The treasury

The US government continues to reel from a large and sophisticated hacking campaign that affected top federal agencies, including the energy department, the treasury and commerce departments, and is even said to have targeted the agency responsible for the country’s nuclear weapons stockpile. Authorities expressed increasing alarm over the hack, suspected to be the work of Russia, warning that it poses “a grave risk” to federal, state and local governments, as well as “critical infrastructure entities”. In a statement on Thursday, the Cybersecurity and Infrastructure Security Agency (Cisa) also warned that it will be difficult to remove the malware inserted through network software. “Removing this threat actor from compromised environments will be highly complex and challenging for organizations,” the agency said. Thursday’s comments were the most detailed yet from the agency since reports of the hack emerged over the weekend. The US … [Read more...] about Hacking campaign targeted US energy, treasury and commerce agencies

The Queen and the Treasury will receive an offshore windfarm windfall of almost £9bn over the next decade, after a major auction of seabed plots attracted runaway bids from energy companies including the oil company BP. The crown estate’s first auction of its seabed licences in a decade will earn the Queen’s property manager £879m a year, for up to 10 years, and clear the way for six new offshore windfarms and enough clean electricity generation for more than 7m homes. The windfall will more than double the profits made by the crown estate, which reported a net revenue of £345m for the last financial year, after it received record-breaking bids from energy companies hoping to build offshore windfarms off the coast of England and Wales. The most lucrative bids were made by BP and its partner, Germany utility EnBW, for two offshore windfarm licences with a total capacity of 3 giga-watts in the Irish Sea. The seabed licences are worth £462m a year to the … [Read more...] about Queen’s property manager and Treasury to get windfarm windfall of nearly £9bn

The Treasury will delay publication of its review of business rates until later this year. The findings will now be published in the autumn, when the UK's economic situation is expected to be clearer. The Treasury said: "Due to the ongoing and wide-ranging impacts of the pandemic and economic uncertainty, the government said the review's final report would be released later in the year when there is more clarity on the long-term state of the economy and the public finances." Business rates are paid by companies based on the value of the property they occupy and Chancellor Rishi Sunak called for a review of the system in last year's budget. Where have the jobs been lost? A call for evidence was launched in July and responses are being considered by the government before an interim report next month. Advertisement Businesses in retail, hospitality and leisure are benefiting from a business rates holiday during the financial year which will … [Read more...] about Business rates review to be delayed until economic situation is clearer, Treasury says

HIKING fuel duty would be a hammer blow to "not just motorists but their families" a Treasury minister once declared. As Chancellor Rishi Sunak eyes the first rise in a decade of the hated levy at next month's Budget , The Sun can reveal his closest lieutenants used to be the most vocal critics of the tax. Exchequer Secretary to the Treasury Kemi Badenoch said in 2018 that "continuing the freeze will help keep bills and the overall cost of living low." While a backbencher, Ms Badenoch also signed a letter organised by Fair Fuel UK urging the Treasury not to unfreeze fuel duty as part of the Sun’s Keep It Down campaign. It warned: "Filling up at the pumps remains a critical factor that shapes consumer spending and business costs.” Meanwhile the now Financial Secretary to the Treasury Jesse Norman boasted of his campaigning work on keeping fuel duty frozen as a key reason for voters to re-elect him in 2015. He told his local paper it was one his most … [Read more...] about Rishi Sunak’s closest Treasury aides among most vocal critics of fuel duty hike

There were an estimated 4.7 million employees furloughed at the end of January with women accounting for the majority of the number, according to provisional Treasury figures. They showed a leap in demand for the Job Retention Scheme during the month as England entered its third COVID-19 lockdown, forcing hospitality and non-essential retail businesses into a winter hibernation. The furlough scheme, which has been extended three times, provides up to 80% of salaries to a cap of £2,500 per month. The latest data showed that the number of women furloughed had risen to 2.32 million by 31 January while the number of men stood at 2.18 million. Please use Chrome browser for a more accessible video player Hospitality pleads for 'significant' Sunak support The Treasury said all sectors of the economy drew down on the scheme - with the total number rising from four million at the end of December. Advertisement More than 11 million workers' … [Read more...] about COVID-19: More women than men furloughed as 4.7m use scheme, Treasury data reveals