The sugar business also raises concerns, with EBIT broadly in line due to adverse weather and cost-related losses despite increased sales, they add. The participants also support increased issuance of green gilts, with recommendation for new maturities to be launched, the DMO says. Public sector net borrowing, excluding state-owned banks, amounted to GBP27.4 billion in December compared to GBP10.7 billion a year ago. Benchmark TTF gas futures drop 11% to EUR59 a megawatt-hour while U.K. gas prices fall 10% to 150 British pence a therm. This leaves the U.K. finance minister unlikely to cut taxes or increase spending at March's budget, CE says.

Source: Wall Street Journal January 24, 2023 10:34 UTC