TLDR: The old rules about not intervening in markets are going out the door in Europe’s ‘war’ economy. The European Union announced details last night of plans to raise €140b through windfall taxes on firms winning from high gas & electricity prices to pay for winter energy subsidies for households.
Elsewhere, Simon Upton has warned the Government its plans to allow Fonterra more capital flexibility will increase climate emissions. Also, look out below the paywall for scoops of the day elsewhere, chart of the day and climate record of the day. Look out later today for June quarter GDP figures. Economists expect quarterly growth in a range from 0.6% to 1.8% after the March quarter’s 0.2% fall.
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