Authorities investigating proposed £725m Esso oil field sale October 26, 2021 THE OIL and Gas Authority (OGA) has launched an investigation into a £725 million oil field deal in the North Sea. The organisation is probing Esso’s plans to sell 13 producing oil fields, including Elgin Franklin, to NEO Energy. It fears negotiations are progressing too slowly, and could have a “chilling effect” on the market [...]
China shut out of UK nuclear plans as Kwarteng sets out new funding model October 26, 2021 The UK’s nuclear energy programme is being revitalised with a rebooted funding model to shut out Chinese companies and replace its ageing power facilities. Business secretary Kwasi Kwarteng has announced The Nuclear Energy (Financing) Bill ahead of the Budget today. The UK will now utilise the Regulated Asset Base (RAB) to front-load costs to consumers [...]
Centrica boss warns of extra £100 energy costs facing UK households October 26, 2021 UK households will face £100 in extra costs following the collapse of multiple small energy firms, warns Chris O’Shea, chief executive of British Gas owner Centrica. Speaking to a House of Lords committee, O’Shea said, “The current retail market failures will put £100 on the bills of every single home in the UK. The CEO argued that [...]
Rishi Sunak spikes fuel hike plans October 26, 2021 Chancellor Rishi Sunak will scrap plans to hike fuel duty in the upcoming Budget, according to the Sun. The levy was due to go up next year from 57.95p per litre to 60.79p. The duty will be frozen for the second time this year. The decision follows petrol prices rocketing to record levels across the [...]
France threatens to block ports and slow-down customs checks as fishing row reaches boiling point October 26, 2021 British officials fear France will escalate the post-Brexit dispute over fishing rights, according to the Telegraph. Jean Castex, France’s prime minister, will unveil a series of retaliatory measures if French fishermen are not provided greater access to the UK’s coastal waters. This could include cutting energy supplies to the UK and Jersey and blocking Britain’s [...]
BlackRock CEO predicts a thousand sustainable ‘unicorns’ October 25, 2021 The next thousand global companies valued at over $1bn will be sustainable companies, predicts BlackRock chairman and CEO Larry Fink. Fink said, “It’s my belief that the next 1,000 unicorns – companies that have a market valuation over a billion dollars – won’t be a search engine or media company. They will be businesses developing [...]
SMEs fear high energy costs will act as a barrier to growth October 25, 2021 Seventy per cent of small and medium enterprises (SME) owners believe that high-energy costs will negatively affect the growth of their businesses, according to a new survey from Tyl by Natwest. The group questioned 500 UK SME business owners, and discovered that 65 per cent of SMEs are spending up to one fifth of their [...]
Minimum wage set to rise to £9.50 per hour October 25, 2021 The National Living Wage will increase from £8.91 per hour to £9.50 in the Budget this week. The 59p an hour boost means a full-time worker on the National Living Wage will see a pay rise of more than £1,000 a year. This is a 6.6 per cent increase in the minimum wage, which is [...]
UK petrol prices reach record highs October 25, 2021 Petrol prices soared to an all-time high on Sunday, reaching 142.94p a litre. The new record is 28p a litre higher than a year ago, when petrol cost about 114.5p. Motoring group RAC has described the outcome as a “dark day for drivers.” The rebound has seen prices rise from pandemic lows of 106.48p in [...]
Oil giants revel in massive profits amid gas price crisis October 25, 2021 OIL giants such as Shell and BP are set to reveal massive profits after global gas prices soared. Shell will forecast post-quarterly revenue of £1.5bn for its natural gas division, when it reports on Thursday. Gas prices have climbed globally following a worldwide shortage in supplies. The cost of gas has risen for suppliers by [...]
