Energy bills to top £5,000 next year in new shock to households – live updates

Good morning. Rapidly-rising interest rates won’t take the heat out of the UK’s housing market, a new report says.

The Royal Institution of Chartered Surveyors (RICS) says a lack of properties coming onto the market will offset waning interest from buyers in the coming year.

A lack of properties for sale is expected boost prices, even as buyer interest wanes, according to the Royal Institution of Chartered Surveyors (RICS).

While sales continued to decline in July compared with the previous month, RICS said a net balance of 63pc of surveyors reported an increase in house prices rather than a decline.

This “firmly upward trend” was reported across the UK, and is expected to continue over the next 12 months, RICS said.

Meanwhile, the FTSE 100 is set for a mild rally as relief from yesterday’s cooler-than-expected US inflation figures buoys markets.

5 things to start your day 

1) How stealth taxes became Gordon Brown’s grimmest legacy  Frozen thresholds amid soaring inflation mean one worker in every nine pays the higher rate of income tax

2) Britain faces threat of rolling blackouts as electricity rationing becomes ‘load shedding’  As supplies falter, the UK could see the first managed decline of its energy system for decades

3) Top banker quits after telling female colleague he needed ‘love and affection’  Citigroup dealmaker Jan Skarbek was suspended after allegedly making the comments on a staff getaway

4) Russia starts stripping aircraft for parts as sanctions bite  Aeroflot forced to cannibalise planes to keep flying

5) Disney plans ad-funded version of streaming service in battle with Netflix  Marvel and Star Wars owner defies slowdown fears with big jump in subscribers

What happened overnight 

Hong Kong stocks opened with small gains on Thursday, with the Hang Seng Index climbing 1.17 per cent, or 229.73 points, to 19,840.57.

The Shanghai Composite Index added 0.42 per cent, or 13.45 points, to 3,243.47, while the Shenzhen Composite Index on China’s second exchange rose 0.47 per cent, or 10.18 points, to 2,191.01.

Coming up today

• Corporate: Antofagasta, Coca-Cola HBC, Derwent London, Entertain, M&G, Network International Holdings, OSB Group, Petrofac, Prudential, Savills, Spirax-Sarco Engineering (interims)
• Economics: Jobless claims (US), producer price index (US)