Household bills could fall by more than £750 from July as estimates continue to tumble for how the energy price cap will look later in the year.
Investec has again lowered its estimate for what the typical household will pay annually on energy bills from July, reducing its best guess from £2,465 to £2,247.
It also cut its prediction on the April price cap down by £61 to £3,298.
The Government's energy support scheme, which has kept typical bills to £2,500 over the winter, will rise to £3,000 from April.
This means that should the energy price cap fall in July to £2,247, households would save £753 annually on average.
It is the third time forecasts for energy bills have been slashed this month as a mild winter and high levels of storage in Europe send natural gas prices plummeting.
European liquified natural gas prices have fallen 28pc in the last month.
Read the latest updates below.
06:11 PM
Signing off...
That's all from me this evening. Join us again tomorrow for more live updates.
06:08 PM
Boeing to hire 10,000 workers in 2023
Boeing has said it plans to hire 10,000 workers over the year to come as it recovers from the pandemic and ramps up production.
Most of the growth will occur in Boeing's business units, as well as engineering and manufacturing.
The airline, which employs some 136,000 people in the U.S, plans to grow deliveries of its 737 MAX model from 374 aircraft in 2022 to as many as 450 this year.
Some support jobs - Boeing did not say how many - will be lost, however.
05:48 PM
Collapsed battery-maker Britishvolt triggers bidding war
A Norwegian battery company is circling the collapsed UK start-up Britishvolt amid a bidding war that has attracted five potential suitors.
A firesale of the failed "gigafactory" company, which had been aiming to build a battery plant near Blyth, Northumberland, has attracted multiple bids in a process run by administrators EY.
The Telegraph understands that Freyr, a Norwegian battery maker backed by the US billionaire Charles Koch, is among those interested. Freyr is listed on the New York stock exchange and worth $1.2bn (£970m).
Our senior technology reporter Matthew Field has the latest:
Read on to find out more
05:23 PM
Goldman Sachs boss has pay package slashed by 29pc
The chief executive of Goldman Sachs has had his compensation slashed by almost a third.
David Solomon's pay package was reduced to $25m (£20.2m) in 2022. He was paid $35m (£28.3m) in 2021.
His pay consists of a $2m (£1.6m) base salary, $6.9m (£5.6m) cash bonus and $16.1m (£13m) in restricted stock.
Goldman Sachs credited Mr Solomon with a "strong individual performance and effective leadership" and cited a "challenging operating environment" as a factor in its decision.
It is the largest cut among chief executives of the biggest U.S banks, many of which have suffered from a lack of deal-making in 2022.
04:47 PM
Chancellor urged to consider hospitality industry in push for economic growth
Pubs, bars and restaurants should not be forgotten as the UK pushes for growth, the head of the UK Hospitality trade association has urged.
Kate Nicholls, chief executive at UK Hospitality, said while the Chancellor Jeremy Hunt was "clearly focused" on areas such as digital technology, green industries and life sciences in comments made today, it was "important to recognise" the role that hospitality could potentially play in growing the economy too.
It comes as the Chancellor said this morning green opportunities for UK businesses could be worth £1trillion between now and 2030.
Ms Nicholls said:
04:16 PM
Investment bank HQ searched in German insider trading investigation
The London headquarters of investment bank Perella Weinberg Partners were searched this week as part of a German investigation into insider trading.
Prosecutors in Frankfurt are looking into allegations that a London-based employee at the bank disclosed information on planned takeovers according to people familiar with the matter, Bloomberg reports.
The bank said it suspended the employee in question.
One arrest has been made so far, prosecutors said this week, as part of an investigation into five people - all Germans - that has been running since November 2021.
A spokesman for Perella Weinberg said: "The firm is assisting in an investigation by German law enforcement authorities.
"The firm is not the subject of the investigation, and there is no suggestion of wrongdoing on the part of the firm."
Raids were also conducted in Frankfurt, Munich and the wider area of the Bavarian capital as well as in Austria.
04:00 PM
Handing over
That's all from me for another week but my colleague Daniel Woolfson will keep you up to speed before we head into the weekend.
03:54 PM
Europe's defence giants brace for surge in orders as tanks enter the theatre in Ukraine
For the first time, Western tanks will soon face Russian forces in Europe - a deployment their designers originally envisaged when the models were developed during the Cold War.
