5 things to start your day 

1) Britain’s heat pump rollout branded an ‘embarrassment’ | Flagship net zero scheme flops as installations fall far short of target

2) Pensioners should get better returns on their investment, Hunt warns | Britain's diffuse and risk averse pensions industry may be holding back growth and stifling returns

3) EY’s UK chief warns of wave of resignations after split plan falls apart | Firm to shift focus toward addressing inefficiencies built up in advance of planned split

4) We will defeat strikers even if it means short-term pain, vows Hunt | Government prepares to face down pay demands to combat inflation

5) Holiday landlords fear fees of up to £1,000 a year under Gove’s ‘anti-business’ crackdown | Proposed changes draw criticism from former housing secretary and industry leaders

What happened overnight 

Wall Street stocks advanced as new inflation data showed an unexpected reduction in producer prices and new claims for unemployment benefits, signalling a near-end to the Federal Reserve's hawkish monetary stance.

The Dow Jones Industrial Average ended 1.1pc higher at 34,029.69, while the broad-based S&P 500 jumped 1.3pc to 4,146.22. The tech-heavy Nasdaq Composite surged 2.0pc to 12,166.27.

The rally came ahead of the release of earnings reports from large Wall Street banks on Friday, which are expected to face heavy scrutiny following the collapse of Silicon Valley Bank and other lenders last month. 

Treasury yields fell immediately after Thursday’s weaker-than-expected inflation reports, but later reversed these losses. The yield on the benchmark 10-year Treasury rose to 3.44pc, while the rate-sensitive two-year Treasury held steady at 3.97pc.