fuel debts; regulator concerned over life insurance
Good morning, and welcome to our live, rolling coverage of business, economics and financial markets.
UK energy bosses are due to meet the minister whose brief includes fuel poverty and energy consumer issues, amid scrutiny on the government and industry ahead of a winter during which support for some pensioners has been withdrawn.
Miatta Fahnbulleh was elected MP for Peckham in July. She was formerly the chief executive of the New Economics Foundation, a left-wing thinktank, but now she has the ministerial brief of looking after energy consumers, including fuel poverty.
That role has been thrust into the spotlight early in the Labour governmentâs term, after chancellor Rachel Reeves limited the winter fuel allowance to those eligible for pension credit. The benefit was previously applied universally, but some Labour MPs have said they are worried about pensioners just above the threshold.
Executives from Centrica, EDF, E.On, Octopus Energy, Scottish Power, Good Energy, Rebel Energy, Ovo, So Energy, Ecotricity and Utility Warehouse are expected at the roundtable event with Fahnbulleh. Industry body Energy UK, the regulator Ofgem, and Citizens Advice will also attend.
Financial regulator to look at life insurance market
The UKâs City regulator has launched an investigation into insurers over concerns that the market for life insurance and income protection is not working well.
The Financial Conduct Authority (FCA) said that it would look at âpure protectionâ products, which pay out if the policyholder dies or is incapacitated due to illness or injury.
The regulator will look at âpotential conflicts of interest in the structure of commissionâ. It will look specifically at four products: term assurance, critical illness cover, income protection insurance and whole of life insurance, including policies for over 50s that offer guaranteed acceptance.
Sheldon Mills, executive director of consumers and competition at the FCA, said:
Pure protection can offer peace of mind and financial security, often when people are at their most vulnerable. Consumers should be able to buy products which meet their needs and provide fair value.
We have seen indications that this may not be the case across the pure protection market and we will act if we find that the market is not working well.