UK faces supply crunch as gas and nuclear power plants close, warns Drax as it halts key biomass project March 21, 2023 The UK is facing a significant shortage in power that can be brought online at times of peak demand, warned Drax.
UK borrowed record £16.7bn for February but Jeremy Hunt handed interest bill boost March 21, 2023 The UK borrowed a higher than expected £16.7bn in February, a record for that specific month due to the government spending billions on helping families with the cost of energy bills, official figures out today reveal. Office for National Statistics (ONS) numbers indicate Chancellor Jeremy Hunt’s decision to cap typical household energy bills at £2,500 [...]
Broadband firms urged to cancel ‘exorbitant’ mid-contract price hikes for vulnerable customers March 21, 2023 Broadband firms have been urged to cancel “exorbitant” mid-contract price rises for vulnerable customers less than two weeks before they are due to take effect. Millions of broadband and mobile phone customers can expect to face monthly bill increases of at least 14 per cent from April. Providers often link their annual price rises to [...]
Inheritance tax take beats all records as property price hikes boost HMRC’s coffers by whopping £6.4bn March 21, 2023 The amount of inheritance tax (IHT) paid in February totalled £531m, bringing the total for the 2022/23 tax year to a record £6.4bn. With just one month to go the amount already surpassed the £6.1bn received by the Treasury throughout the entire 2021-22 financial year. The record-breaking inheritance tax take follows last week’s revision by [...]
OBR blames optimistic economic forecasts on ‘volatile’ environment March 20, 2023 Overly optimistic economic forecasts are down to the “very volatile” nature of the UK in recent years, the Office for Budget Responsibility (OBR) chairman has said. The official Treasury watchdog was warned by Deutsche Bank analysts that it may have repeated its mistake of over-estimating growth figures and wiping out spending power. Speaking at a [...]
Newcleo announces plans for €1bn fundraiser as it targets UK nuclear industry March 20, 2023 A potential nuclear power player with ambitions for the UK market is working to raise up to €1bn equity in an upcoming equity raise.
Have Brits fallen out of love with DIY? B&Q and rival Wickes eye lower profits after costs soar and demand dwindles March 20, 2023 B&Q owner Kingfisher and rival Wickes are set to reveal falls in profits over the past year as surging costs dampen the outlook for the home improvements market. Kingfisher, which runs B&Q and Screwfix, has previously indicated its sales and profits have weakened over the past year, as it also saw DIY demand from locked-down [...]
‘They have not done anything’: Hunt slammed for failing to back solar energy in Budget March 19, 2023 The government should have prioritised boosting renewable energy such as solar power, argued the boss of a British energy supplier.
Jeremy Hunt tax hikes and weak economy to swipe £10k from Britons while wealthy reap pension rewards March 16, 2023 Britons are poised to miss out on £10,000 of income over the coming years after Chancellor Jeremy Hunt lifted taxes to their highest sustained level in history, experts have predicted. When combined with sluggish economic growth , the Institute for Fiscal Studies (IFS) has estimated that the tax take means real incomes will be at [...]
New chancellor, same story: London is always left out of Whitehall’s plan for growth March 16, 2023 London won’t always keep growing if it is continually ignored by government. What will the Chancellor have to say then?