Brent crude and West Texas Intermediate crude oil prices lift as Iraq indicates it will cut production and US stockpiles fall November 23, 2016 Oil prices were lifted this evening after Iraq signalled it is willing to "shoulder responsibility" for part of Opec's planned production cut and data showed US crude inventories declined by 1.3m barrels. Iraq, a key member of the 14-member consortium, had previously called for it to be exempt from efforts to strike a final slash to output [...]
Communities near fracking sites get power to decide how to spend £1bn fund, Philip Hammond announces in Autumn Statement November 23, 2016 Communities close to fracking projects will definitely get a say in how to spend up to £1bn funelled to them through the Shale Wealth Fund, the government confirmed today. “Following a consultation to ensure local communities share in the benefits of shale production, the Shale Wealth Fund will provide up to £1bn of additional resources [...]
Autumn Statement 2016: Here’s how analysts have reacted to Philip Hammond’s speech November 23, 2016 Here's how analysts have reacted to chancellor Philip Hammond's first – and last – Autumn Statement. National Living Wage hike Guy Stallard, director at KPMG, said: Today’s announcement will see a significant number of workers aged 25 and above get a pay rise of 30p an hour to £7.50 from next April. This may seem [...]
Autumn Statement 2016: Here’s how business groups have reacted to today’s announcement November 23, 2016 Today's Autumn Statement may be the last after chancellor Philip Hammond announced he would scrap the annual November mini-Budget, but there's still an awful lot for the business world to sink its teeth into this time around. Here's how some of the UK's biggest business groups have reacted to today's announcements, which include big infrastructure [...]
Big Six beware: The government will look more closely at the UK’s energy market, chancellor Philip Hammond said in today’s Autumn Statement November 23, 2016 The government will “not be afraid to intervene” in the UK’s retail energy market if there is evidence of market failure, chancellor Philip Hammond said yesterday. “We will look carefully in the coming months at… key markets, including the retail energy market, to make sure they are functioning fairly for all consumers,” Hammond said in the [...]
Autumn Statement 2016: Planned fuel duty rise scrapped by Philip Hammond in seventh consecutive year of freeze November 23, 2016 Fuel duty has been frozen for the seventh consecutive year, chancellor Philip Hammond announced in today's Autumn Statement. "It is a tax cut worth £850m next year and means the current fuel duty freeze is the longest for 40 years," Hammond said. The duty cancellation will save the average car driver £130 a year and [...]
No new support for North Sea oil and gas industry announced in Philip Hammond’s Autumn Statement November 23, 2016 The government will continue to deliver its pre-existing commitments to the North Sea oil and gas industry, but has not made any significant new pledges to boost the ailing sector. To help provide a "stable tax regime" to the UK's biggest oil-producing region, the government said it "recommits" to its long-term 'Driving Investment' plan for the [...]
Shares in Aim-listed nickel sulphide explorer Amur Minerals skyrocket 200 per cent in a month November 23, 2016 An Aim-listed nickel sulphide explorer's share price has risen 200 per cent in the last month and 60 per cent in the last five days after a slew of new agreements. Amur Minerals, which is developing the Kun-Manie nickel, copper and sulphide project in the far east of Russia, got a 21 per cent share [...]
Five of the Big Six energy firms have hiked their cheapest fixed-rate tariffs since September, according to uSwitch November 23, 2016 Five of the UK’s Big Six energy suppliers have hiked the price of their cheapest fixed-rate tariffs since September, according to data from uSwitch. On average, the UK’s major energy companies have increased their rates by an average of £129, around 16 per cent, driven by a rise in wholesale prices. The Big Six firms consist [...]
