Windfall tax definition

Energy bills could soar even higher as customers face forking out to run collapsed firm Bulb. Business Secretary Kwasi Kwarteng admitted he did not know if the £1bn-a-year cost would fall on a buyer for the firm, the Treasury, or all customers’ bills. Raising bills to cover the costs of propping up Bulb Energy, which failed in November, would be another blow to Brits as bills hit £2,800 a year this winter. But in a glimmer of hope, Mr Kwarteng also suggested electricity bills could be cut in future, by no longer pegging them to the price of gas. He said: “It cannot be the case forever that we can link directly our electricity prices to gas prices when gas is only a portion of the electricity generating mix.” Annual electricity and gas bills are already expected to hit £2,800 a year from October as the price cap is raised. Alongside this, the £2.7bn cost of 28 suppliers collapsing will be spread across customers' bills nationwide - adding about £94 per home. A deadline … [Read more...] about Your energy bills could soar EVEN higher to cover costs of collapsed Bulb Energy

Boris Johnson and Rishi Sunak have told Brits the government is ‘on your side’ when it comes to the spiralling cost-of-living crisis. But with food and petrol prices reaching fresh highs, plunging millions into financial distress, some might find their assurances hard to stomach. In an op-ed for the Sun on Sunday , the prime minister and chancellor outlined what they are calling ‘the single biggest tax cut in a decade’, worth £6 billion. Their measures include ‘a council tax rebate, a cut in fuel duty, at least £400 for every household to help with energy bills and at least £1,200 for the eight million most vulnerable ­households’. Mr Johnson and Mr Sunak said that when the National Insurance (NI) threshold rises this Wednesday from £9,880 to £12,570, it will save up to £330 a year for 30 million people. They claim the change will lift 2.2 million ­people out of paying any NI or income tax on their earnings. ‘We know it’s tough but we want you to know that … [Read more...] about Boris and Rishi announce £6,000,000,000 cost-of-living tax cut

Media mogul Richard Desmond is reviving plans for a controversial £1bn housing development in London’s docklands even after the Government blocked the scheme. Accounts filed this week revealed the businessman has held early-stage discussions with lenders to bankroll the Westferry Printworks scheme on the Isle of Dogs. Mr Desmond’s holding company, Northern & Shell, said bankers had signalled their support for the project. Ministers blocked the 1,500-home development in November last year, overturning the decision of former housing secretary Robert Jenrick. Mr Jenrick’s verdict, which contradicted the advice of the planning inspector, was quashed after a High Court case filed by Tower Hamlets found “apparent bias” in favour of the businessman. The minister had exchanged text messages with Mr Desmond, a former adult magazine tycoon, shortly before the plans were approved. That approval came a day before Tower Hamlets Council brought in a new tax that would have cost the … [Read more...] about Richard Desmond revives £1bn Isle of Dogs development blocked by Government

Boris Johnson’s move to extend tariffs on imported steel by two years — a probable breach of World Trade Organisation rules — was welcomed by protectionist MPs from both sides of the political aisle. Industry also predictably lauded the decision, saying it will be protected from artificially cheap imports. Much like fishing, steel carries with it a disproportionate amount of political focus compared to its size — in 2020 the £2bn it contributed to the economy was the equivalent of just 0.1pc of total economic output and 1.2pc of manufacturing. But as the industry likes to point out: everything is made of steel. The metal goes into cars, aircraft, new buildings and the machinery that forms almost everything else. Without it, steel insiders say the logic of having a manufacturing industry in the UK would be considerably weaker — a fact that will not be lost on the Prime Minister. The move was pegged as an effort to “protect the steel sector”, Trade Secretary Anne-Marie … [Read more...] about With the Tories in turmoil, steel helps Boris Johnson show his mettle

Championship leader Lewis Hamilton fears he will not be able to fight for victory in Canada. Hamilton's Mercedes team were due to bring an engine upgrade with them to the seventh round of the campaign but it will not be ready until the next race in France later this month. Ferrari and Renault, which powers the Red Bull team, are due to unleash updated engines at the high-power Montreal track this weekend. Hamilton, who holds a 14-point title lead over Ferrari's Sebastian Vettel , believes he will be on the back foot at the Circuit Gilles-Villeneuve. F1 2018 grid Show all 30 "If the other teams have got fresh engines, given how close we are, we won't be in a position to fight for the win," Hamilton said. "This is a power circuit so it was our target to use the new engine, which definitely would have been helpful. "It is unfortunate but we will have to make do without it, and that means our performance will not be the … [Read more...] about Lewis Hamilton fearing the worst in Canada after Red Bull and Ferrari engine upgrades

