Energy

Energy bills: Chairman reveals 140% increase in calls for help Get pensions news and advice plus latest money alerts for FREE now 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 On Wednesday, the seaside resort of Eastbourne will become the first town in the country to declare a " Cost of Living Emergency" in response to soaring energy bills and prices. Josh Babarinde OBE, Eastbourne Liberal Democrat councillor and Parliamentary Candidate, told Express.co.uk: “It has been harrowing for me to see the huge rate of people accessing food banks. My inbox is full of local residents from the very estate that I grew up on saying ‘we are struggling and not getting enough support’." Related articles Sunak to bring in 'inevitable' … [Read more...] about ‘Absolutely desperate’ UK authority first to declare major emergency over energy crisis

Rishi Sunak says he ‘stands ready’ against inflation Get pensions news and advice plus latest money alerts for FREE now 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 Hard working Britons have been hit by an explosion in costs in recent months due to the fall out from the war in Ukraine and the end of the Covid pandemic. Today the Office of National Statistics warned national inflation has risen to nine percent, the highest rate in 40 years. Related articles Reeves erupts she demands cost of living pressure relieved now UK energy firms face £50m fine for failing to meet heat pump targets However, new analysis indicates that the bottom 10 percent of the population in terms of income faced an inflation rate of … [Read more...] about Energy bill prices explode 70% – Britons paying extra £60 per MONTH and it will get worse

Rishi Sunak has threatened energy companies with a windfall tax on their profits unless they increase investment in the UK's energy supply. Companies such as BP have come under increasing scrutiny amid surging costs. The London-listed company saw quarterly profits surge to the highest in more than a decade. It posted an underlying profit of $6.2bn, and said it would make $2.5bn of share buybacks in the second quarter of this year. Here, we look at the countries which have a similar tax and how one could work in the UK to help ease the cost-of-living crisis. What is a windfall tax? A windfall tax is a one-off raid on the profits of a company. In this case, the profits of energy companies have been boosted by the surge in oil and gas prices in the wake of Russia’s invasion of Ukraine . A year-long and one-off levy on their profits, which critics say are being lifted by factors they cannot control, could help pay to support squeezed households . Critics say that as … [Read more...] about What is the windfall tax and how would it work?

UK inflation hits 40-year high - live updates I can't afford to be in my job, says constable who collared Patel Ministers warm to windfall tax after polling finds it ‘wildly popular’ EU offers UK NI Protocol olive branch... but threatens trade war Russia-Ukraine latest: Mediators attempt to save Azovstal fighters S ir Keir Starmer has accused Boris Johnson of performing the "hokey cokey" over imposing a windfall tax on oil and gas giants to help tackle the cost of living crisis. The Labour leader said "one minute they are ruling it in, the next they are ruling it out" as he urged the Prime Minister to back the levy. Sir Keir also predicted that the Government will eventually be forced into rolling out the policy as he said "every single day he [Mr Johnson] delays his inevitable U-turn - he is going to do it - he is choosing to let people struggle when they don't need to". The Prime Minister repeated the Government's position that it does not … [Read more...] about Stop the ‘hokey cokey’ and back windfall tax, Keir Starmer tells Boris Johnson

Cost of living: Government needs to 'get on and act' says Reeves Get pensions news and advice plus latest money alerts for FREE now 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 Boris Johnson ’s Government should start addressing the cost of living crisis and introduce the windfall tax to relieve pressure on people’s budgets, Shadow Chancellor Rachel Reeves has slammed. The Office for National Statistics reports inflation galloping at its fastest rate in 40 years, with a 9 percent inflation recorded in April. This puts the average annual gas and electricity bill close to £2,000. Related articles UK heatwave: Blistering 27C plume to BAKE Britain 'Don't tell me what I can and can't eat!' Boris slammed for … [Read more...] about ‘Stop insulting people!’ Reeves erupts she demands cost of living pressure relieved now

