REUTERS
"UK finance minister Kwarteng has been sacked - BBC"
Reuters
October 14, 2022
LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday, as the government's massive tax cuts sparked financial market turmoil.
Kwarteng is no longer chancellor of the exchequer, the BBC said.
The Times newspaper reported earlier that Kwarteng was expected to be sacked.
His sacking makes Kwarteng Britain's shortest serving chancellor since 1970, and his successor would be the UK's fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.
Reporting by William James, Muvija M and Alistair Smout; writing by Sachin Ravikumar
https://www.reuters.com/world/uk/uk-fin ... 022-10-14/
THE BRITS
Re: THE BRITS
REUTERS
"UK's Truss sacrifices finance minister, scraps tax plan in fight to survive"
By Elizabeth Piper, Kate Holton and Alistair Smout
October 14, 2022
Summary
* PM Truss reverses part of tax policy
* Fires finance minister and close ally Kwarteng
* Pound, bond prices fall again
* Investors, economists say more needed to calm markets
* Truss faces own political fight to survive
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and scrapped parts of their unpopular economic package on Friday in a desperate bid for political survival less than 40 days into her premiership.
With financial markets in turmoil, a chastened Truss said she accepted her government's plans for unfunded tax cuts had gone "further and faster" than investors were expecting.
"I have acted decisively today because my priority is ensuring our country's economic stability," she told a brief news conference in Downing Street.
"I want to be honest, this is difficult."
"But we will get through this storm."
The pound and British government bond prices tumbled after she spoke, with economists and investors saying her reversal of 20 billion pounds ($22 billion) of tax cuts was not yet enough to restore calm.
Britain is engulfed in a political crisis akin to the industrial battles of the 1970s, the sterling crash of the early 1990s and the chaos that followed Brexit.
Since it voted to leave the European Union in 2016 it has lost three prime ministers and its reputation as a predictable member of the global economic order.
"This marks the first time in decades - since at least the 90s - that the financial markets have forced the government of a big developed economy with its own central bank to capitulate on core fiscal ambitions," analysts at consultancy Evercore said.
Earlier Truss fired her finance minister and close friend, Kwarteng, after he rushed back to London overnight from IMF meetings in Washington where Britain's chaotic recent management of its economy was a focal point.
To replace him, she appointed Jeremy Hunt, a former foreign and health secretary who had backed her rival Rishi Sunak in this summer's race to become Conservative Party leader.
He is the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis.
Kwarteng becomes Britain's shortest serving finance minister except for a predecessor who died suddenly in office in 1970.
"You have asked me to stand aside as your Chancellor."
"I have accepted," he wrote in his resignation letter to Truss.
Truss's own position is now in jeopardy.
She won the Conservative Party leadership last month by promising vast tax cuts and deregulation that she said would shock the economy out of years of stagnant growth.
Kwarteng's Sept. 23 fiscal announcement aimed to deliver that vision.
But the backlash from markets was so ferocious that the Bank of England had to intervene to prevent pension funds being caught up in the chaos, as borrowing and mortgage costs surged.
Yields on the long-dated bonds which bore the brunt of the market turmoil are now within less than half a percentage point of the 20-year highs they struck on Wednesday.
Compounding the market pressures, polls show support for the Conservative Party has collapsed, fuelling panic in Britain's dominant political party and a hunt to find a way to force Truss out of office.
"She's toast," one party lawmaker said.
MARKET ROUT
Having triggered the market rout, Truss runs the risk of bringing the government down if she cannot find a package of public spending cuts and tax rises that will appease investors and get through a vote in parliament.
Hunt will deliver a new budget plan on Oct. 31, giving him two weeks to come up with a solution.
The search for savings will be made harder by the fact that successive Conservative governments have been cutting departmental budgets for years.
Discipline within her party has meanwhile all but broken down, fractured by infighting as it struggled first to agree a way to leave the EU and then how to navigate the COVID-19 pandemic and rebuild the economy.
"The party loves the idea of principles and conviction politicians, but staying in power is everything," one party insider told Reuters.
"Ruthless can also be popular."
One lawmaker, describing the situation as a "mess", said Truss could survive but was "badly wounded" and risked alienating the right of the party which elected her.
Christopher Chope, a veteran Conservative lawmaker and Truss supporter, said the party was now a laughing stock.
"I thought she was made of sterner stuff," he told Times Radio.
Underlining how far Britain's reputation for sound economic management and institutional stability had fallen, a meeting of G7 finance ministers on Wednesday focused on Britain, and not the usual source of concern, Italy, a source said.
In Washington, Kwarteng was also criticised by the head of the International Monetary Fund.
He was fired minutes after arriving in Downing Street via a flight back to London that was carried live by television news channels.
FIGHTING FOR SURVIVAL
Another Conservative lawmaker, who asked not to be named, said Truss's economic policy had caused so much damage that investors may now demand even deeper cuts to rebuild confidence.
"The markets have lost trust in the Conservative Party - and who can blame them?" said the lawmaker, who had backed Sunak for the leadership.
Economists estimate the government needs to find around 60 billion pounds through tax rises and spending cuts.
So far Truss has reversed course on two parts of her fiscal plan - the move to scrap the 45% top rate of income tax and a decision to hold corporation tax at 19% instead of letting it rise to 25% as planned by her predecessor Boris Johnson.
Together the two changes will provide around 20 billion pounds for public finances.
A slump in the bond market late in the day suggested that would not be enough to appease investors.
To add to the drama, the Bank of England ended its bond buying in the gilt market on Friday, raising concerns about a further fall next week.
Writing by Kate Holton; Additional reporting by William James, Sarah Young, David Milliken, Sachin Ravikumar, Farouq Suleiman, Kylie MacLellan, Andy Bruce, William Schomberg and Muvija M in London and Jan Strupczewski in Washington; Editing by Catherine Evans
https://www.reuters.com/world/uk/uk-pm- ... 022-10-14/
"UK's Truss sacrifices finance minister, scraps tax plan in fight to survive"
By Elizabeth Piper, Kate Holton and Alistair Smout
October 14, 2022
Summary
* PM Truss reverses part of tax policy
* Fires finance minister and close ally Kwarteng
* Pound, bond prices fall again
* Investors, economists say more needed to calm markets
* Truss faces own political fight to survive
LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and scrapped parts of their unpopular economic package on Friday in a desperate bid for political survival less than 40 days into her premiership.
