plus, coming to a car park near you: cheap solar charging for your electric vehicle. but does northern europe have the weather for it? we start with the cost of living here in the uk because, as we were anticipating this time yesterday, the chancellor rishi sunak has announced a financial support package to help people with soaring bills. the 15 billion pound plan will be funded, in part, by what he called a temporary, targeted energy profits levy. in other words, a windfall tax on the energy companies, a policy the opposition labour party have been calling for, but the government has resisted, until now. all households, regardless of income, will receive a grant of £400 towards their energy bills, which won t have to be paid back. on top of that, those on the lowest incomes, around eight million households, will receive a one off payment of £650. and pensioners receiving the winter fuel allowance will also get an extra one off payment of £300. those receiving disability b
energy market to this kind of taxation? very vulnerable, the only reason i think they didn t bring this measure in for the likes of national grid and others is that it was more complex to work out, but it hasn t been ruled out. while the chancellor has said that it will be subject to a sunset clause, the sort of investment uncertainty at a time when the uk is looking to transition across from fossil fuels to green energy, and bp does have a part to play in that, it is due to make a decision on a green energy plant next year. this sort of government approach really doesn t send a clear message that they have an industrial and energy policy worth 1 cent or £1. michael hewson, thank you. an inflation rate of 8% or 9% as households are facing in the us or here in the uk is hard enough to cope with, but here s a figure to give you pause. in turkey, the rate of consumer price inflation hit almost
decisions. millions of people not decisions. millions of people got some decisions. millions of people got some relief decisions. millions of people got some relief today, - decisions. millions of people got some relief today, but . decisions. millions of people i got some relief today, but such is the scale of the tightening squeeze. millions still face a tough time when the days start shortening. nathan piper is head of oil and gas research at investec in edinburgh. the argument against this, which the pm and the chancellor both raised, was that it would deter investment in a sector worth a huge amount in tax revenue and employment. how real is that danger? the danger is real, the expectation to the industry was that there could be some sort of one of windfall tax coming down the track, however, the policy that we got yesterday is a multi year windfall tax on the industry, and this is a cyclical industry. in 2020 a number of them were making heavy losses. i don t remember there be
poverty but some nagging questions remain. this is a big package, the chancellor is doing a lot for those in the lowest incomes who he has effectively ignored up until now. he he has effectively ignored up until ow- he has effectively ignored up until nova until now. he may still have worries- until now. he may still have worries. can until now. he may still have worries. can this until now. he may still have worries. can this really - until now. he may still have worries. can this really be l until now. he may still have worries. can this really be a i worries. can this really be a one off given what may be coming down the road? second, is this enough to impact inflation itself? third, what about those families who are just above that benefit level? they might be peeved that people looking very much like them are getting a lot of money and they are not. the oil and gas industry got hit by a big bell at the chancellor completed his windfall u turn on the tax, but promised more
mentioned, and changing the times like this in a handbrake fashion is only going to damage investment levels in the uk north sea. what does it mean in practice for north sea oil? in practice, they will be less investment. when the uk north sea is on our print trajectory to produce less and less over time, it will only happen faster if less wells are drilled and there is less activity. it leads to less taxes in the long term, and also fewerjobs. it taxes in the long-term, and also fewerjobs. taxes in the long-term, and also fewerjobs. also fewer “obs. it is possible that the also fewerjobs. it is possible that the energy also fewerjobs. it is possible that the energy price - also fewerjobs. it is possible that the energy price will- also fewerjobs. it is possible | that the energy price will have to go up again. 0riginally, this was billed as a windfall tax, you could see the chancellor clearly very cha ncellor clearly very u ncomforta ble chancellor clearly very uncomfortable with