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Fuel Crisis
British Prime Minister Liz Truss on Wednesday ruled out a windfall tax on oil companies to pay for her plans to tackle the energy crisis. Speaking during her first session of prime minister's questions in the House of Commons, Truss rebuffed opposition calls for a new windfall tax, even as she refrained from explaining how she would fund a plan meant to help the public pay energy bills skyrocketing because of Russia's invasion of Ukraine. The plan is expected to be delivered on Thursday. "I am against a windfall tax," she said. "I believe it is the wrong thing to be putting companies off, investing in the United Kingdom just when we need to be growing the economy." Truss, 47, was appointed prime minister by Queen Elizabeth II on Tuesday after winning an internal election to lead the governing Conservative Party. In her first speech as prime minister on Tuesday, Truss said she would cut taxes to spur economic growth, bolster the NHS and deal hands on with the energy crisis, though s
Britain's new prime minister has pledged to rebuild the economy and ride out the storm gathering over the country, but Liz Truss faces a daunting job. She inherits an ailing economy on the brink of a potentially long recession, with record inflation that's forecast to worsen in coming months and millions crying out for government help to cope with soaring energy bills. Here's a look at the scale of the economic challenges that Truss faces and how she is expected to tackle them: HIGH ENERGY COSTS At the top of Truss' agenda is a cost-of-living crisis driven by spiralling natural gas and electricity costs. Starting in October, millions of households will see their average yearly energy bill jump to about 3,500 pounds (USD 4,000) almost triple what they paid a year ago. The bills are expected to continue to climb and could exceed 4,000 pounds in January. The sharp increases began last year, as economies worldwide recovered from the coronavirus pandemic and global demand for natural
In her first visit to India, European Commissioner for Energy Kadri Simson will be in the country from September 7-8 to explore means to boost two-way energy cooperation. The European Union said Simson's visit to Delhi signals the grouping's strong engagement with India in the area of energy. The 27-nation EU and India have robust cooperation in the fight against climate change and biodiversity loss. Simson said as the world faces an energy crisis and climate change challenge, India, with its vast renewable resources, has a strategic role to play in the clean energy transition. The EU and India established a 'Clean Energy and Climate Partnership' in 2016 and have been working closely together on clean energy transition, speeding up the deployment of renewable energy, promoting energy efficiency, collaborating on smart grid and storage technology and modernising the electricity market. Commissioner Simson will hold bilateral meetings with relevant Indian ministers, officials of the
French President Emmanuel Macron is calling for a sharp 10% reduction in the country's energy use in coming weeks and months to avoid the risk of rationing and cuts this winter, amid tensions with supplier Russia over the war in Ukraine. Macron warned Monday that forced energy savings might have to be considered in coming months if voluntary efforts aren't sufficient. He said energy rationing plans are being prepared in case' and that cuts will happen as a last resort. The best energy is that which we don't consume, the French leader said at a news conference, where he urged French businesses and households to save energy, including by turning down heating and air conditioning.