Economy

windfall tax
Rishi Sunak appears to be warming to the idea of a windfall tax. Previously, he and the Prime Minister had rejected the idea of introducing such a tax, fearing it may repel investment and reduce dividends on pension funds. But escalating living costs, the urgent need to support struggling households, and insufficient investment on the part of energy giants...

UK recession and inflation warning as interest rates rise and pound...

UK interest rates have risen to 1% - their highest level for 13 years - with the Bank of England (BoE) warning the economy will slip into recession this year as experts predict inflation will go above 10%. The...

Cooking oil rationing is ‘temporary measure’, say supermarkets; consumer confidence plummets

UK supermarkets are rationing cooking oil due to supply-chain problems caused by the war in Ukraine, the world’s biggest supplier of sunflower oil. The British Retail Consortium said restricting supplies...

Cost of living ‘civil unrest’ risk, while benefits rise just 3%

As Martin Lewis warns of imminent ‘civil unrest’ in the UK from the worsening cost of living crisis, state pensions and benefits rise by less than half of the...

Energy Security Strategy ignores ‘silver bullet’ and offers households no help now

The government’s long awaited Energy Security Strategy for the UK has finally been published – and immediately condemned for ignoring energy efficiencies and offering no help to deal with...
national insurance hike

National insurance hike kicks in as Sunak’s popularity slumps

The national insurance hike has kicked in at a time when the cost of living is at an all-time high, leaving workers and many businesses more vulnerable than ever. But the Prime Minister has...

Shapps says ‘no’ to Labour’s call for fuel rationing plan

Labour has called for the government to take contingency measures in case fuel rationing is needed in the UK as Russia’s war in Ukraine deepens. Shadow business secretary Jonathan Reynolds said “there’s a lot of...

Protests against energy price hike while climate activists block oil terminals

Protests around the country have seen thousands march against record energy price rises while climate change activists target the country’s fossil fuel infrastructure. Protestors in Cardiff and Birmingham joined those in central London, marching on...

April Fools? MPs £2,200 pay rise on day of energy hikes and tax rises

On the same day that energy bills are hiked 54% and council tax and national insurance contributions rise, MPs have been given a £2,212 pay rise. It takes their basic pay to £84,144, which doesn’t...

Sunak stalls PM’s energy security strategy with cabinet split over plan

Chancellor of the exchequer Rishi Sunak has stalled the prime minister’s already delayed energy security strategy. It is nearly three weeks since Boris Johnson pledged the government’s energy plan will be published “in the next...