Energy bills will be frozen for UK households under a new plan that could cost £130bn. Liz Truss has finalized plans for a new system to prevent a sharp rise in the energy price cap from October. The policy could cost up to £130 billion over the next 18 months, Bloomberg reports. The price cap was due to jump by 80% to £3,548 a year from October. But the new measure will effectively remove the price cap. Instead, the government will set a new price that households will pay. This is likely to be at or below the current price ceiling of £1,971.

5 things to start your day

  1. JP Morgan plans to move work from Germany to London as blackout fears grow The Wall Street bank is preparing a series of contingency measures to enable it to continue trading if there are blackouts this winter.
  2. TalkTalk saddled with debt as Sir Charles Dunstone seeks sale The budget broadband provider has been warned by its auditor that presenting its accounts on an ongoing basis is increasingly risky.
  3. Instagram fined €405 million for sharing children’s email addresses and phone numbers The number of children affected was not disclosed, but is believed to be in the millions given the EU-wide nature of the breach.
  4. Aston Martin is selling shares at a 78% discount in a bid to prop up its business – The luxury car brand plans to raise £576m to pay down some of its debt
  5. I’d have to charge £100 for a steak to cover my energy bills, says Gaucho chief The chief executive said the new prime minister must act quickly to help businesses that are seeing their profits disappear.

What happened in the night

Hong Kong shares rose slightly in early morning trading, with the Hang Seng index up 0.2%. The Shanghai Composite gained 0.3 percent while the Shenzhen index on China’s second bourse rose 0.2 percent. Tokyo stocks opened lower in subdued trading, with few new market developments following a break for US stock markets. The benchmark Nikkei 225 fell 0.2%.

It’s coming today

Finance: NCC Group (Full Year Results), Ashtead Group, Capricorn Energy (Interims), Berkeley Group, DS Smith (Transaction Statement) Economic: Manufacturing PMI (UK), Services PMI (US), Composite PMI (US), Factory Orders (Germany)