Prince Harry and Meghan Markle threw themselves into their royal duties Wednesday, attending a special performance of the hit musical Hamilton in London, with the prince briefly treading the boards himself. The Duke and Duchess of Sussex joined Hamilton creator Lin Manuel-Miranda at the Victoria Palace Theatre in London for a charity performance of the Alexander Hamilton biographical. After the show, Harry took to the stage to address the audience and cast members, the BBC reported. One of the characters in the show is British King George III. While speaking to the audience after the show, Harry began to sing one of George III's songs—"You'll Be Back"—in which the monarch warns colonial rebels they will regret their uprising and "remember you belong to me." The prince quickly stopped, assuring attendees, "That's definitely not going to happen." According to Sky News, Miranda spoke to reporters ahead of the performance, noting, "The prince's sixth-great-grandfather is a … [Read more...] about Prince Harry joins Hamilton cast, pretends to be king – then says “not going to happen”

Suits alum Meghan Markle doesn't have to kiss any more frogs to land her Prince Charming. The former actress will have a royal wedding fit for a princess when she marries Prince Harry—born Henry Charles Albert David—May 19. This ceremony is set to be one of the most talked-about events of the year, and a lot goes into making a ceremony of this caliber a success. With the big day quickly approaching, here's a list of 20 things you need to know: How to Watch the Ceremony Several major networks will broadcast Markle and Prince Harry's wedding live, including: ABC, CBS, FOX, NBC, HBO, PBS and BBC. While these networks are scheduled to air separate coverage ahead of the main event, the ceremony is slated to begin at 7 a.m. ET. Aside from this, Fathom Events is holding a screening for the royal wedding at 200 theaters nationwide at 10 a.m. ET. The Wedding's Location The couple's ceremony is being held at St. George's Chapel at Windsor Castle in Windsor, England. St. George's … [Read more...] about Here are 20 facts about Prince Harry and Meghan Markle’s wedding

In 1997, Newsweek reported extensively on the untimely death of Princess Diana and its aftermath. In this piece, Jerry Adler and Donna Foote report on how the tragedy will affect Diana's children, Prince William and Prince Harry. We are republishing the piece on the occasion of Prince Harry's wedding to Meghan Markle. She had tried, she often said, to give her two sons as normal a life as possible. So when Prince William said he'd like to meet one of the world's most beautiful women, Diana did what any mother of a teenage boy would do—phoned Cindy Crawford, whom she barely knew, and invited her to tea. Arriving at Kensington Palace, the supermodel found herself alone in a room with William, where they chatted for a few minutes until Diana joined them, and, noticing her son blushing, confided to Crawford: "He's just like me; when he runs out of things to say, he just blushes." In a few years, when he adds to his titles that of World's Most Eligible Bachelor, William (now 15) … [Read more...] about Prince Harry, growing up without Princess Diana

Steph McGovern in the press room at the Virgin TV British Academy Television Awards 2018 (Image: Ian West/PA Archive/PA Images) Sign up for FREE for the latest news from the world of showbiz 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 Chatty and friendly are the order of the day, something that pervades her successful daily Packed Lunch on Channel 4. And yet, the world might never have got to know her. "I come from Middlesbrough and I went to a college that was very much focused on the needs of the local area which is rooted in heavy industry," she explains. "We spent a lot of time getting input from companies like British Steel and ICI. I was pretty good at science so I saw my future in engineering." Related articles BBC's Naga Munchetty … [Read more...] about What Donald Trump said that made TV talkshow host Steph McGovern laugh

July 03, 2022 - 11:44 BST Today's Dylan Dreyer took to Instagram to share an unexpected family update as fans offered the same advice to the TV star Dylan Dreyer often documents life as a busy mom to three young sons, and her latest update certainly got fans talking! MORE: Dylan Dreyer in awe as she marks incredible achievement: 'Pinch me' The Today star shared several images of her large suitcase and several piles of clothes belonging to her kids, which were packed away in a second photo. In contrast, her husband Brian Fichera left his packing to the last minute, and threw a bunch of items into a bag. Loading the player... VIDEO: Dylan Dreyer shares sweet baby Rusty footage Fans were impressed with Dylan's packing, but all offered her some advice, which was to invest in some packing cubes to save space. MORE: Dylan Dreyer defends Ginger Zee in passionate message MORE: Dylan Dreyer shares … [Read more...] about Today’s Dylan Dreyer shares unexpected family update that fans all have an opinion on – details