GOVE TO OUTLINE HOUSEBUILDING PLANS 

English councils that block legitimate housebuilding in their areas could have planning powers removed, Housing Minister Michael Gove has told The Times. 

In a speech covering the national planning policy framework, Mr Gove is today expected to announce the government will, however, reduce housebuilding targets (The Guardian). 

Mr Gove is expected to stress that councils will not have to build on the green belt in order to meet new targets (The Telegraph).

OIL AND GAS PRICES RISE AMID RED SEA SECURITY RISKS 

BP has paused all shipments of oil through the Red Sea due to security concerns following attacks by Houthi rebels on a route which facilitates a tenth of global trade. The UK’s gas price increased by as much as 14 per cent and oil prices also rose (Financial Times).  

Bloomberg reports that shipping in the region is "grinding to a halt" while oil tankers idle and container vessels divert around Africa. 

Meanwhile, the UK is set to join a new US-led naval force to protect shipping operations in the region (Sky News). 

NEWS IN BRIEF

US president Joe Biden has indicated that the UK and US will not agree to a foundational partnership, which could have paved the way to a free-trade agreement before the next UK general election (The Times). 

There is a high risk of a serious economic downturn in the UK next year, according to Daniel Ivascyn, chief investment officer at Pimco (Financial Times). 

The UK government will increase local government council funding by £4 billion to £64 billion from 2024-25, a rise of 6.5 per cent rise from 2023-2024 (Reuters). 

Issues related to the transmission of wind generated power in the UK could add £40 to household energy bills, according to the think tank Carbon Tracker (BBC News). 

The Bank of England will need to see evidence that the labour market and wage growth have cooled before they can consider reducing interest rates, Monetary Policy Committee member Ben Broadbent has said (The Times).