Sunak to bring in windfall tax as Brits hit with 'extraordinary' bill increase Get pensions news and advice plus latest money alerts for FREE now 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 Rishi Sunak has been pushed to introduce an emergency windfall tax against energy companies in order to ease the cost of living crisis across the UK. The Chancellor has so far withheld the introduction of additional tax measures against energy giants as he argues a windfall tax would stifle investment in domestic energy infrastructure. Economist and political theorist Michael Jacobs declared a windfall tax against energy companies was an ‘inevitable’ economic measure that the Conservative Government will be forced to instigate. Related … [Read more...] about ‘Inevitable’ Sunak to bring in windfall tax as Brits hit with ‘extraordinary’ daily costs

Russia expels 34 French, 27 Spanish, and 24 Italian diplomats in a tit-for-tat move Russian soldier pleads guilty at murder trial in Ukraine Ukrainian and Russian officials say peace negotiations have stagnated EU announces funding to help bloc move away from Russian fossil fuels Finland and Sweden submit NATO membership applications This article was last updated at 12:49 UTC/GMT Russian soldier pleads guilty of murder at Kyiv trial Vadim Shishimarin, a 21-year-old Russian tank commander held in Ukraine, pleaded guilty on Tuesday to killing an unarmed civilian. After his convoy was hit, Shishimarin and four other fleeing soldiers are alleged to have stole a car from outside the village of Chupakhivka in the early days of the invasion. He is accused of attacking the 62-year-old, who was riding past them on a bicycle, to prevent him from reporting their presence. "One of the military servicemen ordered the accused to kill a civilian so that he would not report … [Read more...] about Ukraine: Russian soldier pleads guilty of murder at Kyiv trial — live updates

Enda McClafferty Published 20 minutes ago Share close Share page Copy link About sharing Every high-wire act needs a safety net and Stormont is no different. It came in the form of legislation designed to ensure that no matter what happened, the facade of government would survive. All the bases were covered or so officials thought. A functional assembly providing cover for a dysfunctional executive. But that carefully woven safety net fell apart when the Democratic Unionist Party (DUP) blocked the election of a speaker as part of its protest against the protocol. But is the DUP defiance now starting to soften. What is the Northern Ireland Protocol? Claims about Northern Ireland's Brexit fact-checked Truss sets out new law on Northern Ireland trade deal The government's pledge to legislate "within weeks" to override parts of the Northern Ireland … [Read more...] about Northern Ireland Protocol: Is the DUP’s defiance starting to soften?

Faisal Islam @faisalislam on Twitter Published 2 hours ago comments Comments Share close Share page Copy link About sharing Today's astronomical rise in inflation is no less shocking, even though it was predicted. UK inflation is simply not supposed to hit levels such as 9%, and the statisticians have had to go back in time to remodel historical data, as inflation has not been this high while the Consumer Prices Index has been in existence. As the Bank of England Governor Andrew Bailey has said, these sorts of rises hit the poorest the hardest. 9% is an average across the population. The older Retail Prices Index measure is already at 11%. But Mr Bailey's institution has a battle on now to get this under control. The really painful issue is that this rate will sustain and is on course to get higher over the course of this year. And only this week he … [Read more...] about What will it take to get inflation under control?

Published 1 minute ago comments Comments Share close Share page Copy link About sharing Related Topics Prime Minister's Questions Boris Johnson has been urged by Labour to stop dithering and impose a one-off windfall tax on energy giants' profits to tackle the cost of living crisis. Sir Keir Starmer said that every day the PM delays his "inevitable U-turn" he was "choosing to let people struggle when they don't need to". The PM accused the Labour leader of having a "lust to raise taxes". But he did not rule out a windfall tax, telling MPs he would "look at all sensible measures" to help families. The pair clashed at Prime Minister's Questions as UK inflation rose to 9%, the highest rate for 40 years, on the back of soaring energy bills. Energy bills push price rises to 40-year high How would a windfall tax on energy firms work? Chancellor … [Read more...] about Government windfall tax U-turn inevitable, says Keir Starmer