Industry editor Howard Mustoe has the details:
Read why Rheinmetall told its investors this week.
03:30 PM
Direct Line boss stepping down after claims hit
The boss of Direct Line Insurance has announced she is stepping down from the role, just two weeks after the firm warned it had taken a big hit from cold weather-related insurance claims.
Penny James, who has been the chief executive since May 2019, will leave immediately and be replaced temporarily by the group's chief commercial officer, Jon Greenwood, until it finds a successor.
Ms James "deserves great credit" for leading the business through the pandemic, in a challenging market, Direct Line's chair Danuta Gray said.
Earlier this month, Direct Line revealed it had scrapped its shareholder dividend after seeing the cost of weather claims reach about £140 million for the whole of 2022.
03:11 PM
Markets rise as US consumer spending holds steady
US consumer spending fell for a second straight month in December, putting the economy on a lower growth path heading into 2023 but raising hopes recession may be avoided.
Meanwhile, inflation continued to subside, which could give the Federal Reserve room to further slow the pace of its interest rate hikes next week.
The report from the Commerce Department also showed the smallest gain in personal income in eight months in December, in part reflecting moderate wage growth, which does not bode well for consumer spending in the months ahead.
Consumer spending, which accounts for more than two-thirds of US economic activity, dropped 0.2pc last month.
Some economists believe the figures show the US economy is likely to avoid recession.
The Dow Jones has pushed 0.4pc higher to 34,087.44, while the S&P 500 is up 0.4pc to 4,075.37. The Nasdaq Composite is up 0.6pc to 11,575.87.
02:56 PM
Household bills could fall by more than £750 from July
Household bills could fall by more than £750 from July as estimates continue to tumble for how the energy price cap will look later in the year.
Investec has again lowered its estimate for what the typical household will pay annually on energy bills from July, reducing its best guess from £2,465 to £2,247.
It also cut its prediction on the April price cap down by £61 to £3,298.
The Government's energy support scheme, which has kept typical bills to £2,500 over the winter, will rise to £3,000 from April.
This means that should the energy price cap fall in July to £2,247, households would save £753 annually on average.
It is the third time forecasts for energy bills have been slashed this month.
02:33 PM
US markets lower at opening bell
Markets in the US slipped at the open as expected.
The Dow Jones Industrial Average edged lower by 0.1pc to 33,919.11 while the S&P 500 slipped 0.2pc to 4,051.87.
The tech-heavy Nasdaq Composite has fallen 0.2pc to 11,490.80.
02:15 PM
Wall Street prepares for weaker open
US stock markets are expected to open lower as company earnings unnerved traders, while a robust set of US economic data raised the possibility of continued rate increases from the Federal Reserve.
Contracts on the S&P 500 pared heavier losses after oil major Chevron posted record profit, and American Express rallied 5pc on upbeat earnings forecasts.
The tech-heavy Nasdaq 100 underperformed as chipmaker Intel slumped more than 9pc in New York premarket trading after warning "significant economic uncertainty" would hurt profits.
While US stocks remain on track for their best month since July, the rally has eased off in recent days as company earnings trickle out.
Dan Boardman-Weston, chief investment officer at BRI Wealth Management, said: "You are seeing more and more companies turn cautious about the earnings outlook.
"If there is a recession, earnings will have to decline and price-to-earnings ratios have to come down."
02:01 PM
Musk 'doesn't seem like' right person to own Twitter, says co-founder
Elon Musk "doesn't seem like" the right person to own Twitter, the social media platform's co-founder has reportedly said.
Biz Stone said the Tesla chief executive had undone positive changes he had helped oversee at the company in recent years.
In an interview with the Guardian, Mr Stone said running social media companies is "not really a win-win situation … it's always tough", because "50pc of the people are gonna be happy, 50pc of people are gonna be upset with you".
Asked if Mr Musk was the right owner for Twitter, Mr Stone said: "It doesn't seem like it right now, but I could be wrong."
More than 3,000 jobs were cut at Twitter shortly after Mr Musk's takeover in October.
He announced this week a new advert-free subscription for Twitter a week after 500 advertisers reportedly quit the social media website.
