en en it en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en en pl en en en en en sv fr de de fr fr fr sv en fr en ja fr de fr es nb fr de en en sv de de fr en fr it fr en fr en ar en en en en en en
New prime minister has honoured her pre-election pledge and announced a package of measures as cost of living soars
Liz Truss has promised freeze energy bills at an average of £2,500 a year for the next two years from 1 October under the “energy price guarantee”, replacing the existing Ofgem energy price cap which was due to reach £3,549 from 1 October. The freeze includes the temporary removal of green levies on household bills, worth about £150.
The government said the measure will save the average household about £1,000 a year and is in addition to the £400 of support for all households announced by the former chancellor Rishi Sunak earlier this year.
Track changes between the Supreme Court abortion decision…
Households who do not pay directly for mains gas and electricity such as those living in park homes, using heating oil or on heat networks will not be worse off and said they would receive personal support through a separate fund.
Businesses and public sector organisations will be offered a new-six month scheme offering “equivalent support” with limited detail, which is expected to be an intervention to subsidise the wholesale price of gas. A review will take place in three months’ time to consider whether the scheme should become more targeted.
New oil, gas and fracking licences
A new oil and gas licensing round will be launched as early as next week, expected to lead to more than 100 new licences.
There will be a lift on the moratorium on the production of UK shale gas production. “This will enable developers to seek planning permission where there is local support, which could get gas flowing in as soon as six months,” the government said.
The government has decided to publish the British Geological Survey’s report into fracking, which was commissioned by the then business secretary, Kwasi Kwarteng, earlier this year. The study suggests “more drilling is required to establish data on shale resources and seismic impacts”, effectively reopening the door to an industry that has been under a moratorium since 2019.
The government hopes to “continue progressing” in its mission to generate 24 gigawatts of power from nuclear by 2050. A dedicated body, Great British Nuclear, has been set up to attempt to achieve this aim.
Truss also announced a review of the government’s net zero strategy, under the “altered economic landscape”. The review is likely to raise alarm bells from environmental campaigners, but will be chaired by Chris Skidmore, who chairs the Net Zero Support Group of Conservative MPs and is a key proponent of meeting the targets.
The Treasury will work with the Bank of England to “address the extraordinary liquidity requirements faced by energy firms operating in UK wholesale gas and electricity markets”. The energy markets financing scheme, designed as a “last resort”, is designed to “enable stability to both energy and financial markets, and reduce costs for businesses and consumers. It will open “by the end of October or sooner”. Energy companies have sought to secure their balance sheets amid fears they will have to buy their energy in advance in volatile wholesale markets.
Reforms to the structure and regulation of the energy markets are expected to be undertaken after a review of regulations.
The government will fund the scheme to reduce the unit cost of energy via increased borrowing, likely to exceed £100bn. However, Whitehall sources said estimates for the cost of the scheme will not come until the chancellor’s fiscal statement later this month.
Truss said a new windfall tax on energy firms “would discourage the very investment we need to secure home grown energy supplies”.
An energy supply taskforce, led by Madelaine McTernan who led the UK’s Covid vaccine taskforce, has begun negotiations with “domestic and international suppliers” to agree contracts that reduce the price they charge for energy.
The taskforce will also negotiate with electricity generators – including wind, solar and nuclear power producers, some of whom have seen windfall gains from the rise in wholesale gas prices – to reduce the prices they charge. The talks follow proposals for a scheme where producers on renewable obligation contracts are encouraged to switch to contracts for difference.
This announcement has not been met with universal support, with Matthew Sims, Founder of #BusinessSOS and CEO of Croydon Business Improvement District saying: “The nation was expecting an announcement today on how businesses would be supported, and its notable absence is a harrowing moment for our high streets. The clock is already ticking, and businesses simply do not have the time to wait for a review. Businesses need action, and they need it now. Over 150,000 businesses have been holding out making difficult decisions on the promise that support for businesses affected by the energy crisis would be coming today. This hasn’t happened, and swathes of businesses from now will be left with no option but to close, triggering mass unemployment, which will only exacerbate the overall cost of living and energy crisis we are experiencing. As each day passes, more businesses will be making difficult decisions, reaping irrevocable damage on the UK economy and halting our new Prime Minister’s plan for an ‘aspiration nation’. Tipped to be the defining moment in her Premiership, today’s announcement is a devastating blow for businesses.”
Steve Malkin, CEO of Planet Mark, a leading UK sustainability group, joined : “Freezing energy bills until 2024 will provide some light relief to consumers and small businesses but this package of measures doesn’t go nearly far enough. Giving businesses just six months of cover is merely a stop-gap, while freezing bills at rates which are still too high for many to afford – especially Britain’s six million’s small and medium-sized firms (SMEs) – is another sticking plaster solution for firms already struggling with a combination of rising costs and falling sales as households tighten their belts.
This is why we have today sent a letter to the Prime Minister outlining a proposed five-point plan to help SMEs through the immediate energy crisis and to support the development of a low carbon economy. Our plan can be fully funded by a one-off emergency windfall tax on the major energy firms, which saw an unprecedented £170 billion in excess profit from skyrocketing energy prices.
Within our proposed plan, we are calling on the government to launch an urgent nationwide awareness campaign for SMEs and the public on energy efficiency and net zero deployed on a similar scale as that used for Covid-19 awareness. This will ensure it reaches every business in the country, uniting the nation in the drive for carbon reduction and greater energy efficiency, which will directly help SMEs reduce their energy bills, trade through this crisis and keep Britain’s economy moving.”
Adding her comments on the announcement Julia Usher, Managing Director of Burton-on-Trent-based Ashes Memorial Jewellery: said “This is a promising start to help with the torrid economic climate we are currently in. It will help households across the UK and also small businesses. However, this on its own is only a start and cannot be the whole package. The VAT rate needs to addressed with immediate effect to help both the consumer and all UK businesses. The PM needs to look to reduce it to 15%. We are about to head into the retail sector’s most import financial quarter. Christmas this year has never been more vital. Retailers need to secure good sales this festive season to ensure their survival amidst the protracted recession we now face.”
David Robinson, chartered wealth manager at London-based Wildcat Law added: “Short-term policies seem to be the tactic of this ‘new’ government. The much expected suspension of the Green Levy is a prime example of this. The money raised was used for a number of policies aimed at making the poorest homes in the UK more energy-efficient, thus benefiting people over the long term. Instead, the Government look like they are happy to mortgage the future for a gain that is unlikely to be as significant as the Levy. Make no mistake, the biggest beneficiaries of this will be the energy companies and their shareholders. Something needed to be done to ensure we did not have the spectre of thousands of households going through winter without heating but after having months to come up with a plan this appears to have been a Baldrick special. We are getting many of the negative sides of nationalisation without any of the potential benefits.”
Quoted from Various Sources
You may also like
Wall Street banks to pay $1.8bn over messaging violations
Hockey players’ scoring after learning their teammates’ pay could show the pitfalls of knowing what your coworkers make
Cathie Wood’s new fund gives small investors access to the VC market for just $500
Farmers threaten to quit NFU as leader backs scrapping of “Brexit bonus” nature subsidies
Gold Rises From Two-Year Low as Dollar’s Steep Increase Stalls
A surging U.S. dollar is creating an ‘untenable situation’ for the stock market, warns Morgan Stanley’s Wilson
Wall Street banks to pay $1.8bn over messaging violations
Hockey players’ scoring after learning their teammates’ pay could show the pitfalls of knowing what your coworkers make
Cathie Wood’s new fund gives small investors access to the VC market for just $500
Farmers threaten to quit NFU as leader backs scrapping of “Brexit bonus” nature subsidies
Gold Rises From Two-Year Low as Dollar’s Steep Increase Stalls
Categories Select Category @Nordstrom #EQUALITY • 7 of 8 People Are Clueless About This Trillion-Dollar Market • Motley Fool Issues Rare Triple-Buy Alert • This Stock Could Be Like Buying Amazon in 1997 $230 billion in cash 000 medical trainees from foreign countries 2017 6 AAN AAPL according according to Ariely AMZN annual sales anti-Trump protest in Mexico City bailout agreed in 2015 behavioral economist Dan Ariely BIG biometric payments brought back unlimited plans earlier last year Business Administration Business Analyst Business Center Business Class Business Consultant Business Development Business Digital Business Economics Business Environment Business Executive Business Global Business Goals Business Growth Business Idea Business Inquiries Business Intelligence Business Journal Business Kit Business Knowledge Business Logic Business News Business Plan Business Risk BuzzFeed noted last December. CHTR clashing with Apple CNNMoney’s own Fear & Greed Index COKE compliance cut its CEO’s pay deal immediately boosted prices described eliminated its version of an unlimited usage plan in 2011 EQIX February 12 February 8 finally disappear in 2017 General Article GOOG Health hinted that Tesla may soon come to India. INFY intraday trading high is scheduled for a final vote before the full Senate IWM JJSF jumped 7{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9} in the first two days JWN KAMN knocked the department store on Twitter in retaliation LeBron James M made their own bids to attract customers MAS MSFT NAFTA Nearly all NYC subways get cell service one of the top buyers pic.twitter.com/ki5NaJN12d Qapital Visa Debit Related: ‘Without NAFTA’ we’d be out of business Related: A startup that makes pencils that grow into vegetables Related: Apple stock nears a record high Related: Charter shares popped on report of possible Verizon takeover Related: Elon Musk’s surprising secret weapon: Trump? Related: Here’s why the world’s largest money manager is worried Related: How Europe’s elections could be hacked Related: India freaks out over U.S. plans to change high-skilled visas Related: Is Ivanka Trump’s brand losing its bling? Related: Kellyanne Conway unrepentant for Ivanka Trump plug Related: Mexican farmer’s daughter: NAFTA destroyed us Related: Mexico doubles down on Trump ‘contingency plan’ Related: Obamacare’s impact on this Alaska town with only one doctor’s office Related: OPEC has pulled off one of its ‘deepest’ production cuts Related: Oreo make is worried about rise of populism Related: Possible pick for Treasury secretary makes his film debut Related: Pro-Trump boycott calls follow Super Bowl ads Related: Rare streak for U.S. stocks: Long stretch without a 1{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9} dive Related: Remember Smoot-Hawley: America’s last major trade war Related: Stocks have avoided a 1{3b930a6ca12a59604e1bbadfc55b7d1b7a0aa8613f1ab9377cace0d5afcb5fb9} dive for an unusually long period of time Related: T-Mobile and Sprint offer new ‘unlimited’ data plans — sort of Related: Tech industry braces for Trump’s visa reform Related: Tesla reveals what it will charge for a charge Related: The company turning 4 billion plastic bottles into clothes Related: Those Reagan tariffs Trump loves to talk about Related: Tim Cook: ‘Apple would not exist without immigration’ Related: Trump furious after court upholds block on travel ban Related: Trump isn’t killing the bull market Related: Trump travel ban and what you need to know Related: Uber CEO drops out of Trump’s business advisory council Related: Uber suspends its service in Taiwan as fines mount Related: Uber’s rivals are teaming up in Asia Related: Verizon brings back unlimited data plans Related: Visa ban could make doctor shortage in rural America even worse Related: Wall Street has powerful seat at Trump’s table renegotiate NAFTA research S said Jan. 13 sales Saudi oil minister: I don’t lose sleep over shale Sears spokesman Brian Hanover told Reuters Serena Williams similarly eliminated overage fees for customers in September smartphone recall woes Smoot-Hawley Act. Speaking with The Daily Telegraph newspaper T teased plans temporarily halted temporary immigration ban tenth anniversary TIF TJX TMUS to go green Trump has often slammed TSLA TWX VG VIX VZ why it decided to stop carrying Ivanka Trump’s clothing and accessories label YHOO
Archives Select Month September 2022 August 2022 July 2022 June 2022 May 2022 April 2022 March 2022 February 2022 January 2022 December 2021 November 2021 October 2021 August 2021 July 2021 May 2021 March 2021 January 2021 December 2020 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 September 2018 February 2017 January 1970