Uk economy

A grant of £400 will help struggling households cope with the energy bills crisis. Previously, a £200 loan in place for UK families was expected to be paid back. Rishi Sunak announced today this would no longer be the case, and increased its sum to £400. All households with a domestic electricity connection will be automatically eligible for the grant. Mr Sunak said: ‘The outlook for energy prices has changed. I’ve decided those repayments will be cancelled. So, for the avoidance of doubt, this support is now unambiguously a grant. ‘Furthermore, we have decided that the £200 of support for household energy bills will be doubled to £400 for everyone.’ He told the Commons: ‘We are on the side of hard working families with £6 billion of financial support.’ The grant comes in the form of a council tax rebate to households. Energy suppliers will deliver the discount to households with a domestic electricity meter over six months from October. Direct debit and … [Read more...] about Every house in UK to receive £400 grant to help with rising energy bills

Energy: Mike Foster warns of ‘horrible choice’ 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 Kona Energy, a UK based company that is focused on developing grid-scale battery energy storage projects, has been granted planning approval to build one of Europe’s largest battery storage facilities. The firm will build a 200MW battery storage facility in Heysham, Lancashire, that is set to save 45,000 tonnes of CO2 per annum, which is the equivalent of taking 15,000 cars off the road per year. Related articles Putin's horror nuke plot exposed: 'Justify using his own!' UK exporting record levels of energy to France... as bills to SOAR. The startup … [Read more...] about Energy crisis: UK to build huge battery storage to slash £1bn ‘waste of energy and money’

Cabinet ministers have lined up to warn Rishi Sunak off plans for a windfall tax on energy firms , insisting the move would damage the economy and have unintended consequences. In a highly unusual display of public dissent, Brandon Lewis, the Northern Ireland Secretary, and Sajid Javid, the Health Secretary, became the fifth and sixth Cabinet members to speak out against the policy in the space of a week. The Chancellor has refused to rule out the idea of a one-off windfall tax on North Sea giants, which is being pushed by Labour and has support from some Tory backbenchers - although others fear it would be unconservative. Mr Sunak is attracted to the idea of a windfall tax that would offer firms different rates based on how much money they are prepared to invest in new energy infrastructure in Britain, The Sunday Times reported late on Saturday. Kwasi Kwarteng, the Business Secretary, last week described a windfall tax as “taxing investment in jobs”, while Liz Truss, Suella … [Read more...] about Tory windfall tax row widens as two more Cabinet ministers reject the policy

Rishi Sunak has unveiled a windfall tax on energy firms who’ve been enjoying extraordinary profits as people face a record hike in fuel bills. The Chancellor previously was against the idea, claiming it would hamper these companies’ investments and raise prices for consumers. But he later appeared to change his tune, saying ‘no options are off the table’ if he doesn’t see ‘significant investment back in the UK economy’. Supporters of a new tax on energy firms say it would be an ideal way to partly fund a support package to help people through the cost of living crisis. Sunak finally introduced one today, but he dressed it up in the Commons as a ‘temporary targeted energy profits levy’ – rather than a plain old windfall tax. He told MPs it would include a ‘new investment allowance’ to incentivise the Sunak also said he’d make the £200 loan for energy bills a grant that no longer needs to be paid back and increased its sum to £400. Meanwhile the Treasury is to … [Read more...] about Desperate Tories put windfall tax on fuel giants to soften PR blow of Partygate

Plans to crack down on scam adverts will not be “a panacea”, Martin Lewis has told MPs . The consumer champion said the UK was still “a long way from seeing the back of scam adverts” despite plans to tackle the issue in the Government’s Online Safety Bill . A campaign by Mr Lewis saw the Government update its draft of the Online Safety Bill in March 2022 to require online platforms to protect users from fraudulent, paid-for adverts. But Mr Lewis told MPs discussing the Bill on Thursday that the success of new laws would depend on enforcement, describing the current enforcement of laws governing online content as “flaccid”. Recommended What Rishi Sunak announced to tackle the cost of living crisis More Tory MPs withdraw support from PM over ‘shameful’ parties He said: “There are many things that would improve that, certainly including far better resourcing for policing so people who do actually scam individuals at least get arrested and … [Read more...] about UK still ‘long way’ from ending scam adverts, Martin Lewis tells MPs

