Ed Miliband has made Britain ever more reliant on Trump's America
As the days get longer and British summertime begins, many households will be hoping for a reprieve from punishing winter energy bills.
Despite the Ofgem energy price cap rising 6pc to £1,849 per year for a typical household on Tuesday, some may have hoped the rise would be temporary – with warmer weather normally meaning prices would fall again from July.
Yet now those forecasts look under strain, as threats from global energy markets roil Britain's energy sector.
According to analysts, the UK could be facing an unusual summertime surge in energy prices, as plummeting North Sea gas production combines with a surge in global competition for US gas imports.
A new forecast from ICIS (Independent Commodity Intelligence Services) has warned of global gas shortages through the summer – potentially meaning higher prices.
It suggests the UK remains a long way from fulfilling Energy Secretary Ed Miliband's pre-election pledge to cut an average £300 from domestic energy bills.
And the ICIS warning also highlights how rapidly the UK is becoming reliant on imports, importing two-thirds of its needs last year – a far cry from two decades ago when North Sea supplies made the nation self-sufficient.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Record
23 minutes ago
- Daily Record
UK to build up to 12 new nuclear-powered attack submarines in major defence shake-up
The UK will build up to 12 new nuclear-powered attack submarines and invest £15 billion in its warhead programme. The UK is poised to construct up to 12 new nuclear-powered attack submarines and will pour £15 billion into its warhead programme, with the Prime Minister set to disclose these plans on Monday during the Government's strategic defence review. Major investments are queued for the UK's nuclear warhead programme this parliamentary session, along with commitments to maintain the current arsenal, as supported by 62 recommendations the Government aims to fully implement. However, there's been a debate over defence spending promises, after the Defence Secretary was unable to verify if the Treasury had secured budgeting to increase it to 3% of GDP by 2034. Part of the Aukus deal with the US and Australia, the creation of these submarines is projected to sustain 30,000 highly skilled jobs into the 2030s, along with generating 30,000 apprenticeships and 14,000 graduate positions over the forthcoming decade, according to the Ministry of Defence. Defence Secretary John Healey remarked: "Our outstanding submariners patrol 24/7 to keep us and our allies safe, but we know that threats are increasing and we must act decisively to face down Russian aggression. "With new state-of-the-art submarines patrolling international waters and our own nuclear warhead programme on British shores, we are making Britain secure at home and strong abroad, while delivering on our Plan for Change with 30,000 highly skilled jobs across the country." The £15 billion investment into the warhead programme will bolster the Government's pledges to sustain the continuous-at-sea nuclear deterrent, construct a new line of Dreadnought submarines, and facilitate all forthcoming enhancements. From the late 2030s, the array of up to 12 SSN-Aukus class attack submarines – conventionally armed yet nuclear-powered – are set to succeed the seven astute class submarines that the UK anticipates commissioning. The Government, in echoing the findings of the strategic defence review, has pledged to:. - Prepare the armed forces for readiness to engage in conflict should the need arise. - Enhance armament reserves and maintain scalability in production capacities to respond promptly in times of crisis or warfare. - Procure up to 7,000 domestically produced long-range missiles, a decision projected to preserve 800 jobs within the defence sector. - Establish a pioneering cyber command while committing £1 billion towards digital advancements. - Allocate an excess of £1.5 billion for refurbishing and updating service personnel accommodation. Sir Keir Starmer is expected to declare: "From the supply lines to the front lines, this Government is foursquare behind the men and women upholding our nation's freedom and security. "National security is the foundation of my Plan for Change, and this plan will ensure Britain is secure at home and strong abroad, while delivering a defence dividend of well-paid jobs up and down the country." The Shadow Defence Secretary, James Cartlidge, expressed scepticism regarding Labour's Strategic Defence Review promises, stating that they would be viewed with caution unless Labour could demonstrate that sufficient funding would be allocated. Labour's Shadow Defence Secretary, John Healey, had previously mentioned in an interview with The Times that there was "no doubt" the UK would achieve its goal of 3% defence spending. However, when questioned on the BBC's Sunday with Laura Kuenssberg programme, he sidestepped queries about whether the Treasury had provided any guarantees for the necessary funding. Healey also acknowledged that he did not anticipate an increase in the number of armed forces personnel until the next Parliament, citing ongoing recruitment and retention challenges. When asked about the Army's target of 73,000 personnel, he replied, "We've narrowed the gap, but we've still got more people leaving than joining. "The first job is to reverse that trend and then I want to see in the next parliament our ability to start to increase the number." In response, James Cartlidge argued, "All of Labour's Strategic Defence Review promises will be taken with a pinch of salt unless they can show there will actually be enough money to pay for them. "Whereas, far from guaranteeing the funding, John Healey has been hung out to dry by Rachel Reeves. "As recently as Thursday, Healey promised that defence spending would definitely hit 3%, but today he's completely backtracked. "These submarines are not due to enter service till the late 2030s, so how can we have any confidence Labour will actually deliver them when they can't even sustain a policy on defence spending for more than 48 hours?" Lib Dem defence spokesperson Helen Maguire commented: "This signals absolutely the right intent about the need to bolster the UK's defences in the face of Putin's imperialism and Trump's unreliability. "But this must come with a concrete commitment and detail on full funding. "Labour's mere 'ambition' rather than commitment to reach 3% of GDP on defence leaves serious questions about whether the money for these projects will actually be forthcoming. "The 2034 timeline suggests a worrying lack of urgency from the Government. "Unless Labour commits to holding cross-party talks on how to reach 3% much more rapidly than the mid-2030s, this announcement risks becoming a damp squib."
