UK GDP growth to slow to worst in G7 in 2023, says IMF – as it happened

Live rolling coverage of business, economics and financial markets as global growth forecasts downgraded amid Ukraine invasion and inflation

• IMF lowers 2022 global GDP growth forecast from 4.4% to 3.6%
• Stellantis says sanctions and shortages prompt Kaluga plant stop
• Energy bosses warn of increased fuel poverty as prices rise
• Tesla boss Elon Musk threatens to remove Twitter board fees

The government left a big gap" in improving the energy efficiency of UK homes in its energy security strategy, according to Michael Lewis, chief executive of E.ON.

Better insulation would be a silver bullet" for the UK's energy crisis, he told MPs on Tuesday.

Our concern with the energy security strategy was that it was an energy supply strategy, and we need also an energy demand strategy, i.e., energy efficiency. For us that was the big gap.

These are things that we can do quickly, that we can ramp up for vulnerable customers quickly. We were very disappointed that the government did not address that directly, because that actually is the silver bullet for solving some of the short-term energy problems.

I am hugely concerned for people - massively concerned for people.

There are so many who will struggle, really really struggle with this issue. We're seeing the start of that.

Come October that's going to get horrific, truly horrific.

It has got to a stage now where the size and scale of it is beyond what I can deal with, beyond what I think this industry can deal with. I think it needs a massive shift, a significant shift in the government policy and approach towards this.