Latin America's Top Performer Peru Sees 2025 Outlook Worsening
Finance Minister Raul Perez-Reyes said Tuesday that he now hopes the economy will grow between 3% and 3.5% this year. That's down from a specific target of 3.5%, which earlier in the year was 4%.
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Yahoo
3 hours ago
- Yahoo
Rachel Reeves to pledge £66m for key Scottish transport projects
Rachel Reeves will announce £66 million of funding for transport projects in Scotland – with the Chancellor insisting the cash shows the Labour Government is 'investing in Britain's renewal' after a 'decade of decline' under the Conservatives. Scottish Secretary Ian Murray meanwhile said the money would make a 'real difference to people's daily lives'. The money will go towards projects linked to new investment zones and advanced manufacturing sites supported by the UK Government in Scotland. Three key transport schemes are to benefit, with plans to create direct links between these new economic hubs and local towns in the west of the Scotland. The largest chunk of cash – some £38.7 million – will go to Renfrewshire Council to help link Paisley town centre with both Glasgow Airport and the nearby Advanced Manufacturing Innovation District Scotland (AMIDS). As part of this new walking, cycling, bus and car links will be built, allowing local people to benefit from the growth of high value manufacturing in Renfrewshire. Another £23.7 million will go to North Ayrshire Council to upgrade the B714 road, allowing faster travel between the towns of Ardrossan, Saltcoats and Stevenston and Glasgow, and cutting traffic in Kilwinning. It comes after the Chancellor pledged to find the cash for this work in last month's spending review. In addition the Scottish Government is being given an extra £3.45 million to suggest ways in which the A75 in Dumfries and Galloway can be upgraded. The road there links the port in Cairnryan – where ferries sail to Northern Ireland – with the rest of the UK, and as a result is seen as being vital for both transport connections and the economy. Ms Reeves, who is due to visit Paisley on Friday, said the UK Government was 'pledging billions to back Scottish jobs, industry and renewal'. She added: 'That's why we're investing in the major transport projects, including exploring upgrades to the A75, that local communities have been calling for. 'Whilst previous governments oversaw over a decade of decline of our transport infrastructure, we're investing in Britain's renewal. 'This £66 million investment is exactly what our Plan for Change is about, investing in what matters to you in the places that you live.' Welcoming the cash Scottish Secretary Ian Murray said: 'This £66 million investment in Scotland's roads demonstrates the UK Government's commitment to improving infrastructure and driving economic growth in all parts of the UK as part of our Plan for Change. 'This investment will make a real difference to people's daily lives and to the local economies of the south of Scotland, Ayrshire and Renfrewshire.' Mr Murray continued: 'New road links will connect Paisley town centre with Glasgow Airport and the new advanced manufacturing innovation district, to boost high value manufacturing in Renfrewshire. 'The upgrade to the B714 will speed up journeys between Glasgow and the three towns of Ardrossan, Saltcoats and Stevenston, as well as cutting traffic in Kilwinning. 'And the A75 is strategically important just not within but beyond Scotland. Its upgrading is long overdue. I am pleased that the UK Government has stepped up to fund the delivery of the A75 feasibility study in full.' Mr Murray said: 'This investment is yet another example of how the UK Government is building the foundations for a stronger, more prosperous future that benefits communities right across Scotland.'
Yahoo
3 hours ago
- Yahoo
Householders with heat pumps more satisfied than those with gas boilers
Homeowners with heat pumps are more satisfied with their home heating system than those with gas boilers or any other technology, research suggests. A survey of 3,000 nationally representative British households as part of a quarterly tracker study of homeowners across four countries reveals 94% of heat pump owners are satisfied with their heating tech. Half of those with heat pumps are extremely satisfied and 44% are satisfied with the clean tech heating their home. The survey also found 85% of people with a gas boiler – the main way homes are heated in the UK – are happy with them, with a little over half of gas boiler owners (52%) saying they are satisfied with their heating system, while a third (33%) are very satisfied. Other heating systems, including oil, wood and coal, and electric storage heaters, had lower satisfaction levels. Insights agency Electrify Research's Homeowner Electrification Tracker Study (HETS) surveys more than 4,000 homeowners quarterly across the UK, France, Germany and the US, quizzing them on heating systems, electric vehicles and solar power. Large-scale deployment of clean electric-powered heat pumps is seen as key to replacing the widespread use of gas boilers in heating to reduce carbon emissions from homes as part of targets to cut greenhouse gases to 'net zero' by 2050. While the number of heat pumps being installed in the UK is growing, with the help of Government grants, it remains far below what will be needed in coming years to meet climate change targets, and only a small proportion of British homes have them. Concerns about heat pumps including upfront installation costs and disruption, and whether they will work in people's homes. The independent Climate Change Committee has found households would save around £700 a year on heating bills by 2050 from a shift to the highly efficient heat pumps, but also warned electricity costs need to be reduced to ensure households making the switch feel the cash benefits. Ben Marks, managing director at Electrify Research, said: 'Heat pump owners are actively pleased with the heating systems – more so than all other types of system we asked about. 'Heat pumps sometimes get a lot of criticism in the popular press, but when you talk to their owners, they're generally delighted with them. 'This is important information that those considering the switch should consider as part of their decision-making process.' Minister for energy consumers Miatta Fahnbulleh said: 'Demand for heat pumps is growing rapidly, with figures showing 2024 was a record year for installations, up 63% on the previous year, as more families take up our £7,500 grant. 'So it's fantastic to see that once people have made the switch they are really happy they did, and it's no surprise with households able to save £100 a year on their bills when using a smart tariff.' She said the Government is planning to expand its grant scheme to include air to air heat pumps and heat batteries to give families greater choice when upgrading their home heating. Garry Felgate, chief executive of The MCS Foundation, a charity which supports the decarbonisation of homes, said the results backed other evidence that householders 'really liked' their heat pumps. 'Heat pumps provide affordable running costs, consistently comfortable temperatures, and the satisfaction of knowing that your heating is not contributing to climate change,' he said. He added that Government-led information campaigns on heat pumps had helped increase installations, and said: 'Households must continue to be supported with information on how to install and operate heat pumps, so that more people can benefit from lower bills, increased comfort, and clean energy.' Commenting on the findings, Sue Davies, Which? head of consumer rights policy, said: 'Heat pumps can be a great way to heat your home and cut your home's carbon emissions. 'They can also help to cut energy bills, particularly if they are used with a time-of-use tariff.' But she said installing a heat pump could involve complex and costly decisions, and Which? research showed high upfront costs and a lack of confidence in the technology remained some of the biggest barriers to installation. 'In order to support the transition to heat pumps, the Government needs to make sure the upfront costs of installing a heat pump are more affordable and people have access to good-quality independent advice and reliable installers so they can be confident they have the right heating system for their home,' she said.
Bloomberg
10 hours ago
- Bloomberg
The ECB Keeps Waiting for Clarity on US Tariffs
The European Central Bank kept rates unchanged for the first time in more than a year as it looks for clarity on the European Union's trade ties with the US. President Christine Lagarde said she and her colleagues are in a ' wait-and-see ' mode, with inflation at the 2% goal and the economy performing in line with or better than expectations. We're told that ECB policymakers pushing for another cut in interest rates face an uphill battle, and that another hold looks like the baseline for September after eight cuts since June 2024.
