Connect with us

Published

on

Rishi Sunak will head to Scotland on Monday as the Conservatives kick off a week of campaigning on energy security.

Number 10 said the prime minister would use the trip to “highlight the central role” the country will play in “defending the UK against disrupted global energy supplies” and reaching the government’s net zero targets.

Reports over the weekend claimed Mr Sunak would announce a new carbon capture project on the visit, as well as new licenses for North Sea oil and gas exploration – putting down a marker against Labour’s plans to stop any new drilling.

But Labour accused the PM of “lurching desperately towards a culture war on climate to appease his split party”.

Mr Sunak is expected to confirm how “Scotland will continue to be at the forefront of UK government plans to strengthen the UK’s long-term energy security” during his trip to the north east of the country.

The prime minister will also “highlight the crucial role that the region will play in enhancing and delivering on the UK government’s commitment to reaching Net Zero in 2050 and enhancing long term energy security for generations to come”

But the move comes as both main parties continue to argue over the future of their green policies.

More on Conservatives

The Conservatives’ narrow victory in the Uxbridge and South Ruislip by-election two weeks ago opened a can of worms within the Labour Party over its London Mayor Sadiq Khan’s plan to expand the Ultra Low Emission Zone (ULEZ) to the capital’s outer boroughs – something Sir Keir Starmer blamed for the loss.

Please use Chrome browser for a more accessible video player

Sadiq Khan says ULEZ ‘landmark decision is good news for London’

The Labour leader and Mr Khan are continuing to hold discussions over the extension, with Sir Keir calling on his colleague to “reflect” on the impact on voters.

But Mr Khan has stood by the decision, on the basis it will improve air quality for five million people in Greater London.

Meanwhile, MPs on the right of the Conservative Party are appealing to the PM to rethink the government’s net zero commitments in light of the win, with calls for delays to a number of targets – including putting back the ban on the sale of petrol and diesel cars from 2030 to 2035.

Mr Sunak insisted on Sunday the 2030 deadline would remain, but did announce plans to for a review of low traffic neighbourhoods (LTNs), saying he was on the side of drivers.

Please use Chrome browser for a more accessible video player

Chairman of the Committee on Climate Change, Lord Deben, says the government needs to pursue its net zero targets

Downing Street has confirmed ministers are scrutinising existing pledges “in light of some of the cost of living challenges”, as the prime minister promised a “proportionate and pragmatic” approach to net zero.

Read more:
Is carbon capture and storage a fossil fuel industry fig leaf or vital for net zero plans?

What are the Conservatives’ green policies – and what could be scrapped?

Mr Sunak is set to meet industry leaders and workers while on the visit to Scotland.

And the government pledged that they and energy authorities would “go further than before in announcing continued decisive action to boost the capability of the North Sea industry to transition towards net zero, strengthen the foundations of the UK’s future energy mix and create the next generation of highly skilled green jobs”.

SNP Westminster leader Stephen Flynn said any investment would be welcome, but he warned against any more “broken promises or delays”.

Meanwhile, Labour’s shadow climate change secretary, Ed Miliband, attacked the government for “13 years of failed Tory energy policy”, saying: “Every family and business is paying the price, in higher energy bills.”

He added: “It is absurd that having left this country so exposed, the Conservative Party is asking the public to believe they can fix it.

“And it’s telling that while Labour focuses on lower bills and good jobs, Rishi Sunak lurches desperately towards a culture war on climate to appease his split party, losing track of what he believes from day to day, depending on which faction he’s met with.

“It’s no way to govern and it’s costing working people.”

Continue Reading

Politics

Crypto’s path to legitimacy runs through the CARF regulation

Published

on

By

Crypto’s path to legitimacy runs through the CARF regulation

Crypto’s path to legitimacy runs through the CARF regulation

The CARF regulation, which brings crypto under global tax reporting standards akin to traditional finance, marks a crucial turning point.

Continue Reading

Politics

Tokenized equity still in regulatory grey zone — Attorneys

Published

on

By

Tokenized equity still in regulatory grey zone — Attorneys

Tokenized equity still in regulatory grey zone — Attorneys

The nascent real-world tokenized assets track prices but do not provide investors the same legal rights as holding the underlying instruments.

Continue Reading

Politics

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

Published

on

By

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

Rachel Reeves has hinted that taxes are likely to be raised this autumn after a major U-turn on the government’s controversial welfare bill.

Sir Keir Starmer’s Universal Credit and Personal Independent Payment Bill passed through the House of Commons on Tuesday after multiple concessions and threats of a major rebellion.

MPs ended up voting for only one part of the plan: a cut to universal credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

Initially aimed at saving £5.5bn, it now leaves the government with an estimated £5.5bn black hole – close to breaching Ms Reeves’s fiscal rules set out last year.

Read more:
Yet another fiscal ‘black hole’? Here’s why this one matters

Success or failure: One year of Keir in nine charts

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

In an interview with The Guardian, the chancellor did not rule out tax rises later in the year, saying there were “costs” to watering down the welfare bill.

“I’m not going to [rule out tax rises], because it would be irresponsible for a chancellor to do that,” Ms Reeves told the outlet.

More on Rachel Reeves

“We took the decisions last year to draw a line under unfunded commitments and economic mismanagement.

“So we’ll never have to do something like that again. But there are costs to what happened.”

Meanwhile, The Times reported that, ahead of the Commons vote on the welfare bill, Ms Reeves told cabinet ministers the decision to offer concessions would mean taxes would have to be raised.

The outlet reported that the chancellor said the tax rises would be smaller than those announced in the 2024 budget, but that she is expected to have to raise tens of billions more.

It comes after Ms Reeves said she was “totally” up to continuing as chancellor after appearing tearful at Prime Minister’s Questions.

Please use Chrome browser for a more accessible video player

Why was the chancellor crying at PMQs?

Criticising Sir Keir for the U-turns on benefit reform during PMQs, Conservative leader Kemi Badenoch said the chancellor looked “absolutely miserable”, and questioned whether she would remain in post until the next election.

Sir Keir did not explicitly say that she would, and Ms Badenoch interjected to say: “How awful for the chancellor that he couldn’t confirm that she would stay in place.”

In her first comments after the incident, Ms Reeves said she was having a “tough day” before adding: “People saw I was upset, but that was yesterday.

“Today’s a new day and I’m just cracking on with the job.”

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

Sir Keir also told Sky News’ political editor Beth Rigby on Thursday that he “didn’t appreciate” that Ms Reeves was crying in the Commons.

“In PMQs, it is bang, bang, bang,” he said. “That’s what it was yesterday.

“And therefore, I was probably the last to appreciate anything else going on in the chamber, and that’s just a straightforward human explanation, common sense explanation.”

Continue Reading

Trending