With financial markets in turmoil, a chastened Truss said she accepted her government's plans for unfunded tax cuts had gone "further and faster" than investors were expecting.
"I have acted decisively today because my priority is ensuring our country's economic stability," she told a brief news conference in Downing Street.
"I want to be honest, this is difficult."
"But we will get through this storm."
The pound and British government bond prices tumbled after she spoke, with economists and investors saying her reversal of 20 billion pounds ($22 billion) of tax cuts was not yet enough to restore calm.
Britain is engulfed in a political crisis akin to the industrial battles of the 1970s, the sterling crash of the early 1990s and the chaos that followed Brexit.
Since it voted to leave the European Union in 2016 it has lost three prime ministers and its reputation as a predictable member of the global economic order.
"This marks the first time in decades - since at least the 90s - that the financial markets have forced the government of a big developed economy with its own central bank to capitulate on core fiscal ambitions," analysts at consultancy Evercore said.
Earlier Truss fired her finance minister and close friend, Kwarteng, after he rushed back to London overnight from IMF meetings in Washington where Britain's chaotic recent management of its economy was a focal point.
To replace him, she appointed Jeremy Hunt, a former foreign and health secretary who had backed her rival Rishi Sunak in this summer's race to become Conservative Party leader.
He is the fourth finance minister in as many months in Britain, where millions are facing a cost of living crisis.
Kwarteng becomes Britain's shortest serving finance minister except for a predecessor who died suddenly in office in 1970.
"You have asked me to stand aside as your Chancellor."
"I have accepted," he wrote in his resignation letter to Truss.
Truss's own position is now in jeopardy.
She won the Conservative Party leadership last month by promising vast tax cuts and deregulation that she said would shock the economy out of years of stagnant growth.
Kwarteng's Sept. 23 fiscal announcement aimed to deliver that vision.
But the backlash from markets was so ferocious that the Bank of England had to intervene to prevent pension funds being caught up in the chaos, as borrowing and mortgage costs surged.
Yields on the long-dated bonds which bore the brunt of the market turmoil are now within less than half a percentage point of the 20-year highs they struck on Wednesday.
Compounding the market pressures, polls show support for the Conservative Party has collapsed, fuelling panic in Britain's dominant political party and a hunt to find a way to force Truss out of office.
"She's toast," one party lawmaker said.
MARKET ROUT
Having triggered the market rout, Truss runs the risk of bringing the government down if she cannot find a package of public spending cuts and tax rises that will appease investors and get through a vote in parliament.
Hunt will deliver a new budget plan on Oct. 31, giving him two weeks to come up with a solution.
The search for savings will be made harder by the fact that successive Conservative governments have been cutting departmental budgets for years.
Discipline within her party has meanwhile all but broken down, fractured by infighting as it struggled first to agree a way to leave the EU and then how to navigate the COVID-19 pandemic and rebuild the economy.
"The party loves the idea of principles and conviction politicians, but staying in power is everything," one party insider told Reuters.
"Ruthless can also be popular."
One lawmaker, describing the situation as a "mess", said Truss could survive but was "badly wounded" and risked alienating the right of the party which elected her.
Christopher Chope, a veteran Conservative lawmaker and Truss supporter, said the party was now a laughing stock.
"I thought she was made of sterner stuff," he told Times Radio.
Underlining how far Britain's reputation for sound economic management and institutional stability had fallen, a meeting of G7 finance ministers on Wednesday focused on Britain, and not the usual source of concern, Italy, a source said.
In Washington, Kwarteng was also criticised by the head of the International Monetary Fund.
He was fired minutes after arriving in Downing Street via a flight back to London that was carried live by television news channels.
FIGHTING FOR SURVIVAL
Another Conservative lawmaker, who asked not to be named, said Truss's economic policy had caused so much damage that investors may now demand even deeper cuts to rebuild confidence.
"The markets have lost trust in the Conservative Party - and who can blame them?" said the lawmaker, who had backed Sunak for the leadership.
Economists estimate the government needs to find around 60 billion pounds through tax rises and spending cuts.
So far Truss has reversed course on two parts of her fiscal plan - the move to scrap the 45% top rate of income tax and a decision to hold corporation tax at 19% instead of letting it rise to 25% as planned by her predecessor Boris Johnson.
Together the two changes will provide around 20 billion pounds for public finances.
A slump in the bond market late in the day suggested that would not be enough to appease investors.
To add to the drama, the Bank of England ended its bond buying in the gilt market on Friday, raising concerns about a further fall next week.
Writing by Kate Holton; Additional reporting by William James, Sarah Young, David Milliken, Sachin Ravikumar, Farouq Suleiman, Kylie MacLellan, Andy Bruce, William Schomberg and Muvija M in London and Jan Strupczewski in Washington; Editing by Catherine Evans
https://www.reuters.com/world/uk/uk-pm- ... 022-10-14/
Re: THE BRITS
THE GUARDIAN
"UK on collision course with Joe Biden over cuts to aid pledge"
Michael Savage Policy Editor
30 OCTOBER 2022
Britain is on a collision course with Joe Biden and other prominent international allies as it prepares to unveil a dramatically reduced contribution to a major global fund to tackle deadly diseases, the Observer understands.
All countries are being asked to improve on their last contributions to the Global Fund, set up to tackle malaria, tuberculosis and Aids in the world’s poorest countries.
Most G7 countries have already announced plans to do so, and Biden raised the issue during talks with Liz Truss last month.
Britain gave £1.4bn to the fund during the last pledging round in 2019.
Now Britain is being asked to find £1.8bn for the fund over the next three years but is thought to be considering a contribution in the region of £800m – less than half the requested amount.
It is likely that Britain will be the only major world power not to increase its donation.
Several sources have told the Observer that the UK’s overseas development assistance (ODA) budget is now in disarray because so much of it is being spent on the accommodation and other costs related to asylum seekers and refugees in Britain.
Experts believe more is now being spent within the UK than in the poor nations that need it.
The aid bill for the programmes to help those from Ukraine and Afghanistan alone is said to run into billions.
