UK interest rates likely to rise again, says BoE’s Mann; UK housebuilding falls; FTSE 100 drops from record high – as it happened
The next step in Bank Rate is still more likely to be another hike than a cut or hold, says Bank of England policymaker Catherine Mann
National Grid has asked two coal-fired power plants to warm up in case electricity supplies are tight tomorrow.
The Grid's electricity system operator (ESO) asked Uniper's Ratcliffe-on-Soar unit on Sunday to prepare for use on Tuesday. This morning, the ESO issued a further notice, requiring EDF's West Burton A plant, also in Nottinghamshire, to warm up for use on Tuesday.
They are two of the five coal-fired units that National Grid has paid to put on standby as part of winter contingency plans.
Wind speeds have dropped this week, cutting the amount of wind power generated for use in Great Britain.
ESO figures this morning show that wind accounts for 18% of power generation, down from as high as 52% on some days last week.
The ESO said asking the plants to warm was prudent" and added this does not mean electricity supplies are at risk".
The coal plants have been warmed several times this winter but have been stood down each time. The cost of keeping them on standby has been estimated at between 220m and 420m.
It's official, the UK's new car market grew for the sixth month running in January.
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