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Energy bill discounts of £250 a year included in new plans

Energy bill discounts of £250 a year included in new plans

Families living near new pylons would get a £125 discount on their energy bills every six months for a decade under Government plans to get electricity infrastructure built.
New transmission cables and pylons are needed across the country to upgrade ageing electricity networks, connect up new wind and solar farms, nuclear power plants and large scale battery storage, and reinforce the grid to cope with the planned rise in electric heat pumps and car charging in homes.
The Government says around twice as much new transmission network infrastructure will be needed by 2030 as has been built in the past decade.
But building new pylons and cables through the British countryside has faced a backlash, with homeowners and campaigners concerned about the visual impact and disruption to local areas and beauty spots.
(Image: John Kelly)
The Government hopes cash benefits to local people will reduce opposition and planning delays to the infrastructure needed to deliver the clean energy plans.
Households within 500 metres (a third of a mile) of new or upgraded electricity transmission infrastructure could receive a discount of up to £250 via their electricity bill every year for 10 years, totalling £2,500.
The discounts, which would be assigned to the home, and applied to the occupant, could be provided in instalments of £125 every six months.
Minister for energy consumers Miatta Fahnbulleh said: 'As we build the infrastructure we need to deliver homegrown, affordable energy, communities must be given a stake.
'That is why we are teaming up with communities hosting new pylons to ensure they receive direct, tangible benefits.
'We are on the side of those who want Britain to get back to what it does best: building for the future, driving innovation and putting communities first.'
Shadow energy minister Andrew Bowie said it was 'right that communities get some payback for pylons – with this scheme following initiatives started by the last Conservative government'.
But he added that the public should 'be in no doubt' that more communities would see pylons built nearby 'as a consequence of Labour's net zero by 2050 zealotry'.
Mr Bowie said the Government was now having to 'scramble to try and build the infrastructure needed to support their mad green projects' and urged more investment in nuclear power rather than solar.
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JEFF PRESTRIDGE: Neil Woodford must pay for his failures
JEFF PRESTRIDGE: Neil Woodford must pay for his failures

