The Digester

Richard Walker asks ministers to consider a temporary cap on energy and petrol company profits as Middle East tensions push up fuel costs and UK officials scramble to limit economic and household damage.

Richard Walker, the prime minister's cost of living champion and Iceland chair, urges a temporary profit cap to stop windfall gains by energy and petrol firms.
His call follows disruptions around the Strait of Hormuz and wider Middle East tensions that have driven up oil and petrol prices.
Bank of England governor Andrew Bailey is due to meet Prime Minister Keir Starmer and ministers in an emergency session to assess risks to inflation and growth.
Official figures are expected to show inflation at 3% for February, and the Bank warns inflation may remain above 3% this year because of the conflict.
KPMG warns UK growth could slow sharply and estimates household energy bills could rise about 10% if the conflict drags on.
The TUC calls for an emergency taskforce to protect the economy while Centrica says petrol prices will be hit harder than household gas and electricity.

Top cost of living adviser urges temporary profit cap on energy and petrol firms

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