01:46 PM
AmEx profits fall 9pc as customers fall behind on payments
American Express saw its fourth-quarter profits fall by 9pc as the credit card giant set aside significantly more money to cover potentially bad loans.
Debt write offs and late payments increased in a troubling sign for a company whose customer base is usually well-to-do and extremely creditworthy.
However, the lender did announce it planned to raise its quarterly dividend and also forecast higher-than-expected profits for 2023, which helped lift the stock in early trading.
The New York-based business said it earned a profit of $1.6bn (£1.3bn) in the quarter, or $2.07 a share, down from $1.7bn (£1.4bn), or $2.18 a share, in the same period a year earlier. It was below what analysts had forecasted.
While AmEx saw a double digit rise in card usage from a year ago - cardmembers spent $413.3bn (£333.9bn) on their cards last quarter - the increase in revenue was eclipsed by a noticeable deterioration in the financial health of AmEx customers.
01:32 PM
Revolut boss 'supports the Chancellor's ambition'
The Chancellor has received some voices of support from the business world after outlining his plan for growth.
Nik Storonsky, chief executive and co-founder of banking app Revolut, was involved in a roundtable discussion on helping UK companies to start up and scale up, chaired by Grant Shapps.
The digital bank, which has 25 million customers, has been locked in a battle with regulators to secure a licence in the UK for more than two years.
Mr Storonsky said:
01:17 PM
Landsec sells Deloitte London office for £349.5m
Landsec has sold its One New Street Square development in London to a Hong Kong-based developer for £349.5m.
The commercial property giant said the sale of the 276,502sq ft building to Chinachem Group "crystallises" a return on capital per year that averaged about 10pc since it bought the site in June 2005.
It redeveloped the location, which is fully let to accountancy Deloitte, in 2016.
The site brings in an annual rent of £16.8m.
Marcus Geddes, managing director for central London said:
12:53 PM
Bosses 'secretly' want staff back in the office, says CBI chief
The head of Britain's biggest business group has said most bosses "secretly" want all staff to return to the office after the surge in home working caused by the pandemic.
Tony Danker, director-general of the CBI, which represents about 190,000 companies, said the "whole world of work" had "gone crazy" since lockdowns forced vast numbers of Britons to work from home.
Speaking on the BBC's Political Thinking with Nick Robinson, the boss of the CBI said he had "no idea" where working patterns were "going to land".
His comments come after the Chancellor acknowledged the challenges Britain faces with its workforce in a major speech today. He told people who left work during the pandemic and have not returned that "Britain needs you".
Speaking at the event hosted by Bloomberg, he said: "If companies can't employ the staff they need, they can't grow."
12:23 PM
Avanti warns of weekend rail cancellations
Rail passengers using Avanti West Coast services on Saturday face more misery as the operator said it expects to make widespread cancellations.
The company - whose reliability recently sank to an all-time low - warned it will not have enough available staff to operate its timetable.
An alert to passengers stated:
12:13 PM
Chancellor's vision missing two vital 'Es', says BCC
It seems the Chancellor's four "Es" have captured the imagination - although perhaps not in the way he would have wanted.
Reacting to the Jeremy Hunt's speech, Shevaun Haviland, director general of the British Chambers of Commerce, said:
12:03 PM
Chancellor should add a fifth E for 'Empty', says IoD
The reaction to the Chancellor's speech has been lacklustre from the business community.
Jeremy Hunt set out his "four pillars" for growth, all beginning with the letter "E". They are: enterprise, education, employment and everywhere.
Chief economist Kitty Ussher, a former Labour Treasury minister under Gordon Brown, said:
11:55 AM
Pound falls following Chancellor's speech
The pound remains on the backfoot following Jeremy Hunt's speech on the outlook for the economy.
Sterling has lost 0.3pc against the dollar and is heading back towards $1.23, stalling after being on the verge of a fifth weekly gain.
On the markets, the domestically-focused FTSE 250 trading flat at 19,911.48, although the export-lead FTSE 100 has risen 0.2pc to 7,772.47.
11:28 AM
Hunt wants to unlock 'wall of money waiting to invest in UK clean energy'
Britain will not follow the US in handing out green subsidies to businesses, Jeremy Hunt has indicated, as he said the practice was "not necessarily the best way" to boost investment in climate change technology.
