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Annual energy bills set to rise £35 in October, Trump slaps 50% tariff on India – as it happened

about 11 hours ago
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The energy regulator for Britain, Ofgem, has said it will increase the cap on energy bills from October by 2%, the equivalent of a £35 rise in annual bills for the average home,Here’s more details of the energy price cap just announced, from Ofgem,If you are on a standard variable tariff (default tariff) and pay for your electricity by Direct Debit, you will pay on average 26,35p pence per kilowatt hour (kWh),The daily standing charge is 53.

68 pence per day.This is based on the average across England, Scotland and Wales and includes VAT.If you are on a standard variable tariff (default tariff) and pay for your gas by Direct Debit, you will pay on average 6.29 pence per kilowatt hour (kWh).The daily standing charge is 34.

03 pence per day.This is based on the average across England, Scotland and Wales and includes VAT.Volatile global wholesale prices for energy are partly behind the increase, as well as the cost of the government’s expansion of its warm home discount policy.Time to wrap up…The energy regulator for Britain, Ofgem, has said it will increase the cap on energy bills from October by 2%, the equivalent of a £35 rise in annual bills for the average home, despite a 2% fall in the wholesale price in the energy markets over the last three months.Prices for households will go up just as the colder weather sets in because money is needed to cover the rising cost of the government’s energy policies.

About £15 of the £35 increase will fund an expansion of the warm home discount scheme to provide an extra 2.7 million households with a £150 reduction in their bills.Thames Water has agreed a payment plan for £123m sewage and dividend fines, as it races to secure funding to avoid temporary government nationalisation.Earlier this month the government approved the appointment of insolvency advisers to consult on plans for Thames Water to be placed into a special administration regime (SAR).The debt-laden utility firm was hit with a record £104m fine by Ofwat in May over environmental breaches involving sewage spills, after failing to operate and manage its treatment works and wastewater networks effectively.

At the same time, a further £18,2m fine was levied on Thames for breaking dividend rules, the first penalty of its kind in the water industry,The penalties were originally due to be paid by 20 August but the regulator gave the company some breathing space to pay the fines,Ofwat has now approved Thames’s request for a payment plan, which will result in it paying £24,5m, or 20% of the penalties, by the end of September, with the rest to be paid later.

Lego builds record sales of £4bn as parents steer children away from smartphones,The Danish toy company said sales increased by 12% to a record 34,6bn Danish kroner (£4bn) in the first half of the year, rising well ahead of the recovering global toy market in which sales rose 7%,Niels B,Christiansen, chief executive, said Lego could be profiting from parents’ desire to keep children away from phones because of the effect of social media on mental health.

Over in the US, the highlight of the day will be when the chip designer Nvidia reports its quarterly earnings after the market close, or around 9pm BST.Wall Street has opened flat today, with the S&P 500 share index down by 0.06% at the open.The Nasdaq index is also down slightly by 0.08%.

All eyes will be on chip designer Nvidia today when it reports after the US market closes,Victoria Scholar, of the investment broker Interactive Investor, says:Nvidia gets set to release its second quarter results after the bell as the final US tech giant to report this season,There’s a lot of focus on this earnings report given that it comes off the back of a shaky period for tech stocks,The AI darlings like Nvidia, Palantir and Meta have suffered some selling pressure as investors start to question whether the winning streak is running out of steam,Sam Altman, CEO of OpenAI suggested a bubble could be forming in AI stocks and a report from MIT said 95% of organisations are getting zero return on generative AI investments.

However this comes after a strong bull run off the April lows for Nvidia which rebounded to become the first public company to achieve a market cap of $4 trillion in July.…According to Refinitiv, Nvidia is expected to report Q2 earnings per share of $1 on revenues of $46 billion, up from 96 cents and $44.06 billion respectively in the previous quarter.There will be a lot riding on guidance for the rest of the year with investors looking for reassurances that Nvidia can continue to deliver growth.China will be another focal point following the resumption of its AI chip sales there after Nvidia agreed to pay the US government 15% of Chinese revenues.

Last quarter, Nvidia said it lost out on $2.5 billion because of China export restrictions.Investors will also be paying close attention to its Blackwell business which made up 70% of Nvidia’s data centre sales last quarter.Elsewhere this afternoon, the London-listed warehouse owner Warehouse Reit confirmed that it has ended takeover talks with its rival Tritax Big Box Reit, clearing the way for a takeover by the commercial property investor Blackstone.Blackstone’s latest offer for the company amounts to 115p cash per share, valuing the business at about £489m.