Daily Mail​

time19 minutes ago

  • Daily Mail​

JEFF PRESTRIDGE: Neil Woodford must pay for his failures

A lot has happened in the UK since June 2019. None of us will ever forget Covid, the loss of loved ones, the economic destruction it brought about and the hole it put in the nation's finances. A black hole that Rachel from Accounts widens every day as a result of her inability to curb public spending. We've seen four prime ministers come and four go – and, for better or worse (I will let you be the judge), we now have the first Labour government since 2010. Personally, I've lost my mother (Helen of Troy) to cancer, finally got divorced after a 13-year separation, and been diagnosed with prostate cancer. Yet, in the financial world, one thing has not changed. Investment manager Neil Woodford once considered the UK's answer to Warren Buffett, has yet to be punished for the part he played in the collapse of his flagship fund, Woodford Equity Income. A collapse that was hurried along by the fund's suspension in June 2019 when a big institutional investor – Kent County Council – wasn't able to get its money out. The withdrawal couldn't be made because the fund's portfolio was chock-a-block with illiquid stocks that were difficult to sell in a hurry. A collapse which triggered painful losses for hundreds of thousands of investors despite a subsequent redress scheme. Last week, after six long years, the City's regulator, the Financial Conduct Authority, finally spelt out the punishment it would be meting out to Neil Woodford and his company, Woodford Investment Management: respective fines of £5.9 million and £40 million – and a ban preventing Mr Woodford from running retail investment funds in the future. Hurrah, you would think. Justice at long last. But not yet. Mr Woodford passionately believes he is innocent of any wrongdoing and has appealed against the regulator's decision. It will be heard in the Tax and Chancery Chamber of the Upper Tribunal, which deals with appeals against enforcement decisions made by the FCA and other financial regulators, such as the Prudential Regulation Authority and The Pensions Regulator. If the judge sides with Woodford, the fines and ban could be quashed. Fund expert Alan Miller believes there are enough flaws in the basis of the regulator's decision to make this a possibility. Equally, the judge could rubber stamp the FCA's decision. But irrespective of the outcome, we won't find out for a while. Judgments made in the Upper Tribunal are not handed out quickly. For example, an appeal made by two former Metro Bank executives against fines that the FCA wanted to impose on them for breaches of City listing rules was made in late 2022. It was only in June this year that the Upper Tribunal decided to uphold the FCA's decision – a wait of more than two and a half years. There is nothing to indicate that Woodford's appeal will be judged any quicker. So investors, sore over how Woodford has so far escaped financial punishment, might need to wait until the end of 2027 or early 2028 to discover whether he will finally pay a price for leaving them out of pocket. I know this will irk many former Woodford investors because they have repeatedly told me they have waited too long for him to get his comeuppance. They feel let down on many levels. First, by Woodford's risky management of a fund labelled as a plain vanilla UK equity income fund – skewing the portfolio towards smaller illiquid stocks. Most investors bought the fund on the understanding they were getting exposure to a basket of dividend-friendly UK blue chip shares, the strategy that proved so successful for Woodford investors when he previously ran money for Invesco Perpetual. Secondly, by an inadequate £235 million redress scheme arranged by the FCA which still left most investors nursing big losses. Thirdly, by the fact that while the FCA has been looking into Woodford, he reinvented himself as an investment strategist, inviting people to pay for details of portfolios designed to deliver income, growth or a mix of the two. It's a business which currently sits outside the financial regulatory framework. And of course, finally, by the regulator's protracted probe into Woodford's management of the fund in the run up to its suspension. Many Woodford victims will not like to hear this, but even if the FCA's decision is upheld it is likely the bulk of the fines will never be paid. Woodford Investment Management, a limited company, might have generated big profits in the past – and regularly paid Woodford and his colleague Craig Newman multi-million-pound dividends – but it now has barely two pennies to rub together. Unaudited financial statements for the year to the end of March 2024 indicate that it has net liabilities of £230,028. In other words, its debts exceed its assets – and it does not have the financial wherewithal to pay a £4 million fine, let alone a £40 million one. The £5.9 million personal fine shouldn't be a problem – and it's interesting that Woodford has just put his Salcombe bolthole on the market for £10 million. Yet there is a possibility Woodford might not end up having to pay a penny. Miller, the founding partner of wealth manager SCM Direct and previously with both Jupiter and New Star, has been a long-term critic of the way Woodford ran the Equity Income fund. But he believes Woodford's lawyers may well be able to pick holes in how the regulator has arrived at its decision. He says the illiquidity of Woodford Equity Income's portfolio was not just an issue 'between 31 July 2018 and 3 June 2019' – the time period used by the FCA to base the fines on. It went back even further. For example, at the end of December 2014, according to the fund's own accounts, 30 per cent of the portfolio were in illiquid assets, compared to 5 per cent for the Invesco Perpetual High Income fund that Woodford previously managed. Miller says: 'The fund was illiquid from day one, which begs the question: why didn't anyone – the regulator or the fund's overseer Link – do anything about it?' He also says that there are a number of small cap UK funds open today which have highly illiquid portfolios. These issues, Miller says, could help Woodford in his quest to get the FCA's decision overturned. A travesty, but one of the regulator's making. Last Wednesday, in the wake of the announcement from the FCA on the intended fines, I asked to speak to Neil Woodford to get his side of the story, but I was met with a wall of silence. No surprise there. Six years ago the same happened when I drove to his company's head office in Oxford at the crack of dawn to confront him in the wake of the fund's suspension. Although I was standing outside his offices when he arrived at 7am in a swish black Audi, he sneaked in before I could get anywhere near him – the company's facilities manager at the time had just ordered me and my photographer to leave because we were on private property. He might think silence is golden. I think he should pay a price for the way he let down his investors. But I'm not banking on it.

'Virtue-signalling' Labour politicians in Wales spend £4million of taxpayers' money on 'gender equal' tree planting scheme
'Virtue-signalling' Labour politicians in Wales spend £4million of taxpayers' money on 'gender equal' tree planting scheme

Daily Mail​

time19 minutes ago

  • Daily Mail​

'Virtue-signalling' Labour politicians in Wales spend £4million of taxpayers' money on 'gender equal' tree planting scheme

