Labor’s signature climate change legislation will pass the Senate with some minor changes
Delayed rate pain
While the interest rate increases are hitting those already on variable rates, those who are on fixed rates which are about to expire are going to feel a lot of pain, when their repayments jump to include the cumulative increase all at once.
Continue reading...Additional 13 hubs will bring total to 25, where customers of almost any bank can carry out transactions
More shared “banking hubs” are to be rolled out across the UK to help communities hit by branch and ATM closures to get continued access to cash.
A banking hub is a shared service that operates in a similar way to a standard branch, with a counter service run by Post Office staff where customers of almost any bank can withdraw and deposit cash, make bill payments and carry out regular transactions.
Continue reading...Latest updates: culture secretary will not serve in Truss’s cabinet and is expected to receive peerage from Boris Johnson
Philip Hammond, who was chancellor when Theresa May was prime minister, has joined Rupert Harrison, another Tory Treasury alumnus (see 10.02am), in criticising the Truss camp this morning for disparaging Treasury orthodoxy. Hammond told Times Radio:
When I hear people talking about Treasury orthodoxy, I do worry that what they might sometimes be talking about are economic facts of life. And yes, the Treasury will ensure that politicians, however senior, are confronted with the realities of the economic facts of life. “Yes, Minister, you may wish to do this. But you need to understand that the consequences will be as follows.” And we can’t legislate to change the laws of economics, unfortunately. And I think Liz Truss understands that very well.
Obviously, I worked very closely with her. She was chief secretary to the Treasury when I was chancellor, she understands the laws of economics as well as anybody does. And it’s essential that the political solutions that a government crafts, go with the grain of the laws of economics, because if you try and confront the laws of economics, you will come unstuck.
I think it is right and unavoidable that the government needs to provide support to people dealing with these huge energy bills as a short term solution, but we have to be clear, and I think [Truss] will be clear, that this can only be government support to deal with the immediate emergency energy prices being sky high, largely because of the war in Ukraine.
At the same time we’ve got to be honest about the fact that energy bills in the future are going to be higher than they were, traditionally, as we move to ensure energy self sufficiency, and to decarbonise our economies. That has always been the case; decarbonisation doesn’t come free.
Continue reading...Kremlin blames western sanctions for failure to deliver gas through Nord Stream 1 pipeline
Russia will not resume in full its gas supplies to Europe until the west lifts its sanctions against Moscow, the Kremlin said, as concerns over Russian gas supplies continued to drive up energy prices.
Speaking to journalists on Monday, Dmitry Peskov, the Kremlin’s spokesperson, blamed sanctions “introduced against our country by western countries including Germany and the UK” for Russia’s failure to deliver gas through the Nord Stream 1 pipeline.
Continue reading...From cancelling student loan debt to raising minimum wage, different strategies aim to reduce effects of soaring prices
The Covid pandemic, soaring food and fuel prices, and Russia’s invasion of Ukraine have dealt a triple blow to people around the world. Here is a look at what governments are doing to try to help citizens and companies weather the cost of living crisis.
Continue reading...Prime minister Narendra Modi calls 54-year-old’s death ‘a big loss’ as politicians and business leaders express shock after accident near Mumbai
Cyrus Mistry, an Indian-born Irish businessman and former chairman of Indian conglomerate Tata Sons, has died in an accident after his car crashed into a road divider in western India, police said. He was 54.
The crash occurred on a river bridge in Maharashtra state’s Palghar district near Mumbai on Sunday, police officer Prakash Gaekwad said.
Continue reading...More UK manufacturers are cutting production or making job cuts as result of ‘out of control’ energy bills
Analysts are expecting gas prices to surge to record highs this week after Russia shut down a key pipeline to Europe.
At the same time, a growing number of UK manufacturers have said they are already cutting production or making job cuts as a direct result of “out of control” energy bills.
Continue reading...New rules in response to Russia’s invasion of Ukraine cover all notionally valuable digital assets
Crypto exchanges must report suspected sanctions breaches to UK authorities under new rules brought in amid concerns that bitcoin and other cryptoassets are being used to dodge restrictions imposed in response to Russia’s invasion of Ukraine.
Official guidance was updated on 30 August to explicitly include “cryptoassets” among those that must be frozen if sanctions are imposed on a person or company. As well as digital currencies, such as bitcoin, ether and tether, cryptoassets could include other notionally valuable digital assets such as non-fungible tokens.
Continue reading...Shutdown over ‘oil leak’ comes only hours after G7 nations agree to impose a price cap
Fears that Europe could be engulfed by a winter energy crisis reached new heights yesterday after the Russian energy supplier Gazprom extended the shutdown of gas flows it had imposed through its key Nord Stream 1 pipeline into Germany.
The seriousness of the situation is underlined by the fact that Russia kept gas supplies to Europe flowing even at the height of the Cold War. By contrast, the pipeline has now been shut down twice since the Russian invasion of Ukraine: for 10 days in July in addition to the current indefinite closure.
Continue reading...Supermodel joins list of celebrities delving into lucrative wellness business with products that ‘help find inner peace’
Once nicknamed “the tank” for her ability to guzzle champagne, the original 90s It model Kate Moss has swapped partying for dawn meditation and night-time tisanes.
On Thursday, Moss has launched her own wellness brand, Cosmoss, featuring six products including vegan skincare and mood-boosting teas, ranging from £20 for a canister of Dawn Tea to £120 for a Sacred Mist fragrance. “A story of reconnection from soul to surface. There is a magic to Cosmoss and I can’t wait for you all to uncover it, just as I did,” reads a statement in a press release.
