Kwasi Kwarteng grilled by host on mini budget u-turn SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The FTSE 100 has plunged by nearly a full percentage point despite a desperate bid from Liz Truss to save face as chaos erupts in the Conservative Party. UK's blue-chip shares were dragged down after the Chancellor announced plans to scrap the top rate of income tax for the highest earners, which had drawn a furious backlash. The FTSE 100 quickly plummeted when the stock markets opened this morning, before briefly recovering. Related articles Truss is fighting for her political life after Gove forces U-turn. Tory ministers got 2 minute warning before Truss's 45p tax rate U-turn But at 8.56am it had nosedived by … [Read more...] about FTSE plunges as market sends Truss warning to ‘deliver on promises’ or face more chaos
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The government has lifted a ban on fracking for shale gas in England, imposed in 2019 after a series of tremors, even though a review concluded that forecasting related earthquakes "remains a scientific challenge". Business and energy secretary Jacob Rees-Mogg said strengthening the UK's energy security is "an absolute priority" in light of "Putin's illegal invasion of Ukraine and weaponisation of energy". In a bid to make the UK a net energy exporter by 2040, the country must explore "all avenues available to us through solar, wind, oil and gas production - so it's right that we've lifted the pause to realise any potential sources of domestic gas," he said. The government claims the gas could start flowing within six months, but experts say it could take a decade, doing little to enhance energy security or lower bills. Its climate advisors have warned of the risk of locking the country into fossil fuel infrastructure when it should be transitioning to green energy. … [Read more...] about Fracking for shale gas ban lifted by government in energy security drive
Liz Truss today admitted she should have done a "better job" after her tax-slashing, high-borrowing mini-Budget triggered disaster on the markets. The Prime Minister refused to U-turn on her plan, which will cost £72bn in borrowing next year alone, despite a Tory revolt and threats to block scrapping the 45p top tax rate. She also refused eight times to rule out swingeing real-terms public sector or benefit cuts, saying: "What I'm going to make sure is we get value for money for the taxpayer." But she admitted on the BBC's Sunday with Laura Kuenssberg: "I do want to say to people, I understand their worries about what has happened this week. "I do stand by the package we announced, and I stand by the fact we announced it quickly, because we had to act. But I do accept we should have laid the ground better. I do accept that. Liz Truss being interviewed by the BBC's Laura Kuenssberg on Sunday today ( Image: BBC) Liz Truss told the BBC's Laura Kuenssberg: "I … [Read more...] about Liz Truss admits she should have done a ‘better job’ over Budget disaster
The Danish Energy Agency says one of two ruptured natural gas pipelines in the Baltic Sea appears to have stopped leaking . The agency said on Twitter on Saturday (local time) that it had been informed by the company operating the Nord Stream 2 pipeline that pressure appears to have stabilised in the pipeline, which runs from Russia to Germany. “This indicates that the leaking of gas in this pipeline has ceased,” the Danish Energy Agency said. Undersea blasts that damaged the Nord Stream I and 2 pipelines this week have led to huge methane leaks . Nordic investigators said the blasts have involved several hundred pounds of explosives. READ MORE: Star Wars: Russia could carry out attacks in space, warns UK Admiral West rejects Putin's claim it sabotaged Baltic gas pipelines 'Biggest gas leak ever': Baltic Sea pipeline leak damages marine life and climate Fourth leak reported on Nord Stream gas pipelines in Baltic Sea following explosions Russian President … [Read more...] about Ruptured Baltic Sea pipeline appears to have stopped leaking
Tomorrow, we will have confirmed what most of us have known for weeks – that the Conservatives have decided to propel a maverick market liberal to the position of party leader and to the highest office in the land. It’s looking almost certain that Liz Truss won’t merely win the ballot of the Tory grassroots, she will beat Rishi Sunak, her more cautious and circumspect opponent, in a landslide. Her ascent seems remarkable to many commentators for two main reasons. Firstly, on the face of it, she has managed over her adult lifetime to reinvent herself from anti-establishment, Lib Dem Remainer into full-throttled, free market, true blue Brexiteer. Secondly, she appears to revel in the fact that she isn’t the slickest or most polished media performer – supposedly a prerequisite for any aspiring party leader in the modern era. In fact, the rise of Liz Truss to the position of Prime Minister is a lot more straightforward and predictable than many commentators seem to comprehend. Once we … [Read more...] about Why my old friend Liz Truss will be the most radical British prime minister in a century