Officials have been raising concerns for some time that the Home Office’s failure to control housing costs is effectively draining the aid budget.
However, it is only now that ministers are beginning to get a grip of the costs that are actually being racked up.
Because the aid budget is fixed at 0.5% of gross national income, the huge costs of the domestic asylum-seeker programmes mean that cuts will have to be made in other areas of aid spending.
The first major casualty is set to be the Global Fund contribution.
Andrew Mitchell, the new international development minister, who had been a leading advocate for Britain’s overseas aid work as a backbench MP, is now going through a detailed audit of Britain’s aid budget and is said to be trying to prioritise the UK’s Global Fund contribution.
However, he now has severely limited resources at his disposal as a result of the chaotic way in which the aid budget has been allocated.
Officials battling for the UK government to make a large contribution have been arguing that Britain has a strong record as a central player in the fund, with two-thirds of the money spent in Commonwealth countries.
The US has already committed to contributing $6bn to the Global Fund over the next three years, a 30% increase on its last donation.
Canada, Germany and the European Commission have also increased their pledges by 30% as requested.
It comes after two former government advisers said that they believed that the UK was now spending more of its foreign aid budget in Britain than in poor countries, once contributions to bodies like the World Bank are excluded.
As much as £4bn is now being spent domestically, they believe, largely on costs related to asylum seekers and refugees.
The Home Office has been paying millions a day to house some in hotels with funding taken from the foreign aid budget.
Stefan Dercon, former chief economist at the Department of International Development, told the Observer: “You can’t squeeze everything into development while claiming you don’t do it on the back of the poor."
"You have to just admit that and be honest."
"The Home Office has no incentive to be careful."
"There are concerns within the FCDO [Foreign, Commonwealth and Development Office]."
"These eye-watering costs are terrifying, because you end up giving a blank cheque to one department on your own budget."
"Unless something is done, it’s going to be a disaster."
"This is billions, and that’s why the concern is there.”
Ranil Dissanayake, policy fellow at the Center for Global Development thinktank and another former government adviser, said: “We should be generous to refugees who arrived on our shores, and we should support them."
"But those things aren’t the same as what we think of as development – helping other countries to improve their economies, lifting people out of poverty, feeding people, giving them healthcare and improving education."
"All of that stuff is getting squeezed."
"This isn’t terminal."
"They really can turn this around."
"It requires that they make a choice to stop using the aid budget as a kitty for the rest of government.”
A spokesperson for the FCDO said: “Across government, there are significant pressures on the 0.5% ODA budget due to the costs of accepting refugees from Afghanistan and Ukraine as well as wider migration challenges."
"How many refugees arrive in any particular period is not certain, so there is not a fixed cost."
"We remain one of the largest global aid donors, spending more than £11bn in aid in 2021, and UK aid has recently gone towards those in need in the Horn of Africa and Pakistan.”
https://www.msn.com/en-us/news/world/uk ... 0083ab4317
"UK on collision course with Joe Biden over cuts to aid pledge"
Michael Savage Policy Editor
30 OCTOBER 2022
Britain is on a collision course with Joe Biden and other prominent international allies as it prepares to unveil a dramatically reduced contribution to a major global fund to tackle deadly diseases, the Observer understands.
All countries are being asked to improve on their last contributions to the Global Fund, set up to tackle malaria, tuberculosis and Aids in the world’s poorest countries.
Most G7 countries have already announced plans to do so, and Biden raised the issue during talks with Liz Truss last month.
Britain gave £1.4bn to the fund during the last pledging round in 2019.
Now Britain is being asked to find £1.8bn for the fund over the next three years but is thought to be considering a contribution in the region of £800m – less than half the requested amount.
It is likely that Britain will be the only major world power not to increase its donation.
Several sources have told the Observer that the UK’s overseas development assistance (ODA) budget is now in disarray because so much of it is being spent on the accommodation and other costs related to asylum seekers and refugees in Britain.
Experts believe more is now being spent within the UK than in the poor nations that need it.
The aid bill for the programmes to help those from Ukraine and Afghanistan alone is said to run into billions.
Officials have been raising concerns for some time that the Home Office’s failure to control housing costs is effectively draining the aid budget.
However, it is only now that ministers are beginning to get a grip of the costs that are actually being racked up.
Because the aid budget is fixed at 0.5% of gross national income, the huge costs of the domestic asylum-seeker programmes mean that cuts will have to be made in other areas of aid spending.
The first major casualty is set to be the Global Fund contribution.
Andrew Mitchell, the new international development minister, who had been a leading advocate for Britain’s overseas aid work as a backbench MP, is now going through a detailed audit of Britain’s aid budget and is said to be trying to prioritise the UK’s Global Fund contribution.
However, he now has severely limited resources at his disposal as a result of the chaotic way in which the aid budget has been allocated.
Officials battling for the UK government to make a large contribution have been arguing that Britain has a strong record as a central player in the fund, with two-thirds of the money spent in Commonwealth countries.
The US has already committed to contributing $6bn to the Global Fund over the next three years, a 30% increase on its last donation.
Canada, Germany and the European Commission have also increased their pledges by 30% as requested.
It comes after two former government advisers said that they believed that the UK was now spending more of its foreign aid budget in Britain than in poor countries, once contributions to bodies like the World Bank are excluded.
As much as £4bn is now being spent domestically, they believe, largely on costs related to asylum seekers and refugees.
The Home Office has been paying millions a day to house some in hotels with funding taken from the foreign aid budget.
Stefan Dercon, former chief economist at the Department of International Development, told the Observer: “You can’t squeeze everything into development while claiming you don’t do it on the back of the poor."
"You have to just admit that and be honest."
"The Home Office has no incentive to be careful."
"There are concerns within the FCDO [Foreign, Commonwealth and Development Office]."
"These eye-watering costs are terrifying, because you end up giving a blank cheque to one department on your own budget."
"Unless something is done, it’s going to be a disaster."
"This is billions, and that’s why the concern is there.”
Ranil Dissanayake, policy fellow at the Center for Global Development thinktank and another former government adviser, said: “We should be generous to refugees who arrived on our shores, and we should support them."
"But those things aren’t the same as what we think of as development – helping other countries to improve their economies, lifting people out of poverty, feeding people, giving them healthcare and improving education."
