Peter Hain, the energy minister, has warned oil and gas industry leaders about the impact of high gas prices on the UK economy. He made the warning to a meeting of Pilot, the sector’s taskforce for overseeing initiatives and developing upstream relations.

The Strategic Rail Authority, the government’s rail agency, has provided £4 billion to upgrade rail freight routes. The developments include four new terminals around London, two in the north-west and expanded midlands sites, and a capacity for trains up to 750m in length, each capable of carrying up to 3,500 tonnes of bulk freight.

There is no correlation between IT spending and profits, IT research company the Butler Group will tell delegates at its annual symposium later this month. It claims technology has been overvalued by companies involved in an "arms race" of spending. IT investment, it says, only increases profits if a business is well managed.