Wes Streeting is preparing a Labour leadership bid focused on attracting global talent through a "global talent programme" and using North Sea oil and gas tax revenues to cut energy bills. He criticizes the US for deterring scientists and AI experts, vowing to welcome them to Britain.
Watching late-night football matches could help UK households save on energy bills by shifting appliance use to cheaper electricity rates. E.ON Next research suggests significant savings are possible by running appliances like washing machines during off-peak hours, especially during the World Cup. Experts advise considering time-of-use tariffs if you have smart meters and can adapt usage patterns.
Spanish households will see an increase in their electricity and gas bills starting June 1st as tax reductions expire. The VAT on energy products will revert to 21% from 10%, and the special electricity tax will return to 5% from 0.5%.
UK energy prices set to rise in July, driven by increased gas costs, with bills likely to remain high through winter. Experts recommend taking immediate action to save money, such as switching to fixed tariffs, optimizing payment methods, and improving energy efficiency.
Energy bills in parts of Australia will decrease by up to 10% for households and 20% for small businesses from July, driven by record renewable energy and battery storage. Despite this, investment in new wind and solar projects has declined.
Energy bills in South Australia, New South Wales, and southeast Queensland will decrease by up to 10.7% for households and 20.9% for small businesses from July. This follows a record increase in renewables and battery storage in the national grid.
UK government announces cost of living measures like VAT cuts & free bus rides, but they fail to address energy import shocks. Rising energy bills and global crises threaten household finances, highlighting the need for faster transition to clean power and greater state-led resilience.
HK Electric will increase its fuel clause charge to 31.3 HK cents per unit in June, a 20.4% rise from May. The company cited the Middle East conflict's impact on international fuel prices, warning that charges are expected to continue increasing in the coming months due to a deferred effect.
UK inflation fell to 2.8% in April, primarily due to lower energy bills. However, analysts predict a rise to 4% by year-end, citing the Iran war's impact on global oil prices and fuel costs.
Household energy bills in Great Britain are forecast to rise by over £200 annually from July, reaching nearly £1,900, due to increased wholesale energy prices linked to the Iran war disrupting Gulf supplies. Experts warn of continued high costs and urge a shift to renewables.
UK households face an estimated £200 annual increase in energy bills, reaching nearly £1,900 from July, due to rising wholesale prices linked to geopolitical events. Experts suggest targeted support and a shift to renewables for long-term stability.
British Gas will pay up to £112m in compensation and debt write-offs after Ofgem found it forced prepayment meters on vulnerable customers during the Russian gas crisis.
Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over ‘windfall’ profits from Iran warDanny Gross, climate campaigner at Friends of the Earth, says Shell’s profits are ‘indefensible’, after the company doubled its quarterly earnings to $6.9bn this morning.Gross says:“Once again, fossil fuel giants are pocketing monstrous profits while drivers are being squeezed at the petrol pump and households are set to pay higher energy bills.“Our fossil fuel-reliant energy system siphons money away from ordinary people to the rich and powerful.“In the twenty-first century we have cheaper, cleaner alternatives that we can use to power Britain without anybody being bombed. We don’t need to let the fossil fuel industry hold us to ransom and pass on the costs of endless wars and limitless pollution.The cost of living crisis, the climate crisis, the middle-east crisis, these are all oil industry operating costs. We need to stop subsidising them, introduce new taxes to make them pay and start taxing their obscene profits properly.”Adjusted Earnings, compared with the fourth quarter 2025, reflected higher contributions from trading and optimisation mainly impacting our Downstream, Renewables and Energy Solutions businesses, higher realised prices, higher refining margins, lower operating expenses and higher Lubricants margins, partly offset by lower volumes.“While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship.“Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy. Continue reading...
The Bank of England's latest report reveals some interesting details on how our finances will be affected due to the Iran war.
Octopus Energy CEO Greg Jackson has suggested some households would accept occasional electricity blackouts in exchange for 25% lower energy bills, sparking controversy on the anniversary of Europe's largest power outage in Spain and Portugal. The comments come as UK dual fuel bills are expected to rise to almost £2,000 from July, with grid upgrade costs climbing from £254 to £457 annually. Jackson, 54, clarified he was not advocating for blackouts but said Spanish consumers would accept occasional outages for cheaper electricity. At least six people died in last year's Iberian blackout, including two who died after being unable to run breathing equipment.
Octopus Energy CEO Greg Jackson has suggested some households might accept occasional electricity blackouts in exchange for significantly lower energy bills, citing Spain's 25% cheaper electricity as a model. Speaking at an industry conference on the anniversary of Europe's largest power outage that affected tens of millions in Spain and Portugal, Jackson clarified he is not advocating for blackouts but argued consumers would trade reliability for lower costs. The comments come as Octopus Energy campaigns against tens of billions of pounds in UK grid investment that it says drives up household bills.
Keir Starmer has insisted the 'vast majority' of the parliamentary Labour party supports his leadership despite calls for his resignation over the Peter Mandelson ambassadorial appointment controversy. The Prime Minister told the Sunday Times he believes Labour can still win the next general election, while his former chief of staff Morgan McSweeney is expected to testify before the foreign affairs committee on Tuesday about the circumstances surrounding Mandelson's hiring.
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...
The UK government's plan to de-link gas and electricity prices is a heavily diluted version of the more radical 'pot zero' proposal and will likely deliver only modest savings for consumers. While older wind and solar farms under the renewables obligation scheme receive around £200/MW/h compared to £91 for new projects, the reform only swaps the wholesale element to fixed-price contracts, not the legacy subsidy portion. Energy secretary Ed Miliband offered no bill reduction forecast, with savings dependent on take-up and likely to be modest under normal conditions.
Government has shaken up the way electricity is priced as British costs are among the highest in the worldElectricity generators threatened with higher windfall taxes in bid to ensure stable pricesThe second global energy crisis of this decade has reignited questions about Britain’s grid strategy, specifically: why does it continue to have one of the most expensive electricity markets in the world?Despite the growing role of domestically generated renewable power, electricity wholesale prices in the UK have more than doubled since the war in Iran triggered a global squeeze on seaborne gas shipments from the Gulf. Continue reading...
The government has announced expansion of the British Industrial Competitiveness Scheme to cover 10,000 manufacturers, providing 15-25% bill reductions through exemptions from three policy cost elements. However, the scheme will not begin until April 2027 as planned, prompting industry warnings of immediate cost pressures and potential job losses amid surging energy prices linked to the Middle East conflict.
The US-Israel conflict with Iran is impacting UK finances, leading to higher fuel prices, increased mortgage rates, and potential rises in energy bills. The overall cost of living is expected to increase, with households potentially hundreds of pounds worse off.