"All of that stuff is getting squeezed."
"This isn’t terminal."
"They really can turn this around."
"It requires that they make a choice to stop using the aid budget as a kitty for the rest of government.”
A spokesperson for the FCDO said: “Across government, there are significant pressures on the 0.5% ODA budget due to the costs of accepting refugees from Afghanistan and Ukraine as well as wider migration challenges."
"How many refugees arrive in any particular period is not certain, so there is not a fixed cost."
"We remain one of the largest global aid donors, spending more than £11bn in aid in 2021, and UK aid has recently gone towards those in need in the Horn of Africa and Pakistan.”
https://www.msn.com/en-us/news/world/uk ... 0083ab4317
Re: THE BRITS
REUTERS
"Kremlin: Considering 'further steps' over allegation Britain attacked Nord Stream gas pipelines"
Reuters
November 1, 2022
MOSCOW, Nov 1 (Reuters) - Russia said on Tuesday it was considering what "further steps" to take in connection with its allegation that Britain was responsible for an attack on the Nord Stream undersea gas pipelines.
Russia's defence ministry said on Saturday that British navy personnel had blown up the Nord Stream pipelines in September, an assertion that London said was false and designed to distract from Russian military failures in Ukraine.
"There is evidence that Britain is involved in sabotage ... a terrorist act against vital energy infrastructure," Kremlin spokesman Dmitry Peskov told reporters.
"Such actions cannot be put aside."
"Of course, we will think about further steps."
"It definitely cannot be left like this," Peskov said.
The Kremlin has not provided evidence to support its claims Britain was behind the ruptures on the Nord Stream pipelines, which have threatened to put the multi-billion dollar gas link permanently out of use.
The Kremlin also said no decision had been taken on whether to repair the Russian-controlled pipelines.
Peskov said the Kremlin was awaiting for an expert assessment of the damage and that no decisions had yet been taken on the future of Nord Stream 1 or Nord Stream 2.
Sweden last week ordered additional investigations to be carried out on the damage.
Authorities in both Sweden and Denmark have concluded the gas leaks were caused by explosions, but have not said who might be responsible.
Reporting by Reuters; Editing by Kevin Liffey and Mark Trevelyan
https://www.reuters.com/world/europe/kr ... 022-11-01/
"Kremlin: Considering 'further steps' over allegation Britain attacked Nord Stream gas pipelines"
Reuters
November 1, 2022
MOSCOW, Nov 1 (Reuters) - Russia said on Tuesday it was considering what "further steps" to take in connection with its allegation that Britain was responsible for an attack on the Nord Stream undersea gas pipelines.
Russia's defence ministry said on Saturday that British navy personnel had blown up the Nord Stream pipelines in September, an assertion that London said was false and designed to distract from Russian military failures in Ukraine.
"There is evidence that Britain is involved in sabotage ... a terrorist act against vital energy infrastructure," Kremlin spokesman Dmitry Peskov told reporters.
"Such actions cannot be put aside."
"Of course, we will think about further steps."
"It definitely cannot be left like this," Peskov said.
The Kremlin has not provided evidence to support its claims Britain was behind the ruptures on the Nord Stream pipelines, which have threatened to put the multi-billion dollar gas link permanently out of use.
The Kremlin also said no decision had been taken on whether to repair the Russian-controlled pipelines.
Peskov said the Kremlin was awaiting for an expert assessment of the damage and that no decisions had yet been taken on the future of Nord Stream 1 or Nord Stream 2.
Sweden last week ordered additional investigations to be carried out on the damage.
Authorities in both Sweden and Denmark have concluded the gas leaks were caused by explosions, but have not said who might be responsible.
Reporting by Reuters; Editing by Kevin Liffey and Mark Trevelyan
https://www.reuters.com/world/europe/kr ... 022-11-01/
Re: THE BRITS
REUTERS
"Nord Stream 1 operator says it found craters at damaged pipeline site"
Reuters
November 2, 2022
MOSCOW, Nov 2 (Reuters) - The Swiss-based operator of Russia-led Nord Stream 1 gas pipeline said on Wednesday it had completed initial data gathering at location of the pipeline damage on line 1 in the Swedish exclusive economic zone and found "technogenic craters".
"According to preliminary results of the damage site inspection, technogenic craters with a depth of 3 to 5 meters were found on the seabed at a distance of about 248 metres from each other," it said.
Nord Stream 1 and Nord Stream 2, laid on the bed of the Baltic Sea from Russia to Germany, were damaged in September and the infrastructure has been a focal point in the wider row between the West and Moscow.
Russia's defence ministry said on Saturday that British navy personnel blew up the Nord Stream gas pipelines, a claim that London said was false.
Sweden and Denmark have both concluded that four leaks on Nord Stream 1 and 2 were caused by explosions, but have not said who might be responsible.
NATO Secretary-General Jens Stoltenberg has called the damage an act of sabotage.
"The section of the pipe between the craters is destroyed, the radius of pipe fragments dispersion is at least 250 metres."
"Experts continue to analyse the survey data," Nord Stream AG added.
Reporting by Reuters, Editing by Louise Heavens and Jane Merriman
https://www.reuters.com/business/energy ... 022-11-02/
"Nord Stream 1 operator says it found craters at damaged pipeline site"
Reuters
November 2, 2022
MOSCOW, Nov 2 (Reuters) - The Swiss-based operator of Russia-led Nord Stream 1 gas pipeline said on Wednesday it had completed initial data gathering at location of the pipeline damage on line 1 in the Swedish exclusive economic zone and found "technogenic craters".
"According to preliminary results of the damage site inspection, technogenic craters with a depth of 3 to 5 meters were found on the seabed at a distance of about 248 metres from each other," it said.
Nord Stream 1 and Nord Stream 2, laid on the bed of the Baltic Sea from Russia to Germany, were damaged in September and the infrastructure has been a focal point in the wider row between the West and Moscow.
Russia's defence ministry said on Saturday that British navy personnel blew up the Nord Stream gas pipelines, a claim that London said was false.
Sweden and Denmark have both concluded that four leaks on Nord Stream 1 and 2 were caused by explosions, but have not said who might be responsible.
NATO Secretary-General Jens Stoltenberg has called the damage an act of sabotage.
