This update was written automatically with AI from market data and news wire reports, and published without review by a person.
Key Takeaways
- UK Prime Minister Andy Burnham has ordered a review into scrapping standing charges from gas bills to ease the cost-of-living crisis for millions of households.
- Thermo Fisher Scientific (TMO) raised its FY 2026 guidance following a strong Q3 performance, reporting adjusted EPS of $6.68 on revenue of $12.14 billion.
- The UK government is pursuing a new agri-food trade deal with the EU ahead of a November 20 summit, aiming for a £10 billion annual boost to the economy by 2040.
- Jackdaw Gas Field has received final approval and is expected to begin supplying gas to homes by the end of October 2026, serving as a "bridge" to renewable energy.
UK Energy Policy: Scrapping Standing Charges and Jackdaw Approval
In a significant move to lower household energy costs, Prime Minister Andy Burnham announced during Prime Minister's Questions (PMQs) that he has instructed the Chancellor and Energy Secretary to examine the removal of standing charges from gas bills. These fixed daily fees, which average over £100 per year regardless of usage, have been a major point of contention for consumer advocates. The Prime Minister stated that the government is seeking to "substantially de-link" gas and electricity prices during this Parliament to provide long-term relief.
The announcement coincided with the final approval of the Jackdaw gas field, a project the Prime Minister defended as a pragmatic step toward energy security. The field is slated to begin production by the end of the month, with the government framing the move as a necessary "bridge" to fund future renewable energy investments. While the opposition criticized the delay in approval, Burnham argued the new approach ensures the resources generated will be directly reinvested into clean energy infrastructure.
Thermo Fisher Scientific (TMO) Raises FY 2026 Guidance
Thermo Fisher Scientific (TMO) shares are in focus after the life sciences giant reported Q3 2026 results that surpassed Wall Street expectations. The company posted adjusted earnings per share (EPS) of $6.68, beating the consensus estimate of $6.40, while revenue grew 9% year-over-year to $12.14 billion. This growth was driven by a 6% increase in organic revenue, signaling robust demand across its biopharma and laboratory products segments.
Following the strong quarterly print, management raised its full-year 2026 guidance. The company's PPI Business System was credited with driving a 120 basis point expansion in adjusted operating margins, which reached 24.5%. Investors are closely watching the company's updated outlook, as the life sciences sector continues to recover from post-pandemic volatility and shifts in global research funding.
UK-EU Relations: The November "Reset" Summit
Prime Minister Burnham is preparing for a pivotal UK-EU summit in Brussels on November 20, where he intends to renegotiate key aspects of the post-Brexit trade relationship. A primary focus will be a new sanitary and phytosanitary (SPS) agreement to reduce bureaucracy for food and drink exports. Burnham noted that current border checks and paperwork delays cost the Scottish salmon industry alone approximately £100 million in lost exports annually.
However, the Prime Minister faces domestic pressure from the Fresh Produce Consortium (FPC), which warned that closer alignment with EU standards could add £300 million in annual costs for produce imported from outside the bloc. Burnham has pledged to address these "Made in Europe" risks and protectionist rules during the summit, maintaining that the "status quo is not good enough" for British growth. The government estimates that a successful reset could eventually add £10 billion a year to the UK economy.
Automated market updates written with AI from market data and news wire reports, published without human review.