Goldman Sachs warns UK inflation could hit 22% in January; German inflation at near 50-year high – as it happened

Investment bank warns inflation could exceed 20% if UK energy price cap rises 80% in January, while baseline forecast has inflation rising to almost 15%

Russian energy giant Gazprom has intensified the squeeze on Europe's energy market, by cutting supplies to France's Engie.

Engie says it has been told that Gazprom will reduce gas deliveries starting today, due to a disagreement over some contracts.

As previously announced, Engie had already secured the volumes necessary to meet its commitments towards its customers and its own requirements, and put in place several measures to significantly reduce any direct financial and physical impacts that could result from an interruption to gas supplies by Gazprom."

Very clearly Russia is using gas as a weapon of war and we must prepare for the worst case scenario of a complete interruption of supplies.