The Chancellor said the US "has a bit of a catch up to do" on investment in renewable energy after the Trump administration "was sceptical on climate change".
Mr Hunt was speaking after delivering a major speech outlining how he plans to use Brexit and investment outside London to drive growth, declaring the "best tax cut right now is a cut in inflation".
Distancing himself from Joe Biden's Inflation Reduction Act, which offers green subsidies to business, Mr Hunt told Bloomberg Television: "We think that if we're going to have the transition to net zero we should benefit from free and open trade from all the companies that share that ambition".
He added that he had no concerns that Britain would be left behind by not offering subsidies. He said:
11:17 AM
Hunt commits to HS2 ending at Euston
Jeremy Hunt has said the Government is committed to the HS2 high speed rail link ending at the Euston station in central London.
The Chancellor said: "I don't see any conceivable circumstance in which that would not end up at Euston."
It follows a report in the Sun that said the Government was considering terminating HS2 on the outskirts of London as the cost of the project soars.
11:02 AM
Gas extends weekly losses
European natural gas slid for a fifth straight day as the weather looks to turn milder and prospects rise that a long-shut export terminal in the US might resume shipments later this quarter.
Benchmark futures fell as much as 4.9pc after closing at the lowest level in more than 16 months on Thursday. The contract is heading for its biggest weekly loss since December.
Freeport LNG in Texas, which recently finished repairs after an explosion last summer, received approval from regulators to resume some operations.
Many analysts expect the plant - which previously accounted for about 15pc of US liquefied natural gas shipments - to restart exports around March.
Dutch front-month gas, Europe's benchmark, traded 1.9pc lower to below €54 a megawatt-hour.
The contract is poised to lose about 20pc for the week. The UK equivalent contract fell 2.5pc.
10:35 AM
Chancellor's speech 'high on rhetoric and low on policy'
The cavalry were out in force this morning, with the Business Secretary, Culture Secretary and the Chancellor pledging to create the conditions that will make the UK a tech superpower.
Economics editor Szu Ping Chan has this analysis following Jeremy Hunt's speech:
10:11 AM
Hunt tells early retirees and long-term sick 'Britain needs you'
Jeremy Hunt has told people who left work during the pandemic and have not returned that "Britain needs you".
"If companies can't employ the staff they need, they can't grow," he said at an event hosted by Bloomberg.
He said that one fifth of working age adults are economically inactive. He added around five million people do not want to work. He told the audience:
10:03 AM
Rolls-Royce laments 'regrettable' leak of boss's comments
A spokesman for Rolls-Royce said it was "regrettable" that someone had leaked details of comments made to staff by new chief executive Tufan Erginbilgic.
Mr Erginbilgic said the company's performance was "unsustainable" and warned investors were running out of patience with the "burning platform". A spokesman said:
09:56 AM
Hunt wants to create 'mini Canary Wharfs'
Jeremy Hunt is continuing his speech, where he has been outlining his plan for growth, which would be based on what he called his "four pillars".
The Chancellor, in a speech at Bloomberg in London, said he would use the pillars as a "framework" against to assess individual policies.
He said they were "essential for any modern, innovation-led economy".
The four pillars, all beginning with the letter "E" are: enterprise, education, employment and everywhere.
He wants to create "mini Canary Wharfs... in line with mission to level up".
09:53 AM
Oil prices rise as US economy grows
Oil prices have surged after positive data from the US indicated its economy might manage a "soft landing" from the period of high inflation, potentially avoiding recession.
Brent crude, the international benchmark, has risen by 1.3pc towards $89 a barrel. Meanwhile, US produced West Texas Intermediate has tipped above $82 after a rise of 1.3pc.
US economic growth beat expectations in the last quarter of 2022, but there is still a considerable risk of a recession this year.
The Federal Reserve is set to raise interest rates next week, although there is speculation that the central bank could be less aggressive in its monetary policy tightening, which could weaken the value of the dollar, making commodities like oil cheaper.
09:44 AM
Hunt wants Britain to be 'next Silicon Valley'
Jeremy Hunt is delivering his speech to business leaders at the Bloomberg UK headquarters in London.
He said he wants to make Britain the "next Silicon Valley".
He insisted the "best tax cut right now is a cut in inflation", arguing that reducing inflation was the "only sustainable way to restore industrial harmony" in Britain.
He added that the public sector has rebounded more slowly from the pandemic than he wanted, but hit out at "declinism".
He also argued that Brexit makes his plan for growth possible and argued that "we need lower taxes" in the UK.
09:29 AM
Britishvolt founder says Government must ramp up battery-making support
The founder of collapsed start-up Britishvolt has said the UK's battery manufacturing industry is doomed unless the Government ramps up support for the sector.
Orral Nadjari stepped down as the troubled company's chief executive in August but remained its biggest shareholder.
He said the business could have been saved if the Government had given it only a third of the £100m pledged by Boris Johnson.
He said: "Nobody was there to help Britishvolt. The industrial policy in place lacks real foundations and wasn't conducive to growth".
A spokesman for the Department of Business, Energy and Industrial Strategy, said: "We offered significant support to Britishvolt through the Automotive Transformation Fund on the condition that key milestones - including private sector investment commitments - were met."
09:16 AM
Brexit freedoms will boost prosperity, Chancellor says
Britain must take advantage of its Brexit "freedoms" to boost prosperity and counter incorrect claims of economic "gloom", Jeremy Hunt will say today.
Politics live blog editor Jack Maidment has the details:
Follow the speech here.
08:58 AM
Sainsbury's leads the way as markets rise
The FTSE 100 has risen as traders await the outcome of a major speech by Jeremy Hunt this morning.
The blue-chip index was up 0.1pc, while the midcap FTSE 250 index managed a 0.2pc rise and is on course for a weekly gain.
Sainsbury's shares rose as much as 5.4pc to the top of the FTSE 100 after Bestway amassed a 3.45pc stake in Britain's second-largest supermarket group, but said it is not considering a takeover offer.
Superdry tumbled 9.1pc after the fashion retailer cut its profit forecast for the year and forecast to broadly break-even as its wholesale segment underperformed.
08:38 AM
Give us a plan, Siemens chief urges Hunt ahead of speech
Jeremy Hunt will deliver a major speech on the economy this morning, setting the scene for the Budget on March 15.
Carl Ennis, chief executive of Siemens UK, said the main thing business wants from him, quite simply, is a plan. He told BBC Radio 4's Today programme:
08:22 AM
Superdry warns it expects to break even after hit from shipping delays
Superdry cut its profit forecast for the year despite hailing a strong Christmas period that returned its stores to pre-pandemic levels of trade.
The retailer said a 5.2pc decline in wholesale during its fourth quarter, which was hit by shipping delays, meant it expected to break even for 2023, having previously estimated a profit of £10m to £20m.
Profits in the first half of the year fell short of expectations, although stores revenue grew 14.3pc to £117.7m as customers returned to high streets.
Over the Christmas period, stores returned to 2019 levels in December, with retail revenue up 24.9pc in the final nine weeks of 2022.
Founder and chief executive Julian Dunkerton said:
08:03 AM
Markets rise amid hopes US economy outperforming pessimists
Stock markets in Britain have jumped at the open tracking a rally on Wall Street and in Asian markets following data suggesting the US economy and corporate profits may be doing better than feared.
The FTSE 100 rose 0.3pc to 7,770.62 to begin the day while the FTSE 250 was up 0.2pc to 19,961.24.
07:53 AM
H&M profits hammered by cost of Russia exit
H&M suffered a slump in earnings due to its exit from Russia, as well as costs related to a restructuring plan and higher garment prices.
Operating profit dropped 87pc to 821m kronor (£64m) in the three months through November, the company told investors.
H&M warned in September that garment costs were very negative for the fourth quarter given the strength of the dollar.
The company said in November it would take an 800 million-kronor (£62.7m) restructuring charge in the fourth quarter as part of a plan to reduce staff by 1,500 and reach annual savings of 2 billion kronor (£156m).
Sales returned to growth in December and January, rising 5pc during the key holiday period. Last month, the company reported that revenue was little changed in the fourth quarter excluding currency shifts as it ended operations in Russia and Belarus.
07:42 AM
LVMH toasts record profits but warns of champagne supply squeeze
Moët & Chandon maker LVMH has warned of a mounting squeeze on champagne supplies as a boom in luxury spending boosted it to a second year of record profits.