Their nation's public services may be in crisis but virtue-signalling Labour politicians in Wales are spending more than £4 million of taxpayers' money on planting trees – in Uganda. The Welsh government has been backing the Mbale Tree Planting Project since 2013 to mitigate the impact of climate change, improve the livelihoods of Ugandans and promote gender equality for female workers. And when the project celebrated planting its 25 millionth sapling earlier this year, Welsh Labour minister Jane Hutt declared: 'The distribution of 25 million trees in eastern Uganda is not only helping to combat climate change, it's transforming lives, particularly for women and young people across Uganda.' Meanwhile, Welsh NHS patients are being forced to wait longer than their English counterparts for operations such as hip replacements. The ambulance service in the country has also faced 'significant pressure' and the social care sector is struggling to cope with growing demand. Schools and public toilets are being shut while the average rise in council tax for 2025-26 across all councils was 7.2 per cent. The taxpayer-funded Size of Wales programme, which sends the cash to Uganda, has also found money grows on trees for bee-keeping in Africa as part of the Advancing Gender Equality for Climate Change Resilience and Adaptation project. Meanwhile, in the northern Peruvian Amazon, the indigenous Wampis people are enjoying Welsh taxpayer-funded solar-powered boats and charging points. Welsh Tory leader Darren Millar told The Mail on Sunday: 'People in Wales will be amazed that there is money to plant trees in Uganda, yet public toilets, libraries and other services are closing in their communities. 'Every pound spent on planting trees in Africa is a pound that is not being spent on public services here. 'The Welsh government isn't even responsible for international relations so Labour ministers should stop the overreach and focus on the things that they are responsible for such as our poorly performing schools and hospitals and getting to grips with the unacceptable waiting times in the Welsh NHS.' Tory colleague Janet Finch-Saunders added: 'It is time the Welsh Labour government stopped this virtue-signalling and instead concentrated their spending priorities on the things that matter most to our tax-paying residents.' Defending the project, a Welsh government spokesman said: 'Climate change affects all of us, and we are stepping up to play our part in the world. 'These trees protect communities from floods and droughts, while connecting Welsh and Ugandan schoolchildren culturally and through practical environmental education opportunities. 'Earlier this year, we passed a £26 billion budget, investing an extra £1.6 billion in public services, strengthening our NHS, supporting schools and helping communities across Wales thrive.'

Thousands march against plan to build massive bridge linking Sicily to Italy's mainland
Thousands march against plan to build massive bridge linking Sicily to Italy's mainland

The Independent

timean hour ago

  • The Independent

Thousands march against plan to build massive bridge linking Sicily to Italy's mainland

Thousands of people marched in the Sicilian city of Messina on Saturday to protest a government plan to build a bridge that would connect the Italian mainland with Sicily in a massive 13.5-billion-euro ($15.5 billion) infrastructure project. Protesters staunchly oppose the Strait of Messina Bridge project over its scale, earthquake threats, environmental impact and the specter of mafia interference. The idea to build a bridge to connect Sicily to the rest of Italy has been debated off and on for decades but always delayed due to these concerns. The project, however, took a major step forward when a government committee overseeing strategic public investments approved the plan this week. Transport Minister Matteo Salvini, the project's main political backer, called it 'the biggest infrastructure project in the West.' Salvini cited studies estimating the project would create up to 120,000 jobs annually and help stimulate economic growth in economically lagging southern Italy, as billions more are invested in surrounding road and infrastructure improvements. Opponents are not convinced by these arguments. They are also angry that about 500 families would have to be expropriated in order for the bridge to be built. 'The Strait of Messina can't be touched,' protesters shouted as they marched in Messina. Many carried banners that said 'No Ponte' (No Bridge). Organizers estimated crowd size at 10,000 people. The proposed bridge would span nearly 3.7 kilometers (2.2 miles) with a suspended section of 3.3 kilometers (more than 2 miles). It would surpass Turkey's Canakkale Bridge by 1,277 meters (4,189 feet) to become the longest suspension bridge in the world. Preliminary work could begin as early as late September or early October, pending approval from Italy's Court of Audit. Full construction is scheduled to begin in 2026, with completion targeted between 2032 and 2033. Plans for a bridge have been approved and canceled multiple times since the Italian government first solicited proposals for one in 1969. Premier Giorgia Meloni's administration revived the project in 2023. With three car lanes in each direction flanked by a double-track railway, the bridge would have the capacity to carry 6,000 cars an hour and 200 trains a day — reducing the time to cross the strait by ferry from up to 100 minutes to 10 minutes by car. Trains would save 2/12 hours in transit time, Salvini said. The project could also support Italy's commitment to raise defense spending to 5% of GDP targeted by NATO, as the government has indicated it would classify the bridge as defense-related. Italy argues that the bridge would form a strategic corridor for rapid troop movements and equipment deployment, qualifying it as 'security-enhancing infrastructure.' Environmental groups, however, have lodged complaints with the EU, citing concerns that the project would impact migratory birds. Italy's president has also insisted that the project remain subject to anti-mafia legislation that applies to all large-scale infrastructure projects. Salvini pledged that keeping organized crime out of the project was a top priority.

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