Bank says green regulations are driving up energy prices November 21, 2012 ENVIRONMENTAL regulations increased energy prices, thereby driving up the October inflation figure, the Bank of England’s minutes revealed yesterday, as Bank rate-setters voted 8-1 against more quantitative easing (QE). “The utility suppliers, as well as Ofgem, pointed to increases in network and distribution charges and the costs of complying with environmental legislation as a cause [...]
Government to lay out new plans for energy bills November 19, 2012 THE GOVERNMENT is expected to get tough on energy companies today, with ambitious proposals to reduce bills for consumers. Energy secretary Ed Davey is to make a speech this afternoon, in which he is expected to outline plans that he hopes will help consumers reduce their growing gas and electricity bills and make it easier [...]
Rise in household gas use offsets fall in business demand at Centrica November 15, 2012 BRITISH gas owner Centrica said yesterday the weak UK economy was impacting demand among business customers, though cost cuts were enabling it to stay on track for growth in its residential division. It expected to deliver overall earnings growth in 2012 in line with market expectations, the company said in a trading statement yesterday. This [...]
Bullish US fails to prop up the FTSE as Eurozone fear weighs on stocks November 14, 2012 UK shares fell yesterday, testing a two-month low but failing to break a main support level as growth fears in Europe led stocks that are vulnerable to a downturn in economic activity lower. The FTSE 100 index was down 1.1 per cent at 5,722.01 points at the close, having gained 0.3 per cent in the [...]
The Bank of England needs a new method for predicting UK growth November 14, 2012 THIS week’s barrage of economic figures confirmed a gloomy picture for Britain. The Bank of England’s inflation report suggests sluggish growth into next year – just 1 per cent in 2013. Jobs figures show high (though falling) unemployment – still at 7.8 per cent of the workforce. And Tuesday’s rise in inflation confirmed a squeeze [...]
Failure to control inflation damages Britain’s recovery November 13, 2012 THE Bank of England sets interest rates to keep inflation low to preserve the value of your money,” reads the puff on the front page of the Bank’s website. But it’s done a poor job recently. The 2.7 per cent annual rise in the consumer prices index (CPI), announced yesterday, is better than last September’s [...]
Sandy casts a shadow over Catlin growth November 12, 2012 LLOYD’S of London insurer Catlin yesterday revealed that its New York office remains closed following Hurricane Sandy – and it does not know how much it will have to pay out to those affected by the storm. The firm said it would be some time before the true cost of the damage is assessed due to [...]
Shops tell Osborne to lift sector by going easy on new tax hikes November 12, 2012 RETAILERS yesterday sent a list of demands to George Osborne ahead of the chancellor’s Autumn Statement next month, calling for measures to save the struggling sector. Osborne should freeze business rates, scrap the delayed plans to increase fuel duty, and ensure that the minimum wage does not rise at a rate that “does not exceed [...]
Firms fret over next steps for energy supply November 12, 2012 BUSINESSES are increasingly worried about the UK’s attempts to bridge a looming energy gap, according to a survey out today. As the coalition races to secure replacements for ageing nuclear and coal power stations and fuel bills soar, research showed that almost six in 10 large businesses think energy security is becoming a “major concern” [...]
Mixed corporate earnings see FTSE end down as Eurozone fears grow November 8, 2012 BRITAIN’S top share index fell yesterday as mixed earnings reports combined with concerns about the Eurozone’s economy and debt troubles to weigh on sentiment. Tate & Lyle and Land Securities were among fallers in heavy volumes after releasing disappointing earnings updates. Land Securities had gained 25 per cent year to date, with Tate & Lyle [...]