By Chris Mason & Kate Whannel Published 2 hours ago Share close Share page Copy link About sharing Rishi Sunak says new measures to ease the cost of living crisis will have a "minimal impact" on inflation. The chancellor told the BBC he had struck the "right balance" between supporting people and pushing prices "excessively" higher. Earlier, Mr Sunak announced £15bn to reduce energy bills, partly funded by a windfall tax on oil and gas firms. He denied the announcement was rushed out to divert attention from a report into rule-breaking parties in No 10. He said he had chosen to set out the measures this week because Ofgem, the energy regulator, had released their forecast of expected energy price rises. "That meant we could scale and size our policies effectively," he said. How would a windfall tax on energy firms work? Typical energy bill set to rise … [Read more...] about Cost of living package will have minimal impact on inflation, says Rishi Sunak

Interactive Investor experts discuss rise in 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 Around 22 million Britons hold Premium Bonds from National Savings & Investments (NS&I), making them the nation's favourite investment. They now offer a better return than most savings accounts , but the very best on the market still offers twice as much. Related articles Savers warned as inflation DESTROYS Premium Bonds £1m jackpot Premium Bonds: NS&I to increase fund rate to 1.40% NS&I has announced it will increase the Premium Bonds prize fund rate from 1 percent to 1.4 percent, a move that Express.co.uk called for … [Read more...] about Best fixed-rate savings account pays 2.8% but should you take a gamble on Premium Bonds?

By Daniel Thomas Published 3 hours ago comments Comments Share close Share page Copy link About sharing Every household in the UK is to get an energy bill discount of £400 this October as part of a package of new measures to tackle soaring prices. The poorest households will also get a payment of £650 to help with the cost of living, Chancellor Rishi Sunak said. It follows warnings that millions could be left struggling if energy prices rise again in October as expected. Mr Sunak said he had offered "significant support" for households who were facing "acute distress". The package of new measures, worth £15bn in total, will also offer more targeted help to pensioners and the disabled. The cost will be partly offset by 25% windfall tax on oil and gas firms' profits, which have soared in recent months. It comes a day after Sue Gray's critical report into … [Read more...] about Every household to get energy bill discounts of £400 this autumn

Faisal Islam @faisalislam on Twitter Published 1 hour ago Share close Share page Copy link About sharing It is a significant and abrupt change of view on the economy that has led to today's larger than expected announcement on further energy bills support. It is not just the u-turn on the windfall tax on profits made from now on, and the prospect of that charge being extended in scope and length. There has also been a recalibration of exactly how much and how quickly many millions of British households need support. This has been driven by the full extent of this year's rise in bills hitting monthly direct debits and credit-drained prepayment meters immediately. The rise identified by Ofgem this week for dual fuel bills for an average house at about £220 per month, was already predicted by the Office for Budget Responsibility during the Budget. The argument that the UK could not … [Read more...] about Sunak appears to be back in ‘whatever it takes’ mode

By Michael Race Published 31 minutes ago Share close Share page Copy link About sharing The government will continue to come under pressure to help people facing high energy bills into next year, the Institute of Fiscal Studies has warned. The IFS said calls for help were likely to continue for "at least" another year if oil and gas prices do not fall. It comes after Chancellor Rishi Sunak announced on Thursday that every UK household would get an energy bill discount of £400 this October. The government has insisted the support announced by Mr Sunak was "temporary". But analysts have forecast that energy bills will be even higher in spring 2023 than predicted for October. As part of the £15bn package of support outlined by the chancellor, the poorest households will also get a payment of £650 to help with the cost of living and pensioners and disabled people will receive … [Read more...] about Energy bills: Government likely to face pressure to continue support, IFS says