BEIJING (XINHUA) – China has stepped up efforts to promote the green and low-carbon development of the country’s energy sector over the past decade, an official report showed. In 2021, the installed capacity of non-fossil energy power generation in China hit 1.12 billion kilowatts, accounting for 47 per cent of the country’s total installed capacity, […]
oil prices or gas prices at the pump had started moving up a bit. i think they re up about $0.12 a gallon from their absolute low, simply as oil prices move around in world markets and are volatile. we have released a lot of oil from our strategic petroleum reserve. it has made a difference. some people estimate as much as $0.40 a gallon. could have been $0.40 higher if we hadn t released the strategic petroleum reserve. we are doing as much of that as we can. so the unfortunate news for the white house is there really isn t much else they can do between now and the election. as i said, the only good news is that oil prices have jumped about $8 a barrel. they are nowhere near where they were at the worst of ukraine, up to $130 a barrel. you won t see gas prices going back to where they were, and the worst of it, they are going to continue to edge up over the next couple of months, and there is as i said, there isn t much
ben is here. ever since the rumours started slowly this morning that the government would do a u turn on the plan on the a5p top rate of tax, the pound started to strengthen against the us dollar, it went up at one point to about $1.12. it has dropped back a little bit but it is still at $1.11. why does that matter? if the pound is weak, when we import things it costs more to buy them, and that price gets passed on to us for the things that we buy in the shops. it s worth looking at this change of policy and what it means economically for the government. by not going ahead of the scrapping of the a5p highest rate of tax, it will save them £2 billion in total. 50 save them £2 billion in total. so it s not a massive amounts of money. a big amounts to you and me but in the grand scheme of the mini budget, which totalled £a5 billion of tax cuts in all, this is a relatively
immediately after kwasi kwarteng started speaking one week ago. the pound has rallied, a bit more this morning, trading at $1.12 mark which is where it was before the mini budget. we have also seen gilt yields, the implied cost of borrowing for the government coming down a little bit, but you have to remember that today s u turn is more political than economic at the moment. the 45p abolition of the 45p tax was very sensitive because it is a gift to the highest earners. in terms of what it cost the government, that is about £2 billion. as part of a £115 billion tax package announced in the mini budget. tax package announced in the mini buduet. , , , . , , budget. this saves the public purse about 2 billion budget. this saves the public purse about 2 billion p? budget. this saves the public purse about 2 billion p? it s budget. this saves the public purse about 2 billion p? it s a budget. this saves the public purse about 2 billion p? it s a colossal- about 2 billion p? it s a
reaction continues, the pressure on the bank of does become less. surprisingly, in a way, even how small this is, as i said, it may actually take some of the pressure of the interest rates. but we can still expect interest rates to rise significantly and it will remain the case that for anyone with much of a mortgage at all, those increase in interest rates will much more than wipe out the tax cuts that have been introduced. ., , ., ., ., , ., introduced. really good to get your thou . hts introduced. really good to get your thoughts today. introduced. really good to get your thoughts today, the introduced. really good to get your thoughts today, the director - introduced. really good to get your thoughts today, the director of - introduced. really good to get your thoughts today, the director of the | thoughts today, the director of the institute for fiscal studies. theo leggett, our international business correspondent, joined me earlier let s hear what the reaction was to kwas