Three UK gas operators to pay $10.8 million over emergency response failures
Cadent Gas Limited, Scotland Gas Networks Plc (SGN Scotland) and Southern Gas Networks Plc (SGN Southern) will make the payment to the regulator's Energy Industry Voluntary Redress Fund, which funds projects to support energy consumers.
($1 = 0.7422 pounds)
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Reuters
10 minutes ago
- Reuters
Burghley Capital: BoE Rate Cut Signals Cautious Policy Path
LONDON, United Kingdom, August 13, 2025 (EZ Newswire) -- Burghley Capital, opens new tab positions the Bank of England's latest interest rate decision within the broader context of monetary policy recalibration, noting the complex trade-off between inflation control and growth stability. The Monetary Policy Committee votes by a narrow 5–4 margin to reduce the Bank Rate from 4.25% to 4.00%, a move requiring a second ballot not used since 1997. Sterling appreciates to $1.35 per £1, while short-dated gilt yields edge higher and equity markets close lower, reflecting a rebalancing of expectations for the remainder of the year. Division within the committee highlights differing assessments of the economic outlook Four members support holding rates at 4.25% due to concerns over slowing disinflation and the risk of inflation expectations embedding into wage dynamics. Four others favour a 0.25 percentage point cut, citing evidence of sustained underlying disinflation, while one member initially calls for a 0.50 percentage point cut before aligning with the quarter-point reduction in the final vote. The outcome underscores what Burghley Capital describes as a deliberate, step-by-step policy stance that avoids premature easing. Household impacts are uneven For borrowers on tracker mortgages, a typical outstanding balance of £140,000 (approximately $189,000) translates into monthly repayments falling by about £28.97 (around $39.11). However, 7.1 million of the UK's 8.4 million residential mortgages are fixed-rate, meaning most borrowers will not see immediate payment relief. Burghley Capital's analysis notes that the near-term boost to household spending is therefore likely to be modest. Inflation remains the key constraint on further easing Consumer price inflation reaches 3.6% year-on-year in June 2025, up from 3.4% in May. Food prices rise 4.5% year-on-year, the highest since February 2024, while services inflation stays elevated at 4.7%, reflecting persistent domestic cost pressures. Labour market conditions show early signs of cooling, with unemployment at 4.7% for the three months to May 2025 and the vacancy-to-unemployment ratio slipping below its equilibrium level. Markets respond with a measured repricing of assets The pound strengthens 0.4% against the U.S. dollar to $1.35 and 0.6% against the euro. Two-year gilt yields increase by 6 basis points to 3.887%, reflecting reduced expectations for rapid easing. The FTSE 100 ends lower. According to Burghley Capital's analysis, these moves indicate that while investors see the Bank's decision as measured, they remain cautious about the prospect of further cuts in 2025. Current market consensus anticipates no further adjustments until early 2026 Burghley Capital projects the Bank Rate settling at approximately 3.75% in the first quarter of next year, conditional on continued disinflation and stable employment data. The firm's analysis also highlights a growing divergence between the Bank of England and the European Central Bank, which has enacted eight rate cuts since June 2024, reducing deposit rates by around 50% from their peak. This divergence has potential currency and asset allocation implications for institutional investors. Economic growth indicators present a mixed picture UK GDP is forecast to expand by 1.25% in 2025, up from earlier 1% projections, but quarterly momentum slows sharply from 0.7% in Q1 to 0.1% in Q2. Corporate insolvencies rise 13% between the first and second quarters, while small business confidence remains in negative territory. Burghley Capital's analysis suggests that such conditions favour quality balance sheets, resilient cash flows, and prudent leverage strategies in both public and private markets. Conclusion Burghley Capital concludes that the Bank's cautious, data-dependent approach will remain the dominant feature of UK monetary policy into 2026. The firm notes that rate-sensitive assets, selective credit opportunities, and currency-aware strategies could benefit from this environment, provided investors maintain flexibility and a disciplined approach to capital allocation. About Burghley Capital Founded in 2017, Burghley Capital Pte. Ltd. (UEN: 201731389D) is a Singapore-based global investment management firm specialising in long-only asset management strategies. The firm delivers institutional-grade research, tailored portfolio design, and advisory services to both institutional and private investors. By combining rigorous analytical methods with disciplined investment practices, Burghley Capital seeks to deliver consistent returns and long-term portfolio resilience. For more information, visit opens new tab or our resources page at opens new tab. Media Contact Martin ### SOURCE: Burghley Capital Copyright 2025 EZ Newswire See release on EZ Newswire
The Guardian
27 minutes ago
- The Guardian
Boosting productivity will be main priority of autumn budget, Reeves says