"The section of the pipe between the craters is destroyed, the radius of pipe fragments dispersion is at least 250 metres."
"Experts continue to analyse the survey data," Nord Stream AG added.
Reporting by Reuters, Editing by Louise Heavens and Jane Merriman
https://www.reuters.com/business/energy ... 022-11-02/
Re: THE BRITS
REUTERS
"UK to announce U.S. gas deal after climate change summit -Telegraph"
Reuters
November 7, 2022
Nov 7 (Reuters) - British Prime Minister Rishi Sunak is poised to announce a major gas deal with the U.S. after the COP27 climate change summit, The Telegraph reported on Monday.
The United States will promise about 10 billion cubic metres of liquefied natural gas (LNG) to Britain, the newspaper said, adding that the deal which is in final stage is expected in about a week or two.
Earlier this year, the United States agreed to supply 15 billion cubic metres of liquefied natural gas to the European Union to help it wean off Russian energy supplies.
Britain's National Grid had previously said that Britain's ability to secure supply would depend upon its gas prices being high enough to attract exports from Europe and liquefied natural gas from countries such as Qatar and the United States.
Sunak on Monday at the COP27 climate change summit said the war should accelerate efforts to wean the world off fossil fuels.
British government officials are in talks with major American LNG suppliers about a deal to bolster energy imports, Sky News had previously reported.
Former British Prime Minister Liz Truss last month wrote an op-ed in the Times newspaper calling on Europe to keep energy exports flowing during the winter.
Wholesale gas prices have soared in recent months as economies reopen from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe.
Around 12 British energy suppliers have already collapsed this year, affecting more than 2 million customers.
Reporting by Mrinmay Dey in Bengaluru; Editing by Chris Reese and Josie Kao
https://www.reuters.com/business/energy ... 022-11-07/
"UK to announce U.S. gas deal after climate change summit -Telegraph"
Reuters
November 7, 2022
Nov 7 (Reuters) - British Prime Minister Rishi Sunak is poised to announce a major gas deal with the U.S. after the COP27 climate change summit, The Telegraph reported on Monday.
The United States will promise about 10 billion cubic metres of liquefied natural gas (LNG) to Britain, the newspaper said, adding that the deal which is in final stage is expected in about a week or two.
Earlier this year, the United States agreed to supply 15 billion cubic metres of liquefied natural gas to the European Union to help it wean off Russian energy supplies.
Britain's National Grid had previously said that Britain's ability to secure supply would depend upon its gas prices being high enough to attract exports from Europe and liquefied natural gas from countries such as Qatar and the United States.
Sunak on Monday at the COP27 climate change summit said the war should accelerate efforts to wean the world off fossil fuels.
British government officials are in talks with major American LNG suppliers about a deal to bolster energy imports, Sky News had previously reported.
Former British Prime Minister Liz Truss last month wrote an op-ed in the Times newspaper calling on Europe to keep energy exports flowing during the winter.
Wholesale gas prices have soared in recent months as economies reopen from COVID-19 lockdowns and high demand for liquefied natural gas in Asia pushed down supplies to Europe.
Around 12 British energy suppliers have already collapsed this year, affecting more than 2 million customers.
Reporting by Mrinmay Dey in Bengaluru; Editing by Chris Reese and Josie Kao
https://www.reuters.com/business/energy ... 022-11-07/
Re: THE BRITS
RIGZONE
"US And UK Ink Energy Partnership To Cut Down Prices"
by Bojan Lepic | Rigzone Staff
Wednesday, December 07, 2022
The UK and US will work together to increase energy security and drive down prices, as part of a new energy partnership signed by UK Prime Minister Rishi Sunak and US President Joe Biden.
Under the new ‘UK-US Energy Security and Affordability Partnership’, the UK and US will drive work to reduce global dependence on Russian energy exports, stabilize energy markets and step up collaboration on energy efficiency, nuclear, and renewables.
The initiative will be steered by a new UK-US Joint Action Group, led by senior officials from the UK Government and the White House.
This new partnership follows the Prime Minister and President Biden’s meeting at the G20 Summit in Indonesia, where they agreed to take forward work to address our short-term energy needs and spearhead efforts to speed up our energy transition.
Putin’s war in Ukraine has caused an international spike in energy prices.
To help deal with the resulting rise in the cost of living, the group will work to ensure the market delivers sustained increases in the supply of LNG to UK terminals from the US and will collaborate on energy efficiency measures.
As part of this, the US will strive to export at least 9-10 billion cubic meters of LNG over the next year via UK terminals, more than doubling the level exported in 2021 and capitalizing on the UK’s leading import infrastructure.
This will be good for both the UK and European partners as we look to replenish gas storage next year.
To fulfill this shared objective, both governments will work to proactively identify and resolve any issues faced by exporters and importers.
The group will also work to reduce global reliance on Russian energy by driving efforts to increase energy efficiency and support the transition to clean energy, expediting the development of clean hydrogen globally, and promoting civil nuclear as a secure use of energy.
“Together the UK and US will ensure the global price of energy and the security of our national supply can never again be manipulated by the whims of a failing regime."
"We have the natural resources, industry, and innovative thinking we need to create a better, freer system and accelerate the clean energy transition."
"This partnership will bring down prices for British consumers and help end Europe’s dependence on Russian energy once and for all,” Prime Minister Sunak said.
The partnership will build on the work of the UK-US Strategic Energy Dialogue led by energy ministers, with a focus on gas supply, energy efficiency, civil nuclear, and clean energy.
On civil nuclear, the partnership will promote nuclear energy as a safe and reliable part of the clean energy transition.
This includes deepening global collaboration on nuclear fuels and advanced nuclear technologies.
The partnership will also drive international investment in clean energy technologies, from offshore wind to carbon capture.
This will complement the work the UK and US are doing together with G7 partners to support the use of clean and sustainable energy in developing countries through the Just Energy Transition Partnerships.
In tandem with shoring up the security of energy supply, the group will exchange best practices and work on measures to increase energy efficiency and reduce the demand for gas.
It is already estimated that there could be an 8% reduction in demand for gas in the UK this winter.
The Joint Action Group will explore policy solutions to enhance this efficiency, building on UK Government initiatives such as the Help to Heat Program.
The initiative will pursue innovative energy solutions, such as the decarbonization of the aerospace industry and the development of sustainable aviation fuel technologies, collaborative efforts on electric vehicles, and Energy Smart Appliances.
We will also continue our close collaboration on Carbon Capture Usage and Storage and progress the Clean Hydrogen Mission.
The UK and US are already co-leads of the Hydrogen Breakthrough Agenda, a flagship initiative to push forward clean hydrogen internationally.
https://www.rigzone.com/news/us_and_uk_ ... 3-article/
"US And UK Ink Energy Partnership To Cut Down Prices"
by Bojan Lepic | Rigzone Staff
Wednesday, December 07, 2022
The UK and US will work together to increase energy security and drive down prices, as part of a new energy partnership signed by UK Prime Minister Rishi Sunak and US President Joe Biden.
Under the new ‘UK-US Energy Security and Affordability Partnership’, the UK and US will drive work to reduce global dependence on Russian energy exports, stabilize energy markets and step up collaboration on energy efficiency, nuclear, and renewables.
The initiative will be steered by a new UK-US Joint Action Group, led by senior officials from the UK Government and the White House.
This new partnership follows the Prime Minister and President Biden’s meeting at the G20 Summit in Indonesia, where they agreed to take forward work to address our short-term energy needs and spearhead efforts to speed up our energy transition.
Putin’s war in Ukraine has caused an international spike in energy prices.
To help deal with the resulting rise in the cost of living, the group will work to ensure the market delivers sustained increases in the supply of LNG to UK terminals from the US and will collaborate on energy efficiency measures.
As part of this, the US will strive to export at least 9-10 billion cubic meters of LNG over the next year via UK terminals, more than doubling the level exported in 2021 and capitalizing on the UK’s leading import infrastructure.
This will be good for both the UK and European partners as we look to replenish gas storage next year.
To fulfill this shared objective, both governments will work to proactively identify and resolve any issues faced by exporters and importers.
The group will also work to reduce global reliance on Russian energy by driving efforts to increase energy efficiency and support the transition to clean energy, expediting the development of clean hydrogen globally, and promoting civil nuclear as a secure use of energy.
“Together the UK and US will ensure the global price of energy and the security of our national supply can never again be manipulated by the whims of a failing regime."
"We have the natural resources, industry, and innovative thinking we need to create a better, freer system and accelerate the clean energy transition."
"This partnership will bring down prices for British consumers and help end Europe’s dependence on Russian energy once and for all,” Prime Minister Sunak said.
The partnership will build on the work of the UK-US Strategic Energy Dialogue led by energy ministers, with a focus on gas supply, energy efficiency, civil nuclear, and clean energy.
On civil nuclear, the partnership will promote nuclear energy as a safe and reliable part of the clean energy transition.
This includes deepening global collaboration on nuclear fuels and advanced nuclear technologies.
The partnership will also drive international investment in clean energy technologies, from offshore wind to carbon capture.
This will complement the work the UK and US are doing together with G7 partners to support the use of clean and sustainable energy in developing countries through the Just Energy Transition Partnerships.
In tandem with shoring up the security of energy supply, the group will exchange best practices and work on measures to increase energy efficiency and reduce the demand for gas.
It is already estimated that there could be an 8% reduction in demand for gas in the UK this winter.
The Joint Action Group will explore policy solutions to enhance this efficiency, building on UK Government initiatives such as the Help to Heat Program.
The initiative will pursue innovative energy solutions, such as the decarbonization of the aerospace industry and the development of sustainable aviation fuel technologies, collaborative efforts on electric vehicles, and Energy Smart Appliances.
We will also continue our close collaboration on Carbon Capture Usage and Storage and progress the Clean Hydrogen Mission.
The UK and US are already co-leads of the Hydrogen Breakthrough Agenda, a flagship initiative to push forward clean hydrogen internationally.
https://www.rigzone.com/news/us_and_uk_ ... 3-article/
Re: THE BRITS
RIGZONE
"Biden's Climate Plan Is 'Dangerous' Says UK Business Secretary"
by Bloomberg | Ellen Milligan, Francine Lacqua
Friday, January 20, 2023
President Joe Biden’s plan to subsidize clean energy is “dangerous” and risks pushing the world toward protectionism, UK Business Secretary Grant Shapps said, in Britain’s strongest criticism to date of the US Inflation Reduction Act.
European Union leaders say the US legislation will unfairly benefit American firms and violate World Trade Organization rules.
To date, Prime Minister Rishi Sunak’s administration has stayed relatively quiet on the issue, despite recent warnings from inside his own Conservative Party that the UK risks missing out on the economic opportunities of the green energy transition.
But at the World Economic Forum in Davos, Switzerland, Shapps on Thursday indicated that Britain shares EU concerns while appearing reluctant to respond with its own protectionist measures.
“It’s very important we don’t slip into protectionism and that is where at the edges, the Inflation Reduction Act in the US is dangerous because it could slip into protection,” Shapps said in a panel discussion.
“It’s not its intention, I don’t think its necessarily where it is going but if it’s not amended... I think that’s where we have to be really careful.”
The legislation, a key component of Biden’s agenda, includes energy tax credits, climate programs and environmental mandates which European leaders are concerned will lure investment that would otherwise flow to Europe.
This month, European Commission President Ursula von der Leyen responded by unveiling a “Net-Zero Industry Act” aimed at increasing funding for green technologies.
The UK, meanwhile, is continuing to express its concerns privately to the US.
In an interview with Bloomberg TV later on Thursday, Shapps said that while he welcomes large parts of the legislation and recognizes “the US has a lot of catching up to do,” some of it is “not just anti-competitive, but protectionist.”
Shapps said he’s met with US Climate Envoy John Kerry and is hopeful the UK’s concerns will be resolved.
Trade Secretary Kemi Badenoch also met her US counterpart on Wednesday to discuss concerns about a global subsidies race and agreed to keep a close dialog to mitigate the act’s impact.
Opposition Labour Party leader Keir Starmer and shadow Chancellor Rachel Reeves also expressed their party’s concern at the impact of Biden’s bill this week.
“We see what’s going on in America, we see the early evidence of what’s going on in Europe - we need that in the UK as well,” Starmer told a panel in Davos on Thursday.
