Windfall tax

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

LAHORE:   Federal Minister for Economic Affairs Sardar Ayaz Sadiq on Sunday criticised PTI Chairman Imran Khan regarding the Toshakhana controversy, and said that a reference has been filed in this regard and submitted to the speaker of the National Assembly. "The speaker will announce a decision within 30 days, after which the reference will be forwarded to the Election Commission of Pakistan (ECP)," he maintained while addressing a press conference in Lahore along with  Minister for Railways Khawaja Saad Rafique. Sadiq said that the previous government had inflicted "considerable damage to the country's economy by not signing agreements to purchase oil at cheaper rates." He also said that the coalition government will  "block the way of those who want to spread chaos in the country." Sadiq further added that during Khan's tenure, the country's foreign relations were damaged because "all the countries had reservations about the then government." The minister also said that … [Read more...] about Reference against Toshakhana controversy submitted to NA speaker: Ayaz Sadiq

SIR – Although it may be theoretical at present, I would be interested to know what an insurance premium for a cyclist might be under the system proposed (Tim Franey, Letters, June 27) . I find myself sceptical of both drivers’ and cyclists’ groups as they argue about who is at fault for various conflicts. I could, however, trust an actuarial calculation of risk, expressed as the cold, hard cost for insuring a cyclist. A comparison of the annual average premiums might prove illuminating. Adam Herrick SIR – Many cyclists are fully insured, my own annual premium being almost as much as my car insurance. I would also gladly display a bicycle licence plate were it the law, but how would such legislation be enforced – and how would it reach the children and young adults who use bikes for fun and exercise but often cause mayhem on footpaths as well as local roads? Rosie Harden-Vane SIR – Tim Franey writes to suggest that cycles should carry number plates. But what … [Read more...] about Letters: Make cyclists have insurance and number plates, and ban headphones

For Life: ABC release teaser trailer for second season Don't miss the best new TV releases for 2022 and behind the scenes news 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 Top Boy's Nicholas Pinnock stars as Aaron Wallace in For Life on ABC . Wallace is loosely based on lawyer Isaac Wright Jr but who is he? Express.co.uk has everything you need to know. Trending Who is Isaac Wright Jr? Isaac Wright Jr is an American lawyer from Moncks Corner, South Carolina. In 1991, he was wrongly convicted on drug charges and sentenced to life in prison. Prior to his arrest, Wright was a music producer and co-created the girl group Cover Girls. During his time in prison, Wright trained as a paralegal and even helped … [Read more...] about For Life season 2: Who is Isaac Wright Jr? The true story behind For Life

German Chancellor Olaf Scholz on Saturday urged the public to face the country's economic problems together, as inflation in Europe's leading economy remained stubbornly high. Scholz published a new video in his weekly podcast, admitting that rising prices were troubling many citizens . He called for the population to "link arms and stick together." Just days after data showed prices rose 7.6% in June compared to a year earlier, Scholz said he would convene a meeting of experts to tackle the cost of living crisis. The chancellor said he has invited trade unions, employers, the central bank (Bundesbank) and academics for a summit that kicks off Monday at the chancellery in Berlin. The campaign, dubbed "Concerted Action," echoes similar efforts by former West German chancellors in the 1960s and 1970s. One-off payments proposed instead of wage hikes Economists and politicians have mooted several ideas in recent days to ease the burden on personal budgets. Labor Minister … [Read more...] about Scholz: Germans must ‘stick together’ over cost of living crisis

Published 6 days ago Share close Share page Copy link About sharing Related Topics Russia-Ukraine war Russia is reported to have missed a deadline to make a debt payment, because of sanctions imposed on it. Since Russia invaded Ukraine a wide range of measures have been announced, to limit its ability to pay for the war. What are sanctions? Sanctions are penalties imposed by one country on another, to stop it acting aggressively, or breaking international law. They are among the toughest actions nations can take, short of going to war. How is Russia being sanctioned? Western countries have targeted wealthy individuals, banks, businesses and state-owned enterprises. Financial measures Russia is believed to have defaulted on a debt for the first time since 1998 , after missing a key deadline. It has the money to make a $100m (£81m) payment, … [Read more...] about What are the sanctions on Russia and are they hurting its economy?

R Kelly's musical accomplishments have been accompanied by a long history of allegations that he sexually abused women and children. Now the R&B singer has been sentenced to spend the next three decades behind bars. A jury found Kelly guilty in September of sex trafficking charges. While Kelly, born Robert Sylvester Kelly, has vehemently denied the allegations, his accusers testified in detail that he subjected them to perverse and sadistic whims when they were underage. Kelly still faces a trial in Chicago in the US on charges of child pornography and obstruction of justice. READ MORE: R&B superstar R. Kelly convicted in sex trafficking trial R. Kelly 'demanded complete obedience', prosecutors in sex trial say Years in the making, R. Kelly sex abuse trial gets underway R Kelly's lawyers request to be taken off case ahead of trial R Kelly seeks release from prison because of coronavirus risk A timeline of Kelly’s life through his rise and fall as a … [Read more...] about R. Kelly timeline: A downfall three decades in the making