Retail editor Hannah Boland has the details:
07:36 AM
Wholesaler Bestway takes £193m stake in Sainsbury's
Family-owned wholesaler Bestway Group has bought shares in Sainsbury's that could be worth around £193m.
The business, which said it is the seventh largest family-owned firm in the UK with a turnover of about £4.5bn, announced it had acquired or agreed to acquire more than 80.7m shares in Sainsbury's.
Based on Sainsbury's share price at close on Thursday of 239.4p, the acquisition would be valued at around £193.4m.
Bestway said it plans to hold the shares for investment purposes and to support the executive management team, and confirmed it is not considering an offer for Sainsbury's at this time.
Qatar Holdings is currently a major shareholder in Sainsbury's with, as of March last year, a 15pc share of the supermarket.
07:32 AM
HS2 could terminate on London outskirts
The Government is considering terminating HS2, a flagship new high speed rail line connecting the capital to northern England, on the outskirts of London as the cost of the project soars, the Sun newspaper reported on Friday.
The costs of the project are said to be rocketing due to the mounting cost of steel, concrete and labour, forcing the government to consider stopping the line in west London, instead of Euston, central London, the newspaper said.
A delay to building track to Euston was also being considered.
Asked about the report, the Government did not deny that it was considering the west London option, but confirmed its commitment to building the line to Manchester, in northern England.
Department for Transport spokesperson said: "The government remains committed to delivering HS2 to Manchester, as confirmed in the Autumn Statement."
07:23 AM
ChatCPT to write articles at struggling BuzzFeed
Struggling online publisher BuzzFeed will start using artificial intelligence (AI) to help write its quizzes after laying off dozens of employees.
James Warrington has the details:
Read on for details.
07:08 AM
Rolls-Royce a 'burning platform' that must change to survive, warns new boss
The new chief executive of Rolls-Royce has delivered a blistering message on the future of the aero-engineering giant, telling staff it is a "burning platform".
Tufan Erginbilgic warned employees that investors are losing patience with the company, saying "we underperform every key competitor out there".
In a global address broadcast to staff, parts of which were shared with the Financial Times, Mr Erginbilgic said "every investment we make, we destroy value," adding that the company's performance was "unsustainable".
The Turkish-British national took over the running of the 117-year-old group from Warren East at the start of January.
Speaking at Rolls-Royce's UK manufacturing site at Derby, the new chief executive of Rolls-Royce potentially laid the groundwork for a shakeup of the historic British engineering company.
As he delivered a brutal address, Tufan Erginbilgic reportedly said the company's performance was "unsustainable", adding:
06:53 AM
Good morning
The new boss of Rolls Royce has delivered a brutal message to staff, telling employees it must transform the way it operates or it will not survive.
Tufan Erginbilgic described the company as a "burning platform", adding "we underperform every key competitor out there".
5 things to start your day
1) Public sector to cost UK 'tens of billions' as productivity slumps | Working from home to blame says Jacob Rees-Mogg with productivity still below pre-pandemic levels
2) Royal Mail accused of 'letting people down' as millions miss health appointments and legal letters | Figures show delays had 'real and worrying consequences'
3) Russian-born city trader named as Britain's biggest taxpayer | Alex Gerko has racked up an estimated bill of nearly £490m
4) Comment: Tax cuts are a terrible idea - but so is Rishi Sunak's assault on business | Britain needs to get with the global economic programme - or it will be left behind
5) Sadiq Khan blocks free public lavatories on the London Underground | Officials reject proposal to build new lavatories as Khan faces pressure to cut costs
What happened overnight
The new Rolls-Royce boss has warned staff the company must reinvent how it operates or it will not survive. The International Monetary Fund is considering extending up to $16bn (£12.9bn) of aid to Ukraine.
Meanwhile, Asian stocks climbed on Friday and were poised for their fifth straight week of gains after data highlighted a resilient US economy, boosting investor sentiment ahead of next week's slate of central bank policy meetings.
MSCI's broadest index of Asia-Pacific shares outside Japan jumped as much as 0.55pc to hit an almost nine-month high of 562.10. The index, which fell nearly 20pc last year, is up about 11pc so far this month and is on course for its best-ever January performance. Japan's Nikkei rose 0.07pc and Hong Kong's Hang Seng Index opened 0.2pc higher after surging more than 2pc on Thursday.