Labour’s shadow climate minister Ed Miliband also cautioned that the UK cannot afford to be “bleating on the sidelines” on this issue.
There's a global race on for the industries of the future.
Simply bleating on the sidelines is not going to win the race for Britain.
A Labour Government would make Britain a green energy superpower to create jobs and wealth for our country. https://t.co/PfxhnvshXY
— Ed Miliband (@Ed_Miliband) January 19, 2023
Starmer proposed a Clean Power Alliance to counter the influence of the OPEC+ oil cartel, with countries sharing information and investment as they forge a path to so-called net zero carbon emissions.
“It’s very easy to retreat and see challenge — I think it should be a catalyst for all of us,” he said.
https://www.rigzone.com/news/wire/biden ... 4-article/
"Biden's Climate Plan Is 'Dangerous' Says UK Business Secretary"
by Bloomberg | Ellen Milligan, Francine Lacqua
Friday, January 20, 2023
President Joe Biden’s plan to subsidize clean energy is “dangerous” and risks pushing the world toward protectionism, UK Business Secretary Grant Shapps said, in Britain’s strongest criticism to date of the US Inflation Reduction Act.
European Union leaders say the US legislation will unfairly benefit American firms and violate World Trade Organization rules.
To date, Prime Minister Rishi Sunak’s administration has stayed relatively quiet on the issue, despite recent warnings from inside his own Conservative Party that the UK risks missing out on the economic opportunities of the green energy transition.
But at the World Economic Forum in Davos, Switzerland, Shapps on Thursday indicated that Britain shares EU concerns while appearing reluctant to respond with its own protectionist measures.
“It’s very important we don’t slip into protectionism and that is where at the edges, the Inflation Reduction Act in the US is dangerous because it could slip into protection,” Shapps said in a panel discussion.
“It’s not its intention, I don’t think its necessarily where it is going but if it’s not amended... I think that’s where we have to be really careful.”
The legislation, a key component of Biden’s agenda, includes energy tax credits, climate programs and environmental mandates which European leaders are concerned will lure investment that would otherwise flow to Europe.
This month, European Commission President Ursula von der Leyen responded by unveiling a “Net-Zero Industry Act” aimed at increasing funding for green technologies.
The UK, meanwhile, is continuing to express its concerns privately to the US.
In an interview with Bloomberg TV later on Thursday, Shapps said that while he welcomes large parts of the legislation and recognizes “the US has a lot of catching up to do,” some of it is “not just anti-competitive, but protectionist.”
Shapps said he’s met with US Climate Envoy John Kerry and is hopeful the UK’s concerns will be resolved.
Trade Secretary Kemi Badenoch also met her US counterpart on Wednesday to discuss concerns about a global subsidies race and agreed to keep a close dialog to mitigate the act’s impact.
Opposition Labour Party leader Keir Starmer and shadow Chancellor Rachel Reeves also expressed their party’s concern at the impact of Biden’s bill this week.
“We see what’s going on in America, we see the early evidence of what’s going on in Europe - we need that in the UK as well,” Starmer told a panel in Davos on Thursday.
Labour’s shadow climate minister Ed Miliband also cautioned that the UK cannot afford to be “bleating on the sidelines” on this issue.
There's a global race on for the industries of the future.
Simply bleating on the sidelines is not going to win the race for Britain.
A Labour Government would make Britain a green energy superpower to create jobs and wealth for our country. https://t.co/PfxhnvshXY
— Ed Miliband (@Ed_Miliband) January 19, 2023
Starmer proposed a Clean Power Alliance to counter the influence of the OPEC+ oil cartel, with countries sharing information and investment as they forge a path to so-called net zero carbon emissions.
“It’s very easy to retreat and see challenge — I think it should be a catalyst for all of us,” he said.
https://www.rigzone.com/news/wire/biden ... 4-article/
Re: THE BRITS
REUTERS
"UK's Hunt says U.S. green subsidy act a 'very real competitive threat'"
Reuters
February 21, 2023
LONDON, Feb 21 (Reuters) - British finance minister Jeremy Hunt said on Tuesday the United States' Inflation Reduction Act, that promises hundreds of billions of dollars of subsidies to green industries, was a "very real competitive threat".
There are concerns in Europe that the $369 billion of subsidies for electric vehicles and other clean technologies could put companies based on the continent at a disadvantage.
Hunt said after the financial market turmoil of last year, which led former Prime Minister Liz Truss to resign, the government does not have large sums of money to provide similar subsidies.
But he said the government would announce in the next few months some policies to help shield companies based in Britain, including looking at unlocking at 5 trillion pounds ($6 trillion) in pension funds to support the industry.
"This is not a time when it's going to be easy for us to access the GDP equivalent of $369 billion," Hunt said, speaking at a green energy conference in London.
"We have to remember in that equation that the U.S. is somewhat coming from behind, because the previous president was not remotely interested in net zero," Hunt said in response to a question on the Inflation Reduction Act.
"So there is some catch-up element in what the U.S. is doing, but it is a very real competitive threat."
Asked when the British government policy response could be announced, Hunt told reporters: "In the next few months, we are not hanging around on this.
He added: "We recognise that it is creating challenges, we don't agree with every aspect of it, but nor do we have any doubt in our ability to compete and so we need to let everyone know what the plan is."
Reporting by Andy MacAskill and Farouq Suleiman; writing by Sachin Ravikumar; editing by William Schomberg and Emelia Sithole-Matarise
https://www.reuters.com/business/enviro ... 023-02-21/
"UK's Hunt says U.S. green subsidy act a 'very real competitive threat'"
Reuters
February 21, 2023
LONDON, Feb 21 (Reuters) - British finance minister Jeremy Hunt said on Tuesday the United States' Inflation Reduction Act, that promises hundreds of billions of dollars of subsidies to green industries, was a "very real competitive threat".
There are concerns in Europe that the $369 billion of subsidies for electric vehicles and other clean technologies could put companies based on the continent at a disadvantage.
Hunt said after the financial market turmoil of last year, which led former Prime Minister Liz Truss to resign, the government does not have large sums of money to provide similar subsidies.
But he said the government would announce in the next few months some policies to help shield companies based in Britain, including looking at unlocking at 5 trillion pounds ($6 trillion) in pension funds to support the industry.
