Biggest rail strikes in 30 years to go ahead after last-ditch talks fail – live updates

Good morning. EasyJet is cutting thousands of flights this summer as it grapples with severe staffing shortages that have caused misery for holidaymakers since Covid restrictions were lifted.

Initial estimates suggest that easyJet will have cut more than 4,000 flights in the three months to June and plans to cut more than double the number during July, August and September.

EasyJet chief executive Johan Lundgren said: “Coupled with airport caps, we are taking pre-emptive actions to increase resilience over the balance of summer, including a range of further flight consolidations in the affected airports, giving advance notice to customers and we expect the vast majority to be rebooked on alternative flights within 24 hours.”

Elsewhere, the FTSE 100 is set to open slightly higher after a poor performance last week.

5 things to start your day 

1) Shoppers with poor credit histories could be frozen out of ‘buy now, pay later’ schemes Lenders would be forced to carry out affordability checks and face tougher advertising rules under new Government proposals. 

2) EU plot to punish the City of London backfires Brussel’s campaign to shift lucrative business from the City to the Continent has so far produced few results.

3) Britain’s manufacturing heartland in crisis amid supply crunch West Midlands is struggling more than any other part of the country to get back to its pre-pandemic size.

4) Johnson urged to cut energy tax as Germany turns to coal The German government will pass emergency laws to reactivate the coal plants as Europe takes steps to deal with reduced energy supplies from Russia.

5) Airlines use post-Brexit loophole to bring in foreign workers The airlines are borrowing EU-registered aircraft under so-called wet leasing agreements as they grapple with some of the worst staff shortages on record.

What happened overnight 

Asian markets fell again on Monday and oil prices extended losses on growing fears that the central bank’ moves to rein in soaring inflation will induce a recession. Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Jakarta and Wellington were all in the red.

Coming up today

Full-year results: BMO Global Smaller Companies;  Trading statement: Associated British Foods, SThree; Economics: Interest rate decision (China), Rightmove house price index (UK), Chicago Fed National Activity Index (US), producer price index (Ger)

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