Published 14 May 2021 Share close Share page Copy link About sharing Related Topics Climate change By Roger Harrabin BBC environment analyst Environmentalists are warning the government to ignore what they call “hype” over the use of hydrogen to provide heat. New natural gas boilers will be phased out next decade because their emissions add to climate change. Oil and gas firms are pushing for so-called “blue” hydrogen to be used to provide heat instead. But environmentalists say electric heat pumps are a much better option for most homes. In a letter to Business Secretary Kwasi Kwarteng on Friday, groups including climate think tank E3G, WWF, and Greenpeace urged the government to drop funding for “blue” hydrogen. They said that it appears to be environmentally-benign, but really it’s not . What is blue hydrogen and why is it being promoted? … [Read more...] about Ignore hype over hydrogen heating, government told
Published 12 minutes ago comments Comments Share close Share page Copy link About sharing The pound has climbed after the chancellor reversed his controversial decision to scrap the top rate of tax. Sterling gained more than 1% to $1.1284 before falling back slightly while government borrowing costs edged lower. Tory MPs had threatened to vote against Kwasi Kwarteng's plan, saying it was unfair when living costs were so high. The U-turn may ease market nerves, said the Institute of Fiscal Studies, but unease remains over how a remaining £43bn of tax cuts will be funded. "The difference this makes really is trivial," said Paul Johnson, director of the IFS think tank. The chancellor pledged to abolish the 45p rate of tax, which is paid by people who earn more than £150,000 a year. Getting rid of the rate would have cost the Treasury around £2bn of out £45bn … [Read more...] about Tax U-turn lifts pound as borrowing costs fall
Published 22 September Share close Share page Copy link About sharing By Ione Wells Political correspondent The government plans to officially lift a ban on fracking for shale gas by reviewing the level of seismic activity - earthquakes - allowed at sites. Business Secretary Jacob Rees-Mogg told BBC Two's Newsnight the current level was "too low" and prevents fracking from being commercially viable. But he said it was too early to confirm what the new level would be. The UK government said it would lift the ban as part of its plans to limit rising energy costs. A review of fracking by the British Geological Survey (BGS) and ordered by Chancellor Kwasi Kwarteng when he was business secretary will be published on Thursday. The controversial practice was halted in 2019 , amid opposition from environmentalists and local concerns over earth tremors. But Prime … [Read more...] about Earthquake levels set for review to allow fracking
Published 7 days ago Share close Share page Copy link About sharing Related Topics Climate change By Maddy Savage BBC News, Helsinki It smells like a lush pine forest in the lunch room of a new upper secondary school in Helsinki, but there's no scented air freshener. Instead, most of the five-storey building has been constructed out of wood. The school won't be completed until next year, although smooth wooden panels already line many of the interior walls. Wood has also been used in load-bearing structures, to support the ceilings between the floors, and as cladding on the exterior. "It's a more sustainable choice," says Miimu Airaksinen, an engineer and vice president of development at SRV, the Finnish construction company behind the school. "But we're also working with wood because wood is a nice material, people appreciate and like wood and the design of … [Read more...] about Is Finland’s Wood City the future of building?
ANKARA (Reuters) - Iran's Revolutionary Guards did well under international sanctions, and the elite military force is destined to become still richer now they've been lifted. Iran's clerical rulers have supported economic growth of the Guards, rewarding the group for sanctions-busting as well as suppressing dissent at home and helping Tehran's allies abroad - notably Syrian President Bashar al-Assad. Now the country is expecting an economic boom in the post-sanctions era and the Iranian Revolutionary Guards Corps (IRGC), will be a beneficiary. Likewise, the leadership will ensure it is well funded to continue the effort in the regional crisis, including the Syrian civil war. The Guards aren't entirely off the hook, even though the United States, European Union and United Nations lifted most sanctions on Saturday under a deal with world powers where Tehran agreed to curbs on its nuclear program. Washington has noted that "U.S. statutory sanctions focused on Iran's support for … [Read more...] about Who Benefits From the End of Sanctions Against Iran?