"This is not a time when it's going to be easy for us to access the GDP equivalent of $369 billion," Hunt said, speaking at a green energy conference in London.
"We have to remember in that equation that the U.S. is somewhat coming from behind, because the previous president was not remotely interested in net zero," Hunt said in response to a question on the Inflation Reduction Act.
"So there is some catch-up element in what the U.S. is doing, but it is a very real competitive threat."
Asked when the British government policy response could be announced, Hunt told reporters: "In the next few months, we are not hanging around on this.
He added: "We recognise that it is creating challenges, we don't agree with every aspect of it, but nor do we have any doubt in our ability to compete and so we need to let everyone know what the plan is."
Reporting by Andy MacAskill and Farouq Suleiman; writing by Sachin Ravikumar; editing by William Schomberg and Emelia Sithole-Matarise
https://www.reuters.com/business/enviro ... 023-02-21/
Re: THE BRITS
THE TELEGRAPH
"Farmers ordered to feed cows methane suppressants to help reach net zero"
Story by Tony Diver, Emma Gatten
1 APRIL 2023
All dairy cows will be given “methane suppressants” to stop them belching so much under the Government’s net zero plans.
Ministers are planning to force farmers to give their livestock “compound feeds” that contain additives to reduce gassy digestion.
Cows and other farm animals produce around 14 per cent of the total carbon emissions created by human activity worldwide.
Methane is released into the air when cows belch or break wind and is one of the most potent greenhouse gases – warming the planet 25 times more effectively than carbon dioxide.
The Government’s Net Zero Growth Plan, released this week, contained new measures to help Britain reach its 2050 climate goal after the High Court ruled that existing plans were not detailed enough.
The plan said officials “anticipate entry of high efficacy methane suppressing products to the UK market from 2025” and would explore their use for cow farms “at pace”.
“This will include the ambition to mandate the introduction of products with proven safety and efficacy in compound feeds for cattle as soon as practically possible in England,” it added.
Plan could also be adopted for sheep
The news was welcomed by green campaigners who said it would help the UK to reduce methane emissions.
Britain’s commitment to the Global Methane Pledge requires it to reduce emissions by 30 per cent by 2030, but analysis by the Green Alliance suggests current plans will only cut them by 14 per cent.
Dustin Benton, a former chief analytical adviser to the Government on food strategy, said the suppressants should be given to dairy cows first but could later be adapted for sheep.
“Most dairy cows are milked twice a day, and when they're going to be milked they usually eat, so that's a pretty good way of getting it into them,” he said.
“Let's start with what we can, reduce the methane that comes from cows and work out how we can go further.”
It is estimated that the extra cost of feeding methane suppressants to cows would add around 33p per year to the cost of milk for the average consumer.
But the cost could be borne by taxpayers if ministers choose to subsidise the feed, or by supermarkets in a form of greenhouse gas levy.
Methane-suppressing feed contains additives such as seaweeds, essential oils, organic acids, probiotics, and antimicrobials that reduce the amount of methane produced during a cow’s digestion.
It is a common misconception that most methane comes from cows passing wind.
In fact, belching accounts for the majority of emissions.
In 2021 agriculture and other land-use emissions accounted for 11 per cent of greenhouse gases produced in the UK.
Livestock accounted for the majority of that figure.
A Government source said: “Agricultural greenhouse gas emissions have reduced significantly thanks to innovation and advances in technology.
“With livestock still being a leading cause of farm emissions, further innovation in feed products could create major benefits for both farmers and the climate.”
https://www.msn.com/en-us/health/nutrit ... 42e0&ei=33
"Farmers ordered to feed cows methane suppressants to help reach net zero"
Story by Tony Diver, Emma Gatten
1 APRIL 2023
All dairy cows will be given “methane suppressants” to stop them belching so much under the Government’s net zero plans.
Ministers are planning to force farmers to give their livestock “compound feeds” that contain additives to reduce gassy digestion.
Cows and other farm animals produce around 14 per cent of the total carbon emissions created by human activity worldwide.
Methane is released into the air when cows belch or break wind and is one of the most potent greenhouse gases – warming the planet 25 times more effectively than carbon dioxide.
The Government’s Net Zero Growth Plan, released this week, contained new measures to help Britain reach its 2050 climate goal after the High Court ruled that existing plans were not detailed enough.
The plan said officials “anticipate entry of high efficacy methane suppressing products to the UK market from 2025” and would explore their use for cow farms “at pace”.
“This will include the ambition to mandate the introduction of products with proven safety and efficacy in compound feeds for cattle as soon as practically possible in England,” it added.
Plan could also be adopted for sheep
The news was welcomed by green campaigners who said it would help the UK to reduce methane emissions.
Britain’s commitment to the Global Methane Pledge requires it to reduce emissions by 30 per cent by 2030, but analysis by the Green Alliance suggests current plans will only cut them by 14 per cent.
Dustin Benton, a former chief analytical adviser to the Government on food strategy, said the suppressants should be given to dairy cows first but could later be adapted for sheep.
“Most dairy cows are milked twice a day, and when they're going to be milked they usually eat, so that's a pretty good way of getting it into them,” he said.
“Let's start with what we can, reduce the methane that comes from cows and work out how we can go further.”
It is estimated that the extra cost of feeding methane suppressants to cows would add around 33p per year to the cost of milk for the average consumer.
But the cost could be borne by taxpayers if ministers choose to subsidise the feed, or by supermarkets in a form of greenhouse gas levy.
Methane-suppressing feed contains additives such as seaweeds, essential oils, organic acids, probiotics, and antimicrobials that reduce the amount of methane produced during a cow’s digestion.
It is a common misconception that most methane comes from cows passing wind.
In fact, belching accounts for the majority of emissions.
In 2021 agriculture and other land-use emissions accounted for 11 per cent of greenhouse gases produced in the UK.
Livestock accounted for the majority of that figure.
A Government source said: “Agricultural greenhouse gas emissions have reduced significantly thanks to innovation and advances in technology.
“With livestock still being a leading cause of farm emissions, further innovation in feed products could create major benefits for both farmers and the climate.”
https://www.msn.com/en-us/health/nutrit ... 42e0&ei=33