Continue reading...Alan Joyce says multi-employer bargaining could create problems; western NSW braces for flooding. This blog is now closed
And if you want a more expansive read on where the dispute between the Rail, Tram and Bus Union and the NSW government is at, Michael McGowan’s great analysis is a must-read:
NSW industrial relations minister calls out Labor’s ‘brazen intervention’ in rail dispute
The brazen intervention of Labor into the Fair Work Commission to support the rail unions and their political campaign of rolling strikes is a disgrace.
For Tony Burke to be asking the Fair Work Commission to implement his agenda while the summit is still sitting, let alone any consultation occurring on his planed legislation, shows the depth of arrogance and entitlement that the union movement and Labor bring to government.
Continue reading...Russian energy company had been due to resume gas delivery to Germany on Saturday morning
The Russian energy major Gazprom extended the shutdown of gas flows through its key Nord Stream 1 pipeline to Germany on Friday evening, providing no timeframe for a reopening.
The move came hours after G7 countries agreed to impose a price cap on Russian oil in an attempt to stem the flow of funds to Vladimir Putin’s regime.
Continue reading...Treasurer Jim Chalmers says the policy change will cost around $55m, and the government will do further costs. This blog is now closed
Tasmanian Tafe needs to be fit for purpose before additional places can make a difference, Lambie says
The government yesterday kicked off the jobs and skills summit with the announcement of 180,000 more free Tafe places.
We certainly would like to do more, but some of these issues, of course, are within the budget constraints, which are there … we have inherited $1tn of debt. Yes, it is a worthy idea and worthy of consideration.
No, that’s not on the agenda. But it is a good thing that people are able to put forward ideas.
Continue reading...State-owned Gazprom announces NordStream 1 pipeline to stay out of action citing turbine engine damage after EU announces upper limit on oil prices
Russian news agency Tass is carrying a quote from Alexander Volga, head of the Russian-imposed occupation administration of Enerhodar, the city where the Zaporizhzhia nuclear power plant (ZNPP) is located.
It reports he said on Russian television that eight people from the IAEA mission remain at the ZNPP, alongside four more people, who he described as service personnel who accompany them through their activities.
The IAEA mission must state that the presence of the military, the presence of weapons at the station, is a real threat to nuclear safety. This is obvious.
This mission is unique because there are no analogues in the history of the IAEA at all. Missions took place at objects that were controlled by states. But there was no such mission format as it is now.
Continue reading...Tory leadership hopefuls ‘taking countryside voters for granted’ and neglecting pressing issues, says CLA business group
Neither of the candidates for leadership of the Conservative party has made a convincing pitch to rural voters, despite that demographic being one of the biggest sources of Tory power, the head of the UK’s biggest rural business organisation said.
Mark Tufnell, president of the Country Land and Business Association (CLA), which represents about 30,000 landowners and rural businesses, said Liz Truss and Rishi Sunak had done too little to show how they would boost the countryside economy and deal with pressing concerns such as planning, rural broadband, and farm support.
Continue reading...Department store group says it is responding to customers’ demand for more sustainable shopping
Selfridges is aiming for almost half its interactions with customers to be based on resale, repair, rental or refills by 2030 as the upmarket department store responds to increasing demand for more sustainable shopping.
The retailer said it wanted to step up action after increasing sales of secondhand items by 240% to 17,771 pieces last year and facilitating 28,000 repairs, more than a third of which were pairs of trainers, in its effort to trade in a more environmentally sustainable way. It also rented out more than 2,000 items to customers and sold more than 8,000 refills.
Continue reading...Wifi, Netflix, a laptop, presents for family and the odd night out with friends are in this year’s Minimum Income Standard
What constitutes a no-fripperies minimum standard of living in the UK in 2022? It’s not just sufficient money for three meals a day, suitable clothes, heating and a roof over one’s head, according to the public, but enough for a Netflix subscription, a smart speaker, the odd night out with friends and a supply of Covid masks.
It’s about being able to afford things such as a smartphone, a laptop, wifi, a cooker, a TV, the odd alcoholic drink and also enough to take an unostentatious week’s holiday away in the UK once a year, treat yourself to an occasional takeaway, buy presents for the children and family, and make charitable donations.
Continue reading...While France and Germany have introduced bans, Britain continues to slaughter 29 million unwanted chicks every year
UK retailers are blocking moves to end the killing of millions of day-old male chicks each year, farmers and breeding companies have said.
The industrial-scale culling of unwanted chicks is common practice around the world, with 330 million males slaughtered by crushing or gassing each year in Europe, according to campaigners, 29 million of those in the UK.
Continue reading...Outgoing leader hails £700m funding for Sizewell C nuclear plant in penultimate speech
• Boris Johnson says ‘madness’ not to build Sizewell C – UK politics live
Boris Johnson has vowed to give his total support to the next prime minister, but could not resist using his penultimate speech to take a potshot at Liz Truss’s energy plans.
In an attempt to shore up his legacy just days before he leaves No 10, the outgoing Conservative leader hailed the government’s “accelerated, long-overdue reforms” to make the UK more energy independent and announced £700m for the Sizewell C nuclear plant.
Continue reading...UK chancellor says more help will be provided to heat homes this winter but does not explain how
The chancellor, Nadhim Zahawi, has said households should not be cut off if they cannot afford their energy bills, as the Treasury examines a range of options to help consumers cope with the cost of living crisis.
Zahawi promised that the government would expand on the £37bn package of aid announced earlier this year to help households tackle soaring energy costs. He told Sky News: “No one should be cut off because they can’t afford their bills.
Continue reading...