All eyes are on the Business Secretary this morning for more details on a multi-billion pound support package to help companies tackle rising energy bills. Jacob Rees-Mogg is expected to unveil a package to halve business energy costs amid concerns the crisis could trigger a wave of collapses. Electricity bills are expected to be cut in half, while gas bills will be cut by a quarter. The measures will last six months. It comes after ministers intervened to cap household energy bills at £2,500 a year for two years from October.

5 things to start your day

  1. Sir Richard Branson-backed bid to launch from Cornwall pushed back again Virgin Orbit plans more than a dozen launches from Cornwall over the next decade
  2. Chocolate scratch-n-sniff cards on the menu National Lottery owned by the Czech gaming company aims to dramatically increase the number of scratch purchases
  3. Number of British millionaires rises above France and Germany Recovery in UK markets boosts ranks of wealthy, Credit Suisse finds
  4. Jacob Rees-Mogg faces High Court showdown with 11 striking unions Unions launch court review over plans to replace striking workers
  5. New transport secretary to meet union bosses in olive branch after months of rail strikes The dialogue with unions comes after a new wave of strikes announced for October

What happened in the night

Hong Kong shares fell in early trade this morning, reversing the previous day’s gains, as investors braced for an expected rate hike by the US Federal Reserve. The Hang Seng Index fell 0.768% The Shanghai Composite Index fell 0.5% while the Shenzhen Composite Index on China’s second bourse lost 0.7%. Tokyo shares opened lower, with the Nikkei 225 index down 1 percent, while the broader Topix index fell 0.8 percent.

It’s coming today

Finance: Federal Reserve Rate Decision (US), Net Government Borrowing (UK) Corporate: Supermarket REIT Income (full year results). Petershill Partners, Keywords (Intermediate)