A report is circulating that the UK has drawn up plans for potential power cuts to homes and industries in January. That comes with earlier reports about Norway cutting back on energy supplies due to low rainfall.

The report says it's the 'worst case scenario' that officials are planning for.

Obviously, cutting power is a major drag for GDP and investment but this is more of a tail risk than any kind of baseline.

Cable has dipped to 1.2095 from 1.2115.