The Unite union is pressuring the UK government to award a £2.4bn military satellite contract to European manufacturer Airbus, rather than US rival Lockheed Martin, to protect up to 600 jobs in Stevenage and Portsmouth. The decision is seen as a test of Labour's pledge to back British industry.
Labour risks electoral damage by considering a shift away from net zero policies, as polls show public support for climate action crosses divides. Unions like Unite are pushing for a return to North Sea drilling, but evidence suggests the net zero economy is a growing sector supporting higher-paying jobs. A wavering stance could alienate voters who switched to Green and Lib Dem parties.
More than 40 progressive economists have sent an open letter to Unite leader Sharon Graham, rejecting her assertion that Ed Miliband would destroy jobs if he becomes chancellor. The letter argues the green transition is a major driver of UK industrial job creation, with the net zero economy generating over £100bn and employing more than a million workers.
Oil prices rise again closer to $100 a barrel as strait of Hormuz remains closed; EU energy commissioner warns oil price crisis could last months or years even if there is peaceHere’s more reaction to the rise in UK inflation to 3.3%.Sharon Graham, general secretary of the Unite union, said:Today’s uptick in inflation looks like it is just the beginning. Before the war in Iran, workers were already forecast to get poorer. The outlook is now looking increasingly bleak.Workers must not pay the price yet again, for a crisis not of their making. As a minimum the government must take decisive action on soaring energy bills.Households are feeling the pain from Trump’s illegal war. Big rises in petrol prices are pushing up inflation and shockwaves from the war are putting recent improvements in growth under threat.But the Bank of England must remain focused on cutting rates as soon as possible. Coupled with Trumpflation, higher interest rates would increase the pressure on already stretched families and businesses. But lowering rates would provide vital support for economic growth, which is an important part of the Bank’s remit too. Continue reading...
