Ed Miliband calls for electric car ‘revolution’ across UK March 24, 2021 Shadow business minister Ed Miliband tomorrow will lay out Labour’s plans for an electric vehicle “revolution” for the UK. Under the new policies, Labour is pledging to introduce interest-free loans for those on low and middle incomes to buy electric cars, as well as a national scrappage scheme. It comes just a week after the [...]
UK sticks by open derivatives trading stance despite EU ban March 24, 2021 The UK’s financial regulator has today elected to keep its current stance on cross-border derivatives trading with the EU. Under the current Financial Conduct Authority (FCA) rules introduced after Brexit, UK banks have been able to trade derivatives on EU platforms to avoid disruption to business in the bloc. However, there is not currently a [...]
What’s the latest for Brits’ summer holiday hopes? March 24, 2021 With the UK’s vaccination programme continuing apace, sun-starved Brits are getting more and more excited about the prospect of getting out of the country this summer. But in recent days the government has attempted to pour cold water on travel hopes, with multiple ministers warning it is “too early” to book holidays abroad. They are [...]
Crown Estate to launch new large-scale floating wind farm leasing round March 24, 2021 The Crown Estate has today announced that it is beginning work on a new leasing round for floating wind power projects in the Celtic Sea. Floating turbines are still an emerging technology, but if successful could enable wind farms to be built much further offshore. In December the UK announced that it would seek to [...]
Government agrees £16bn North Sea transition deal for oil industry March 24, 2021 The government and private sector will pour £16bn into the North Sea oil industry over the next decade in a bid to reduce carbon emissions, business secretary Kwasi Kwarteng announced today. Under the new “North Sea Transition Deal”, ministers will be able to block future oil and gas exploration on the continental shelf if it [...]
Banking giants pour $3.8 trillion into fossil fuels since Paris agreement March 24, 2021 Since 2016, the world’s 60 largest banks have poured more than $3.8 trillion into the fossil fuel industry, a new report released today has shown. Despite the signing of the Paris climate accords in 2015, lenders have continued to provide hundreds of billions in financing for polluting industries such as tar sands oil, coal, and [...]
Norway blocks Rolls-Royce sale on security grounds March 23, 2021 The Norwegian government has today said it will block Rolls-Royce’s attempt to sell an engine-making firm to a Russian company on national security grounds. Last month the FTSE blue chip firm announced it would sell Norwegian firm Bergen Engines to TMH Group for €150m (£132.5m). The disposal is part of plans by the aerospace giant [...]
British Airways owner IAG agrees new $1.8bn credit facility March 23, 2021 British Airways owner IAG took yet another step towards stabilising its finances today by announcing a new $1.8bn (£1.3bn) revolving credit facility. The new financing arrangement has been agreed with a number of banks and will be available for an initial three years, with the possibility of extension for two more years. As well as [...]
Government mulls reform of long-haul air passenger duty to balance domestic cut March 23, 2021 The government has today kicked off its consultation on reforming the air passenger duty (APD) tax regime as part of its so-called “tax day”. Ministers are looking to change the current structure of the tax to improve intra-UK travel links without compromising its 2050 net zero emissions targets. As was previously announced, it will consider [...]
Oil prices tumble as new lockdowns prompt fresh demand fears March 23, 2021 Oil prices plunged today as new coronavirus lockdowns and tougher travel restrictions across Europe raised fears of a slump in fuel demand. Worldwide standard Brent crude tumbled 4.7 per cent by the mid-morning, shedding more than $3 to stand at $61.60. US counterpart West Texas Intermediate dropped by the same margin, falling back below the [...]
