Healey weighs removing standing charges on gas bills Energy Chancellor John Healey is looking at cutting standing charges on gas bills as part of the government’s push to cut household energy costs, the Prime Minister has announced. Speaking in the House of Commons today, Andy Burnham said he had asked the Chancellor and the energy secretary, Miatta Fahnbulleh, to consider stripping “unfair” standing charges [...]
Supreme Court blocks Scottish Power’s £28m tax write-off Tax The Supreme Court has ruled that the energy giant, Scottish Power, cannot deduct £28m in regulatory settlement payments from its taxable corporate profits after a lengthy legal battle with HMRC. The legal case stems from a probe by the energy regulator Ofgem into Scottish Power between 2013 and 2016 regarding mis-selling, poor complaints handling, and [...]
Burnham to announce new publicly-owned grid operator Politics Andy Burnham is expected to announce a new publicly-owned body which will invest in the UK’s electricity grid in an attempt to bring down Britain’s sky-high energy costs. The Prime Minister is tipped to unveil Great British Grid, which will speed up connections to the grid by driving up competition for projects, during his Labour [...]
Oil price climbs above $90 as Iran says US diplomacy ‘isn’t possible’ August 31, 2026 The price of oil is creeping higher after the US launched strikes at Iranian rocket launchers that were reportedly preparing to lay mines in the Strait of Hormuz. Brent crude – the international benchmark for oil prices – climbed towards $91 per barrel after strikes from the US marked the first exchange of fire in [...]
Business confidence climbs on consumer spending power August 28, 2026 Business confidence has risen to its highest level since March, as resilient consumers shrug off the impact of the Iran war and Budget-related speculation is kept to a minimum. According to the Lloyds Business Barometer, confidence among British firms rose four points in August to 53 per cent, the highest reading since the outbreak of [...]
Octopus boss Greg Jackson calls for ‘urgent reform’ on energy as bills rise August 26, 2026 Octopus boss Greg Jackson has called on Andy Burnham to deliver “urgent reform” to the energy market to protect households from “volatile” gas prices. Jackson, founder of the UK’s biggest household electricity supplier, said: “The government’s decision to take VAT off electricity and remove some of the levies from bills has helped soften the blow [...]
‘Broken promises’: Burnham under fire on cost-of-living plans as energy bills set to surge August 26, 2026 Andy Burnham is facing pressure over his commitment to tackle the cost-of-living crisis as energy bills are set to jump again. Opposition figures have accused the Prime Minister of breaking Labour’s pledge to cut household energy bills, with one Tory figure dubbing the price hike “outrageous”. The price cap on bills is set to rise [...]
Energy price cap rises to three-year high August 26, 2026 Brits are set for another squeeze from energy bills this winter after watchdog Ofgem confirmed the price cap was set to rise to a three-year high. The regulator said on Wednesday the default tariff for consumers across Britain would increase four per cent to £1,723 for the final quarter of the year. The rise marks [...]
As it happened: Antofagasta leads FTSE 100 rally; oil falls as US-Iran deal ‘close’ August 26, 2026 Welcome back to the City AM FTSE 100 liveblog. The UK’s blue-chip index slipped on Wednesday morning, dragged down by oil majors BP and Shell, before recovering later in the day to be level with Tuesday’s close. Brent crude – the international benchmark – fell by more than two per cent on Wednesday to $86 [...]
Soaring energy bills set to fuel inflation spike August 16, 2026 Rising energy prices are poised to send UK inflation rearing back up, as economists warn that the summer boost to the economy could be fleeting. The rate of Consumer Prices Index (CPI) inflation is tipped to rise to 2.9 per cent in July, climbing from June’s 15-month low of 2.6 per cent, when the Office [...]