Here’s what markets are doing as we go into lunchtime…The FTSE 100 is flat as a pancake today – NatWest is the worst performer, with its shares down 2.4%.The best performer so far is JD Sports, though its shares are only up 1.7%.That is despite the fact that it reported a fall in sales in its second quarter, though investors appear to have taken confidence in the fact that performance in its North American market has improved slightly.

The fashion retailer also announced another £100m share buyback,The mid-cap FTSE 250 index is down by 0,3%,The miner Hochschild is the worst performer, with its shares tumbling by roughly 14% today after it cut its production forecasts for the year,The stock market is pretty muted across Europe today, with the Stoxx 600 up slightly by 0.

15%.Meanwhile the US dollar index, which tracks the greenback against a basket of other major currencies, is up 0.45%.The pound is now down 0.42% against the dollar to $1.

34.The big market news is not landing until later this evening: Nvidia will report its quarterly earnings after the US markets close, after 9pm BST.The chip designer crossed the $4 trillion market capitalisation mark in July, becoming the biggest company in the world.Nvidia shares are up by 0.6% in pre-market trading.

For now, futures for both the S&P 500 index and the Nasdaq are up just 0.03%.More bad news from the retail sector this morning: sales volumes fell in August, marking 11 consecutive months of decline, according to a survey by the Confederation of British Industry (CBI).The CBI’s monthly gauge of how retail sales compared with a year earlier stood at -32 this month, a slight improvement of -34 in July.Martin Sartorius, principal economist at the CBI, said:Retailers endured another tough month in August, with annual sales volumes falling for the eleventh consecutive month.

Weak demand and higher labour costs continue to put pressure on margins, dampening sentiment across the retail and wider distribution sector,This downbeat outlook is reflected in firms’ plans to scale back investment and hiring,The government’s fiscal decisions are continuing to bite, and retailers’ struggles send a clear signal: business cannot be asked to balance the books again at the Autumn Budget,Building business confidence through delivery must be the priority — starting with a rethink of the Employment Rights Bill, which risks piling on unnecessary costs and holding back jobs and investment,”Fears that UK consumers will rein in spending sent jitters across the retail sector yesterday, wiping hundreds of millions of pounds off the value of some of the biggest retailers in the country, including the owners of Primark and B&Q, and the home improvement chain Wickes.

The UK government has just sold £5bn worth in three-year bonds in a scheduled action,Demand was good, with the auction covered 3,16 times,The bonds were sold with a yield of 4,375%, due in 2028.

The gilt market has been rocky lately, with yield on the 30-year bond trading close to its highest level since 1998 yesterday, at 5.62%.Yields rise when prices fall.The yield on the 30-year rose to as high as 5.627% in early trading this morning, but it has since recovered, with the yield now at 5.

583%,Mohit Kumar, an analyst at the investment broker Jefferies, paints a gloomy picture of the UK’s economic outlook:We have held a negative view on the UK fiscal picture and maintain the view,We see UK growth disappointing relative to official forecasts which would leave the Chancellor with a bigger budget hole than current official forecast suggests,Tax rises look inevitable in the Autumn statement,However, we are approaching levels where further tax rises start becoming counterproductive.

Producer output price inflation rose to 1.9% in the year to June, up from a revised rise of 0.7% in the year to April 2025, according to the Office for National Statistics.The ONS suspended the publication of its producer price indices in March, after it found calculation errors dating back to 2020.The figures published today represent interim data before it resumes regular publication in October.

The statistics agency said in July that producer price inflation in previous years had been higher than originally calculated.It comes as pressure grows on the ONS over the reliability of its data.Staff at the Treasury and its independent spending watchdog have said they are struggling to get a clear picture of the economy because of problems at the ONS with producing reliable numbers.Shares in utility stocks are rising this morning after the energy regulator Ofgem announced that it will increase its price cap on bills by 2% from October.National Grid, SSE and Severn Trent are all up roughly 1% this morning, among the best performers in the UK’s blue chip FTSE 100 index.

But overall the FTSE is not moving much, up very slightly by 0.03%.Over in Europe, the Stoxx 600 index is up 0.4%.The French Cac 40 share index recovered 0.

