BP benefitting from gas price crisis with $500m trading bonanza October 27, 2021 BP’s trading team made at least $500 million in Q3 2021, according to Reuters. The energy giant’s gas trading results were reportedly disclosed at an internal call with staff earlier this month. It has benefitted from a gas crisis that has left embattled consumers and industries struggling with rising costs. Natural gas and power prices [...]
Was John Lewis’ home insurance ad dressed for success? October 27, 2021 John Lewis’ new home insurance ad – in which a small boy dances in a dress to Stevie Nicks’ Edge of Seventeen – has been described as “a glorious antidote to toxic ‘boys will be boys’ messaging” and “everything wrong with modern Britain”. Data from YouGov BrandIndex UK shows that the public were aware of [...]
Budget 2021: Steel sector bemoans “missed opportunity” as energy costs continue to rise October 27, 2021 The Budget was a “missed opportunity” for the country’s steel sector, argues the UK Steel and Community Union. The organisation has criticised Chancellor Rishi Sunak, believing he has left the steel sector “high and dry” by the lack of action on electricity prices and its failure to set out a clear plan for decarbonising UK steel production. [...]
Long-haulers slam APD hike as it “will penalise Global Britain” October 27, 2021 Long-haul carriers have criticised the Chancellor’s decision to increase air passenger duty (APD) rates for flights longer than 5,500 miles. Luis Gallego, chief executive at British Airways’ parent company IAG, said the move “will penalise Global Britain” at a time when the country should be more competitive on the global stage. “We need to get [...]
Gas crisis chokes third-quarter earnings at Scottish Power October 27, 2021 Scottish Power has suffered a third-quarter 39 per cent earnings drop in its retail division focusing on delivering gas and electricity to households. Liberalised Retail reported its EBITDA at £83m – a decline of £54m. The wider energy market has been ravaged by soaring wholesale energy costs. Challenging conditions across the sector have resulted in [...]
Boeing ekes out small profit after aviation volumes ramp up October 27, 2021 In the third quarter aircraft manufacturer Boeing has registered a small adjusted profit after commercial airplanes and services volumes ramped up when travel restrictions eased. The company’s core operating profit amounted to $59m, compared with a $754m loss in 2020. Year-on-year, revenues grew 8 per cent to $15.2bn, going up from $14.1bn. “We are driving [...]
France to ban UK seafood in retaliation for withholding fishing licences October 27, 2021 France will next week ban British seafood exports and disrupt trade of other goods if the UK does not grant a swathe of fishing licences. French President Emmanuel Macron escalated the feud between himself and Downing Street today, with Elysee spokesperson Gabriel Attal saying “we won’t let the British wipe their feet on the Brexit [...]
The Budget: Sunak returns pupil funding to “2010 levels” October 27, 2021 Chancellor Rishi Sunak announced that per pupil funding would return to “2010 levels” in real terms by 2024-25, making an extra £4.7bn available. Sunak makes £2.6bn available for new school places for children with special educational needs and disabilities in England, more than tripling current capital funding levels to over £900m by 2024-25. On the pandemic, Mr [...]
Budget 2021: Government to review further changes to pension schemes charge cap October 27, 2021 As part of his Autumn budget reveal today, Chancellor Rishi Sunak announced that the government will further review the pension schemes charge gap, as a way to encourage schemes to invest in high-growth UK businesses. Under the plans announced today, the government will consider options to amend the scope of the charge cap so that [...]
Budget 2021: Government debt interest bill to swell £16bn more than previously expected October 27, 2021 The government’s debt interest bill is set to swell by billions over the next year driven by inflation accelerating at a fiery print than the fiscal watchdog expected. The Office for Budget Responsibility (OBR) revised up its forecasts for the government’s debt interest payments by around £16bn for this year. More to follow.
