Our at-a-glance guide to Osborne’s mini-Budget December 5, 2012 THE UK ECONOMIC OUTLOOK ■ The Office for Budget Responsibility (OBR) has revised down its forecast for UK growth and revised up its forecast for public sector borrowing. It says the government is no longer likely to meet its target of reducing debt as a proportion of GDP in 2015-16, breaking its supplementary fiscal rule. [...]
Osborne revealed small measures to rebuild confidence December 5, 2012 THE background to George Osborne’s Autumn Statement was not encouraging. Growth has been very weak this year, and it comes in the aftermath of 2011’s inflation squeeze on consumers and reflects the ongoing euro crisis. The Office for Budget Responsibility has marked down its growth forecasts significantly. Taking this year together with the next three, [...]
What the other papers say this Morning December 3, 2012 FINANCIAL TIMES EDF cost rises damp nuclear hopes EDF, the French utility, said the cost of its new nuclear power station in northern France had increased by a third, raising fears that its planned UK plant may also be vulnerable to a similar budget blowout. But EDF Energy, the company’s UK subsidiary, insisted that the [...]
Higher bills for a decade due to new energy bill November 29, 2012 CUSTOMERS will see gas and electricity bills rise for at least the next decade to fund a new round of green energy investment, under plans published yesterday by the government. The idea is to encourage investment in low-carbon power production, but the plan could backfire as consumers and small businesses struggle under the burden of [...]
Britain is becoming an increasingly anti-libertarian society November 28, 2012 WELCOME to Britain, a land where rules, regulation and taxes are one of the few growth industries. In recent days, the government has decided that companies will no longer be allowed to decide freely at which price they can sell alcohol – there will be a minimum price, hurting those who enjoy two-for-one deals. Our [...]
Simpler energy tariffs will lead to higher bills and less competition November 28, 2012 THE Prime Minister has proposed that each energy supplier should put all its customers on the best tariff. The regulator Ofgem has proposed that suppliers should be restricted to four tariffs each. The Department for Energy and Climate Change has proposed putting a mix of these proposals into law. Has no one thought through the [...]
Is the government’s new Energy Bill a good deal for British businesses and consumers? November 25, 2012 YES Tim Yeo If we do not find £100bn of investment by 2020, Britain will face an energy crisis. We need to replace polluting coal power plants and construct new nuclear reactors. The government’s Energy Bill will give generators a guaranteed price for clean, low-carbon electricity. This will cut the risk of investing in projects [...]
Household energy bills to jump by £75 as coalition secures deal November 22, 2012 PEOPLE’s energy bills will go up by £75 a year in a bid to increase investment into wind farms and other green energy projects, under a deal agreed between the Conservatives and Liberal Democrats after months of wrangling. The agreement, which paves the way for next week’s long awaited energy bill, will be unveiled by [...]
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 [...]