Autumn Statement TL;DR? Here’s our at-a-glance guide November 23, 2016 Chancellor Philip Hammond spoke for around an hour while delivering today's Autumn Statement. If you don't have time for that, here's our at-a-glance overview of the announcements you need to know: Economics, public spending and politics The Office for Budget Responsibility (OBR) forecast for growth increased to 2.1 per cent, up from two per cent, for 2016, but [...]
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 [...]
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 [...]
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 [...]
The growth of electric vehicles won’t make much impact on the global demand for oil November 22, 2016 Chevy is about to release its all-electric Bolt. Tesla will soon put its Model 3 on sale. More than a dozen additional EV models will be launched in the next few years. Battery costs are falling fast, making EVs close to becoming cost-competitive with the internal combustion engine. Yet, oil demand will continue to rise, [...]
Fuel duty should be cut, not frozen, in the Autumn Statement, urges campaign group FairFuelUK November 22, 2016 An expected fuel duty freeze in tomorrow's Autumn Statement should be switched to a 3p-per-litre cut that would add £850m to the UK economy next year, campaign group FairFuelUK has urged. Chancellor Philip Hammond is thought to be scrapping a planned 2p-per-litre rise in fuel duty, due to come into force in April, and will [...]
Prime Minister Theresa May is taking aim at the wrong energy target in tariffs: she should go after green levies and smart meters November 22, 2016 Prime minister Theresa May appears to be limbering up for a three-pronged attack on “rip-off” energy firms, broadband providers and housebuilders that stockpile land. On the energy front, speculation has been mounting that the so-called big six energy firms will soon be told to offer fewer, simpler tariffs and make switching suppliers easier for families [...]
Theresa May takes aim at the wrong energy targets November 21, 2016 Prime Minister Theresa May appears to be limbering up for a three-pronged attack on “rip-off” energy firms, failing broadband providers and any housebuilders that stockpile land. On the energy front, speculation has been mounting that the so-called big six energy firms will soon be told to offer fewer, simpler tariffs and make switching suppliers easier [...]
Four things companies and consumers want for energy, fuel duty and North Sea oil from the Autumn Statement November 21, 2016 Energy consumers and industry groups no doubt have their fingers crossed for a slew of price cuts, duty freezes and investment boosts when chancellor Philip Hammond delivers his Autumn Statement on Wednesday. Here are some of the top energy-related wants – and some of the indicated energy policies – to look out for later this [...]
The world will reach peak oil within years, the IEA warns, as it declares the era of fossil fuels is “far from over” November 16, 2016 The world could reach peak oil and face a supply shortage within years, causing it to enter a new phase of boom and bust prices, the International Energy Agency (IEA) has warned. Investment in crude oil development fell to its lowest level since the 1950s in 2015 and 2016 data so far shows no signs of [...]