Germany triggers ‘alarm’ stage of emergency gas plan as Putin cuts supplies – live updates

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The government borrowed more than expected in May, underscoring the risks to public finances as the cost of living crisis threatens to tip Britain into recession.

Rishi Sunak borrowed an additional £14bn last month, £2bn more than economists forecast.

Debt interest payments hit £7.6billion – the highest on record in May, according to the ONS.

The spike in debt servicing costs reflects a jump in the retail price index measure of inflation, which hit 11.7% last month.

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5 things to start your day

1) Brussels “keeps the city on a higher level than communist China” ‘Weird and wrong’ to deny Square Mile businesses access to the single market

2) Britain’s car battery champ seeks to woo Elon Musk’s Tesla Plus: charging electric cars to cope with 10-minute delays amid energy rationing

3) Unilever secretly fought ban on plastic bags which it called ‘evil’ The company has privately lobbied against countries’ efforts to get rid of soap wrappers – despite the promise of pollution

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4) Crypto giant Tether targets UK investors with sterling ‘stablecoin’ Sterling Product Launch Should Make It Easier For UK Merchants To Access Cryptocurrencies

5) Sir Jim Ratcliffe to bring gas to Europe as bloc rushes for supplies Chemical giant Ineos will import up to 1.4 million tonnes of gas per year

What happened overnight

Hong Kong shares started with a gain this morning, after heavy losses the day before. The Hang Seng index climbed 0.7pc.

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The Shanghai Composite Index rose 0.06pc, while the Shenzhen Composite Index on China’s second-largest stock exchange added 0.2pc.

Shares in Tokyo opened higher, with the benchmark Nikkei 225 rising 0.2pc.

coming today

  • Company : Naked Wines (annual results); Serco (commercial statement)
  • Economy: Service performance index (UK, US, EU)Manufacturing PMI (UK, US, EU)Compound PMI (US, EU)GfK Consumer Trust (UK)economic bulletin (EU)unemployment benefit claims (WE)bank stress test information (WE)

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