4%, after a fall earlier in the week over concerns around the potential collapse of Prime Minister François Bayrou’s government,Turning back to energy bills, several UK charities are warning that the 2% rise in the energy price cap (which covers England, Wales and Scotland) will hurt vulnerable people,Official figures showed in May that energy bill defaults hit a record high, with 2,7% of direct debits for gas and electricity failing due to lack of funds,Disability equality charity Scope has said millions of disabled people are being pushed into deeper fuel poverty as prices continue to rise.

Abdi Mohamed, head of policy at the charity, said: Life costs more if you are disabled – on average an extra £1,095 a month.We hear from disabled people every day who tell us they are unable to power vital medical and mobility equipment, facing increasing pain and losing their independence.The current support available for disabled people barely scratches the surface.And many no longer get the warm home discount at all, despite enormous energy costs.The government must act with urgency to close the devastating gap in support and tackle this crisis
foodSee all
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101 uses for XO sauce | Kitchen aide

I love XO sauce and use it on rice (plain and fried), noodles and steamed fish. But I often struggle to finish a jar – any advice on other ways of using it?Chris, via email“I’m absolutely stunned that Chris has any problem finishing a jar of XO sauce,” says Fuchsia Dunlop, author of Invitation to a Banquet: The Story of Chinese Food. “You can literally eat the stuff by the spoonful straight from the jar, although that would feel quite extravagant.” This, of course, is because the umami condiment, said to have been invented in Hong Kong’s Spring Moon restaurant at the Peninsula hotel in the mid-1980s, is something of a luxury. As Jenny Lau, author of An A-Z of Chinese Food, explains, XO sauce “must contain three core ingredients: dried shrimp, dried scallop and preserved ham”, which don’t come cheap

1 day ago
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Ixta Belfrage’s recipes for charutos with spicy tomato broth, and guava, curry and chilli meatballs

Lebanese food is my go-to when I’m back in Brazil and I need a break from Brazilian food. My favourite Lebanese restaurant in Rio de Janeiro, Basha, makes the most incredible meat-stuffed cabbage rolls, charutos Libanais (which means Lebanese cigars and is the Portuguese name for the dish malfouf). They are served in a fragrant tomato broth and come with pimenta caseira (homemade hot sauce) and lime wedges to squeeze over, in a beautiful union of Lebanese and Brazilian cuisine that inspired today’s first dish.Prep 20 min Cook 10 min Makes 12 rollsFor the filling400g lamb mince 40g tomato puree/paste 15g fresh coriander, finely chopped½ brown onion (60g), peeled and grated1 garlic clove, peeled and finely grated or crushed½ tsp medium curry powder ½ tsp dried mint ¼ tsp ground allspice 1 tsp fine sea salt About 50 twists cracked black pepperFor the broth15g tomato puree/paste ¼ tsp fine sea saltFor the chard250g rainbow chard, or Swiss chard 1 tbsp olive oil 1 scotch bonnet chilli, left whole 2 limes, halvedFor the garlic oil1½ tbsp olive oil 20g salted butter 3 garlic cloves, peeled and very finely chopped ¼ tsp urfa chilli flakes ⅛ tsp fine sea saltPut all the filling ingredients in a bowl, mix well and set aside.For the broth, fill and boil the kettle, then whisk 200g boiling water with the tomato puree and salt in a medium bowl and set aside

2 days ago
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Rukmini Iyer’s quick and easy recipe for crispy butter bean, chorizo and cos salad | Quick and easy

I was thinking of billing this as a caesar salad with an extreme makeover. One night, I started making a caesar salad, then wondered what would happen if I made a coriander-pesto mayonnaise and mugged off the anchovies in favour of chorizo. Then I thought about turning it into a full meal, at which point it stopped being anything like a caesar salad. If you’d prefer a vegetarian version, choose a vegetarian parmesan and omit the chorizo in favour of a heaped teaspoon of smoked paprika and a scant teaspoon of sea salt flakes.Prep 15 min Cook 25 min Serves 250ml olive oil, plus 1 tbsp for roasting 100g chorizo, cut into 1cm chunks400g tin butter beans, drained and rinsed well150g Tenderstem broccoli, cut into 1cm pieces50g fresh coriander, leaves and stems20g parmesan, or vegetarian parmesan 25g pumpkin seeds 1 egg yolk Juice of ½ lemon1 tsp salt 2 little gem lettuce, roughly shreddedHeat the oven to 200C (180C fan)/390F/gas 6

