Top Minister Boris Johnson mentioned he’ll withhold urging the electrical energy sector to lower funds after meeting energy bosses on the current time.
He asked the oil producers notify to retain investing in North Sea oil and gas, citing the UK’s energy security.
Johnson, chancellor Nadhim Zahawi and industry secretary Kwasi Kwarteng also careworn the importance of investments in renewables, biomass and nuclear energy.
Among the crucial discussions addressed lower energy funds, while Zahawi is known to occupy informed the meeting that the federal government used to be occupied with measures aimed against the “unparalleled profits” of some parts of the electrical energy generation sector.
In written feedback after the meeting, Johnson mentioned:
Nations spherical the sphere are feeling the impact of Putin’s adverse battle in Ukraine. We all know that this could be a inviting winter for folk across the UK, which is why we are doing the total lot we can to enhance them and must proceed to homicide so.
Following our meeting on the current time, we can withhold urging the electrical energy sector to proceed working on programs we can ease the price of dwelling pressures and to invest further and sooner in British energy security.
We are continuing to roll out government enhance over the coming months, including the 2nd £324 instalment of the price of dwelling cost for inclined households, further support for pensioners and those with disabilities, and the £400 energy funds lower tag for all households.
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Boris Johnson, still just about prime minister for another fourish weeks, tried to show he is gripping the issue by unexpectedly turning up at a meeting of energy company bosses on Thursday.
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However, he told energy bosses that he is leaving any big decisions to his successor, the Treasury said.
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The government has been careful to keep the option of further taxes on the table for the next prime minister, but it did not express much enthusiasm for more windfall taxes in the meeting, the Guardian’s Alex Lawson reports. An energy industry source briefed on the meeting said:
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It was a constructive discussion about ways to support customers and accelerate investments in energy security in the UK. It was clear the windfall tax is not a preferred option for anyone – ministers or electricity companies.
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Zahawi, who is widely expected to be demoted from chancellor by a new leader, said that energy firms agreed to “do more” to help the most vulnerable households with bills, but the Treasury did not provide details of what help that might be, or who it counts as the people who need more help.
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Johnson also said that he wanted to see more investments from energy companies in renewable energy and biomass, but also added that he wanted firms to do more drilling of oil and gas in the North Sea.
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Tomorrow we will get a first reading of how badly the UK economy was affected by the energy crisis in the second quarter of 2022, with the Office for National Statistics publishing GDP figures.
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You can continue to follow our live coverage from around the world:
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In UK politics, Suella Braverman was given £10,000 by climate sceptic for Tory campaign while Tom Tugendhat raised £120,000, records show
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In our coverage of Russia’s war on Ukraine, the UK sets out further military support for Ukraine
“,”elementId”:”cf2326c4-3faf-4f2b-b61f-8193252e2d0b”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/world/live/2022/aug/11/russia-ukraine-war-first-wheat-shipments-to-leave-next-week-un-to-discuss-zaporizhzhia-nuclear-plant-crisis-live”,”text”:”Russia-Ukraine war: UK sets out further military support for Ukraine – live”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”abbb4d9b-b7e8-439d-87c0-76461a74956f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
In the US, the FBI has handed subpoenas to Republican lawmakers with Donald Trump quiet on the Mar-a-Lago search
“,”elementId”:”042667ed-0ed1-4d6f-87b4-ef9216121679″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/us-news/live/2022/aug/11/trump-fbi-subpoenas-republicans-gas-prices-biden-latest”,”text”:”FBI hands subpoenas to Republican lawmakers as Trump quiet on Mar-a-Lago search – live”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”f6a30180-a1b3-4a20-bb8c-26a5003b18fb”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”
Thanks for reading our live coverage of business, economics and financial markets as ever today. Do join me again tomorrow morning for the UK’s second-quarter GDP reading. JJ
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On the other side of the Atlantic the US is coping with its own inflationary pressures. The latest data today suggests those pressures might be easing – even if they remain strong.
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The US producer price index, which measures what goods cost when leaving the factory gate, rose by 9.8% year-on-year in July, according to the US Labor Department. That is a steep increase, but less than the 11.3% recorded in June and the 10.4% that economists had expected, according to a Reuters poll.
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The monthly figures also showed that the index actually fell by 0.5% month-on-month. Economists had suggested that the index would rise, so that counts as a genuine surprise.
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Earlier this week the news that consumer prices remained flat in July sparked a relief rally on stock markets as investors entertained the hope that inflation may have peaked. That might mean that central banks do not have to raise interest rates and tip countries into recession, as is still widely expected.
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But beware: US Federal Reserve officials last night said the battle against inflation is far from over.
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Chancellor Nadhim Zahawi has said that energy companies who attended a meeting with him and Prime Minister Boris Johnson today agreed to “do more to help the people who most need it” – but did not detail what that would entail.
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In a readout from the meeting Zahawi said the companies pledged to work “in the spirit of national unity”.
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However, Johnson also told the meeting that it will be for his successor to make significant fiscal decisions, again ruling out significant policy action before 5 September.
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Zahawi said:
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This morning I hosted industry leaders from the electricity sector to discuss what more they can do to work with Government and act in the interest of the country in the face of rising prices caused by Putin’s illegal invasion of Ukraine.
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We have already acted to protect households with £400 off energy bills and direct payments of £1,200 for 8m of the most vulnerable British families. In the spirit of national unity, they agreed to work with us to do more to help the people who most need it.
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