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.

The Financial Times reports that the top antitrust enforcer in the United States has warned that the Department of Justice will take a harsher stance against private equity firms that are buying up large portions of the American economy.

According to the Financial Times, inflation of 9% was double what was expected by the Bank of England.

The Financial Times reports that unemployment has fallen to its lowest level in almost half a century.

According to the Financial Times, the governor of the Bank of England is unable to prevent inflation reaching 10% this year.

According to the Financial Times, Sweden’s move to apply for NATO membership with Finland will change Europe’s geopolitics.

Over concerns about the number of spam accounts and fake accounts on Twitter, Elon Musk has put his Twitter takeover “temporarily on hold.”.

As a result of a failure by stablecoin Tether to maintain a link to the US dollar, the cryptocurrency industry has taken a hit. The slip-up sent bitcoin’s price down to its lowest level since late 2020, though it recovered later.

Financial Times reports that the EU has vowed to retaliate if the UK pulls out of a post-Brexit trade deal for Northern Ireland.

Prince Charles stands in for his mother at the state opening of parliament as he looks forlornly at her crown.

According to the Financial Times, Sir Keir Starmer has promised to resign as Labour leader if he is fined by police investigating an evening meal in April last year for breaking coronavirus restrictions.

The Financial Times’ lead discusses the new US sanctions on Russia, which blacklist a broad swath of financial executives.