3 days ago
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Sami Tamimi’s recipes for courgette and maftoul bake, and sumac-marinated feta salad

Bursting with sunshine flavours and garden-fresh ingredients, today’s all-in-one courgette, sweetcorn and maftoul dish is a wholesome celebration of summer in every bite. Layered with tender courgettes, sweet pops of corn, aromatic herbs and warm spices, it’s all brought together with nutty maftoul (or fregola) and a golden, cheesy crust. Then, a vibrant salad combining juicy tomatoes and sweet strawberries with tangy, sumac-marinated feta. Colourful and packed with bold Palestinian flavours, it’s the perfect balance of sweet, salty and zesty – ideal for alfresco dining or picnics.Prep 35 min Marinate 15 min+ Serves 4 as a side150g feta, cut into ½cm cubes1 tbsp olive oil 1 tsp ground sumac ½ tsp lemon zest A pinch of aleppo chilli flakes, or regular chilli flakes Salt and black pepper 300g cherry tomatoes, ideally a mix of colours, halved200g strawberries, hulled and halved or quartered1 small shallot (30g), peeled and sliced into thin half-moons2 tbsp extra-virgin olive oil ½ tbsp lemon juice 1 tsp apple cider vinegar 1 tbsp pomegranate molasses 90g mixed salad leaves 30g shelled roasted pistachios, roughly chopped5g fresh mint leaves 3g fresh basil leavesFirst marinate the feta

3 days ago
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How to make the perfect fish finger sandwich – recipe | Felicity Cloake's How to make the perfect …

I must be the only person in Britain not to have grown up with fish finger sandwiches – we always had them with mash and peas – but after discovering them on pub menus as an adult, it wasn’t hard to see the appeal. These crunchy batons of firm, creamy fish in soft white bread, often topped with a tangy sauce, are surely the UK equivalent of Mexican fish tacos or West African fish rolls – a quick, nutritious and very satisfying light meal or snack.(NB: if you’re skim-reading this before leaping below the line to demand to know who needs a recipe for a fish finger sandwich, I can assure you a lot of people online seem to feel there’s a demand.) Given their popularity (indeed, this column was a reader request), I must echo Helen Graves, who prefaces her recipe thus: “I am bracing myself for the comeback on this one, because everyone (or at least everyone in the UK) has an opinion on what makes the perfect fish finger sandwich.” As ever, all feedback much appreciated!The classic and, of course, the easiest choice is to use readymade fish fingers, as Signe Johansen recommends in her book Solo

4 days ago
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Bellota, Bury St Edmunds: ‘Just fabulous food’ | Grace Dent on restaurants

Each dish, as we finish it with a sigh, is replaced by something else magnificentSummer in Bury St Edmunds has little in common with San Sebastián, even if both certainly entice food-lovers. A few months ago, however, Suffolk’s food capital welcomed a soupçon of fancy-pants Spain in the form of Bellota on Churchgate Street, not far from the abbey. Bellota bills itself as offering an “elevated tasting menu” (seven courses, and eight at weekends) and boasts only a maximum of 20 seats, all of them lined up around a counter overlooking married chefs Ruben Aquilar Bel and Gabriella Fogarasi at work.On its website, Bellota promises to be “relaxed and welcoming”, which before going I severely doubted, because tasting menus rarely are: “I found the chef’s 657-word soliloquy on artichoåkes very relaxing,” said no one ever. However, on entering the restaurant on a recent Saturday and finding a room hewn in a rhapsody of calm browns and golds, and Fogarasi herself greeting us at the door, well, Bellota actually felt rather zen

4 days ago
politicsSee all
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Nigel Farage rolls back on vow to deport all small-boat arrivals to the UK

about 12 hours ago
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Farage aims for hardline vibes with his mass deportation plan

1 day ago
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Farage attacked for ‘ugly’ rhetoric of plan for mass deportation of asylum seekers

1 day ago
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The moral and economic costs of Farage’s plan to deport up to 600,000 asylum seekers

1 day ago
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Nigel Farage accused of ‘ripping up’ human rights laws after unveiling plans for mass deportations - as it happened

1 day ago
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Peers who do not participate enough in House of Lords face sack

1 day ago