Rachel Reeves has promised to use her autumn budget to prioritise fixing Britain's dismal record on productivity as she sought to downplay mounting tax speculation with a focus on economic growth. Setting out her priorities for the budget for the first time, the chancellor said tackling the efficiency of the economy through higher investment and a fresh assault on planning rules would form the backbone of her tax and spending plans. Writing exclusively for the Guardian, she said: 'If Labour's first year in power was about fixing the foundations, then the second year is about building a stronger economy for a renewed Britain.' However, Reeves pushed back against what she called 'speculation' over tax increases being explored by the Treasury to close a yawning gap in the public finances that is estimated to reach more than £40bn. 'The months and weeks before any budget are filled with people speculating about – or claiming to know – what tax and spend decisions I will take or what the Office for Budget Responsibility [OBR] will conclude,' she said. 'This budget is no different – I get that. I will set out the decisions I take in the responsible manner.' The chancellor's comments come as the government braces for gloomy official figures that are expected to show the economy narrowly avoided flatlining in the second quarter. With Labour under mounting pressure over its management of the economy, City forecasters predict that Thursday morning's update from the Office for National Statistics will find that GDP rose by 0.1% in the three months to June. The UK outpaced its G7 peers in the first quarter with growth of 0.7%. However, experts have blamed tax increases announced by Reeves in her first budget, last October, and Donald Trump's trade war for a marked hit to activity. The chancellor, aiming to shrug off the anaemic performance, argued the government was taking steps to break a 'cycle of low growth' in which Britain had become trapped under Conservative governments. Laying out one of the central themes of her budget, which could be held in November, Reeves said the government would aim to boost the productive capacity of the economy by allocating investment for infrastructure projects and ripping up planning rules. 'If renewal is our mission and productivity is our challenge, then investment and reform are our tools,' she said. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Earlier on Wednesday, the Guardian revealed that Keir Starmer was preparing to revive plans for the Northern Powerhouse Rail project, which would improve transport connections between the main cities of northern England. Reeves has ordered Treasury officials to draw up proposals for slashing additional red tape in the UK's planning system to speed up large infrastructure projects. 'We are providing that investment and unblocking the barriers to it too,' she said. Successive chancellors have pushed to solve what economists refer to as a 'productivity puzzle' that has contributed to the UK's sluggish growth since the 2008 financial crisis. Productivity growth is considered one of the key determinants for raising living standards and wages over the long term. However, progress to drive up the measure of output per hour of work has stalled in recent years. The chancellor's renewed focus comes as the Treasury braces for a potentially devastating downgrade in productivity forecasts from the OBR, which could blow a £20bn hole in the chancellor's tax and spending plans. With the shortfall made worse by a weak growth outlook, higher debt interest payments, and a series of U-turns on welfare cuts, Reeves and the prime minister are laying the groundwork for tax rises and changes from September, before the autumn budget. The Guardian revealed on Tuesday that the Treasury was looking at ways to raise more money from inheritance tax to reduce the deficit. Labour MPs have been pushing the idea of a wealth tax, but changes to inheritance tax thresholds could be similarly controversial. Sarah Coles, the head of personal finance at Hargreaves Lansdown, said it was 'hardly surprising' that inheritance tax was 'back in the frame'. It is among a limited suite of taxes that can be changed, despite the government's commitment to not increase the basic, higher or additional rates of income tax, employee national insurance or VAT. 'The system is so fiendishly complex that there are an enormous number of rules, and therefore tweaks, that the government could consider,' Coles added.
Wales Online
39 minutes ago
- Wales Online
Live Lotto results for Wednesday, August 13: National Lottery winning numbers from tonight's draw
You'll find the winning numbers from tonight's £2m Lotto draw below. The jackpot for tonight's Thunderball draw was £500,000. The winning National Lottery Lotto numbers are drawn at 8pm while the National Lottery Thunderball numbers are drawn shortly after. We'll have those results live below. The biggest ever Lotto winner was created in April 2016 when an anonymous player banked £35m. In January 2016 two ticket-holders walked away with £33m each. Before that a main Lotto game jackpot of £42,008,610, was drawn in January 1996 and split between three anonymous winners with each being awarded £14,002,870. A single ticket won £26.4m on the New Year's Eve lotto in 2016. The UK National Lottery was first drawn on November 19, 1994. Half of all money spent by players goes to the prize fund with 28% to good causes, 12% to the Government as duty, 5% to retailers, and 5% which has operated the lottery throughout its history. The results:
