Putin will deliver an energy shock worse than the 1970s, warns Andrew Bailey

Good morning. 

Grant Shapps is ramping up the pressure on P&O to reverse its controversial decision to sack 800 workers.

The Transport Secretary will tell the ferry company to rehire the staff, arguing that new legislation will undermine its plans to replace them with low-paid agency workers.

P&O has come under fire for sacking 800 employees without notice earlier this month. It plans to halve its labour costs by employing agency workers on an average of £5.50 an hour instead.

Mr Shapps is expected to introduce new legislation this week forcing all ferry firms operating out of UK ports to pay the minimum wage.

5 things to start your day 

1) Hinkley Point C faces more delays amid Ukraine crisis: Developer EDF warns war may trigger even higher costs for Britain’s flagship nuclear power station

2) Joe Biden declares war on billionaires: But proposal targeting 700 wealthiest Americans could hit 30,000 more, experts warn

3) Price of a pint to soar by Christmas, says brewer: Rocketing barley costs could push up prices by as much as 30pc

4) Ex-Heathrow baggage handler revives bid to ground third runway: Billionaire who used to work for Heathrow wants to build a new terminal on land owned by the airport

5) Unshackle drillers and let North Sea oil and gas flow, ministers told: Plus, industry’s plan to rise to the challenge of delivering energy security

What happened overnight 

Asian stocks and US equity futures fell as Russia’s war in Ukraine grinds into a second month and the risk of an economic downturn from tightening US monetary policy hangs over markets.

Shares lost ground in Japan, while S&P 500 and Nasdaq 100 contracts retreated, signaling a pause in the global rally in equities from the lows sparked by the conflict. A gauge of the dollar pushed higher.

The Covid-linked lockdown in Shanghai sapped the mood in Hong Kong and China, sending equities lower.

Coming up today

  • Corporate: Pershing Square (Full-year)
  • Economics: Nothing scheduled

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