The Financial Times reports that shares in some of Britain’s biggest power companies plunged sharply yesterday as Rishi Sunak proposed a windfall tax on the energy sector.

Rishi Sunak, the Chancellor, has directed officials to draw up plans for a possible windfall tax on more than £10bn of excess profits for electricity generators, including wind farm operators, on top of a tax on North Sea oil and gas producers.

World leaders will meet for the first time since COVID-19 in Davos this week, warning that globalisation is in reverse.

Global uncertainty is forcing corporate leaders to “grapple with strategic decisions” after supply chain issues, market turmoil and the war in Ukraine.

FT reports that Wall Street stock prices plunged into a “bear market” as economic concerns sparked a mass sell-off.