Ofwat scrapped to end water regulation that ‘failed customers and environment'
Mr Reed said the move to create a single 'powerful' regulator taking in the functions of four existing bodies with overlapping functions would curb pollution and 'prevent the abuses of the past for customers'.
He said it would ensure 'British families are never again hit by the shocking bill hikes we saw last year', and committed to cut water companies' sewage pollution in half within five years.
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The Independent
18 minutes ago
- The Independent
Wealth tax should be considered by Treasury, former Labour minister suggests
A former Labour minister has suggested a wealth tax should be considered by the Treasury, as she argued the Government must face up to the fact that a longer-term approach is needed. Anneliese Dodds has argued it is 'important' for the Government to consider evidence set out by the Wealth Tax Commission, which looked at whether such a tax would be desirable and deliverable in the UK. In its final report, released in 2020, the Commission said a one-off wealth tax on millionaire couples paid at 1% a year for five years would raise £260 billion. Others in the Labour Party, including former leader Lord Neil Kinnock and Wales's First Minister Baroness Eluned Morgan, have also called for a wealth tax. Union leaders, including Sharon Graham of Unite, are also pressuring ministers to consider the move. A tax on the wealthy has not been formally ruled out by ministers, but Business Secretary Jonathan Reynolds branded the idea as 'daft' in June this year. Ms Dodds resigned as a Foreign Office minister over the Government's decision to cut overseas aid to fund a boost to defence spending in February. Speaking to Sky News' Electoral Dysfunction, she said work undertaken by the Wealth Tax Commission 'has changed the debate'. The MP for Oxford East added: 'They looked at the operation of lots of different wealth tax. They looked at all of that evidence and set out how it would be possible to deliver something like that in a UK context. 'I would hope that the Treasury is considering that kind of evidence as well as other changes that have been put forward. 'We've seen the deputy leader of the Labour Party, for example, put forward suggestions. I think it's important for all of those to be considered now.' On Rachel Reeves' approach to welfare, Ms Dodds said: 'An attempt was made to deal with a quite immediate problem, but I don't think you can, particularly via cuts, actually deliver the kind of fiscal room that is necessary.' 'It may make sense tactically, but strategically a longer-term approach is needed and that's the the big issue that the Government has to face up to,' she added.
North Wales Chronicle
22 minutes ago
- North Wales Chronicle
It is not my job to dictate what you can create, says Swinney on eve of festival
He addressed invited guests at the headquarters of the Edinburgh International Festival as the capital's festival season is set to begin. Mr Swinney told the audience on Thursday he would be a protector of freedom of speech in his time in the top job. 'I also know that freedom of expressing is under greater and greater attack, both at home and abroad,' he said. 'I want to ensure that Scotland, the birthplace of the Enlightenment, remains a country of robust debate and inquiry. 'I firmly believe that art and culture must be able to challenge us, to ask us tough questions, and to force us to look at things from different perspectives. 'And, yes, it must, at times, be allowed to shock and offend us, but it can also heal us. 'Let me be absolutely clear – as First Minister, I will always protect freedom of speech in our country. 'It's not the First Minister's job to tell you what to create, nor would I ever seek to do so.' Mr Swinney added that his and his Government's role is to assist artists in any way they can. The First Minister went on to make a plea to the crowd and to wider society – with a particular nod to tech firms – to look at how the arts can be better supported financially as the Government looks to boost funding to £100 million annually in the coming years. 'I'm asking that from crowdfunding to patronage, to philanthropy to local authority support and much more, we all ask ourselves how can we do more to support the arts from the grassroots up?' he said. 'How can we better support emerging artists that don't necessarily fit the current mould? 'And how, in particular, can Scotland's emerging businesses in new sectors become the new generation of patrons of the arts and culture in Scotland? 'How do we incentivise a new guard of custodians and investors in Scotland's creative economy?' Speaking to journalists after his speech, Mr Swinney said he is open to discussions about new legislation to support the cultural sector. He said there is a sense that local authorities 'might not have a particularly explicit statutory duty to support artistic and cultural activity', suggesting this area 'might need to be strengthened'.
Reuters
31 minutes ago
- Reuters
Shares in Rolls-Royce soar after engine fixes drive profit upgrade
LONDON, July 31 (Reuters) - British aero-engineer Rolls-Royce (RR.L), opens new tab raised its full-year profit and cash flow outlook on Thursday after improvements to its widebody jet engines drove strong first-half results, pushing its shares to an all-time high. The stocks were up 9.1% at 0915 GMT after jumping 11%, continuing a stellar performance since Tufan Erginbilgic joined as chief executive in 2023 promising to revamp the company whose engines power Airbus's widebody planes and some Boeing 787s. The stock is up 400% in the last two years. Erginbilgic said his transformation was delivering and there were "substantial growth prospects beyond the mid-term". "We are expanding the earnings and cash potential of Rolls-Royce despite the challenges of supply chain and tariffs," he told reporters. The company raised the top end of its operating profit guidance by 300 million pounds ($400 million) to 3.2 billion pounds and its free cash flow by 200 million pounds to 3.1 billion pounds. Rolls had improved the time its engines spend "on wing" - when they are in operation before needing major maintenance - Erginbilgic said. That helps drive profits, as Rolls makes money from its engines' flying hours. By increasing durability, Rolls is expecting to deliver a more than 80% improvement in time on wing for its Trent engines by 2027. Problems with the Trent 1000, which powers the 787, has caused disruption for British Airways, Virgin Atlantic and others. Rolls competes with General Electric's GEnx-1B on 787s. It said an improved blade certified in June would more than double the time on wing, although it cautioned that Trent 1000 shop visits would increase in the second half. After the upgrades, time on wing would increase to as much as six years, Erginbilgic said. "That makes the Trent 1000 a very, very competitive engine." Rolls' power systems business had grown by winning business from data centre and government customers, he said. The company's small modular reactor programme was selected last month by Britain to build three units. U.S President Trump said on Monday the technology was "interesting" when he met British Prime Minister Keir Starmer. Erginbilgic said the focus was on executing opportunities in Britain and the Czech Republic. "There is good demand on SMRs, even without the U.S.," he said. The company, which also has a defence business, reported underlying operating profit of 1.7 billion pounds for the first half, with an operating margin of 19.1%, up from 14.0%. ($1 = 0.7484 pounds)
