Rishi Sunak is ‘pragmatic’ about imposing windfall tax on soaring energy profits as Brits’ bills skyrocket May 13, 2022 Chancellor Rishi Sunak said he was “pragmatic” about possibly imposing a windfall tax on the soaring profits of oil and gas giants as customers’ bills rise. Prime Minister Boris Johnson has shown firm opposition to the raid but has conceded “we’ll have to look at it” after BP chief executive Bernard Looney said his investment [...]
Building nuclear power plants will only drive up energy bills even further, Business Secretary Kwasi Kwarteng warns May 13, 2022 The Government’s ambitious nuclear power push may initially increase energy bills, the Business Secretary has warned. Kwasi Kwarteng said the plan to build new power plants as part of a new energy strategy may have a “small effect” on bills. But he told the BBC “nuclear is back on the table” because the Government considers [...]
Stagflation fears trigger sea of red in the City as FTSE 100 plummets May 12, 2022 Stronger signals indicating the UK economy is in the teeth of a slump sent London’s FTSE 100 tumbling today. The capital’s premier index plummeted 1.56 per cent to 7,233.34 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, closed 0.85 per cent at 19,480.88 points. [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
Hargreaves Lansdown hit by fall in customers and inflows amid market turmoil May 12, 2022 Retail investment platform Hargreaves Lansdown has been hit by a fall in customers and inflows this year as market turbulence caused Brits to pull back from investment.
More rate hikes are coming, Bank of England official warns May 12, 2022 More rate hikes are on the way this year as the Bank of England continues to wrestle with a historic inflation crunch, a senior official at the monetary authority has said. Sir Dave Ramsden, a member of the Bank’s monetary policy committee, told households to brace for higher borrowing costs despite new figures released today [...]
Oil bosses dubbed ‘the new oligarchs’ as political focus on windfall tax for energy giants grows May 12, 2022 Conservative MP Robert Halfon this morning labelled oil company bosses “the new oligarchs” as he called on the Government to hit them with a windfall tax. Speaking on BBC Radio 4’s Today Programme, he said the Government had done “a fair bit” to tackle the cost-of-living crisis but that families were still struggling with food [...]
Energy giants hold their breath as Boris Johnson refuses to rule out windfall tax and Rishi Sunak starts examining profit levy May 12, 2022 Prime Minister Boris Johnson has refused to rule out a windfall tax on the profits of the energy companies to help relieve the pressure of the cost-of-living squeeze. Chancellor Rishi Sunak has reportedly told Treasury officials to examine plans for a levy on the soaring profits of the oil and gas giants. It follows an [...]
Royal Mail bets big on 500 drones for 50 new aerial postal routes across UK in push to make air deliveries take off May 12, 2022 With the creation of 50 new “postal drone routes” over the next three years, Royal Mail said it plans to increase its use of drones for deliveries. Under a partnership with logistics drone company Windracers, and subject to Civil Aviation Authority approval, the move will provide faster and more convenient services for remote communities, said [...]
D-Day for Brexit deal as UK and EU hold crunch talks after Boris Johnson calls Northern Ireland discussion ‘crazy’ May 12, 2022 As ministers consider whether to override parts of the post-Brexit deal on Northern Ireland, Foreign Secretary Liz Truss will hold crunch talks with the vice president of the European Commission in the coming hours. Attorney General Suella Braverman is said to have approved the scrapping of swathes of the agreement, giving Boris Johnson legal cover [...]