Scotsman
2 hours ago
- Scotsman
UK to build up to 12 new attack submarines and invest £15bn in warheads
UK government unveils strategic defence review but opponents question commitment to defence spending of 3 per cent of GDP by 2034 Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The UK will build up to 12 new nuclear-powered attack submarines and invest £15 billion in its warhead programme, the Prime Minister will announce on Monday as the Government unveils its strategic defence review. Significant investment in the UK nuclear warhead programme this parliament and maintaining the existing stockpile are among the 62 recommendations that the Government is expected to accept in full. Advertisement Hide Ad Advertisement Hide Ad But questions were also raised about its commitment to defence spending after the Defence Secretary could not confirm the Treasury had guaranteed funding to bring it up to 3 per cent of GDP by 2034. Defence Secretary John Healey appearing on the BBC1 current affairs programme, Sunday with Laura Kuenssberg, ahead of today's publication of the strategic defence review | PA Building the new submarines, which is part of the Aukus partnership with the US and Australia , will support 30,000 highly skilled jobs into the 2030s as well as 30,000 apprenticeships and 14,000 graduate roles across the next 10 years, the Ministry of Defence said. Defence Secretary John Healey said: "Our outstanding submariners patrol 24/7 to keep us and our allies safe, but we know that threats are increasing and we must act decisively to face down Russian aggression. "With new state-of-the-art submarines patrolling international waters and our own nuclear warhead programme on British shores, we are making Britain secure at home and strong abroad, while delivering on our Plan for Change with 30,000 highly skilled jobs across the country." Advertisement Hide Ad Advertisement Hide Ad The £15 billion investment into the warhead programme will back the Government's commitments to maintain the continuous-at-sea nuclear deterrent, build a new fleet of Dreadnought submarines and deliver all future upgrades. From the late 2030s, the fleet of up to 12 SSN-Aukus conventionally armed, nuclear-powered submarines will replace seven astute class attack submarines the UK is due to start operating. Getting ready for war In response to the strategic defence review, the Government will also commit to: - Getting the armed forces to a stage where it would be ready to fight a war Advertisement Hide Ad Advertisement Hide Ad - Boosting weapons and equipment stockpiles and making sure there is capacity to scale up production if needed in a crisis or war - Buying up to 7,000 UK-built long-range weapons in a move due to support 800 defence jobs - Setting up a new cyber command and investing £1 billion in digital capabilities - More than £1.5 billion of additional funding to repair and renew armed forces housing. Advertisement Hide Ad Advertisement Hide Ad Sir Keir Starmer will say: "From the supply lines to the front lines, this Government is foursquare behind the men and women upholding our nation's freedom and security. "National security is the foundation of my Plan for Change, and this plan will ensure Britain is secure at home and strong abroad, while delivering a defence dividend of well-paid jobs up and down the country. "This strategic defence review will ensure the UK rises to the challenge and our armed forces have the equipment they need that keeps us safe at home while driving greater opportunity for our engineers, shipbuilders and technicians of the future." Opponents question Labour's funding commitment The Conservatives and Lib Dems questioned Labour's commitment to funding the promises it was making. Advertisement Hide Ad Advertisement Hide Ad The Government has previously set out its "ambition to reach 3 per cent in the next parliament", after meeting its pledge to ratchet up defence spending to 2.5 per cent of GDP by April 2027 . Mr Healey had said there was "no doubt" the UK would reach 3 per cent in an interview with The Times. But on Sunday, he sidestepped questions about whether he had any guarantee from the Treasury to provide the funding when asked on the BBC's Sunday with Laura Kuenssberg programme. He said he does not expect to increase the number of people in the armed forces until the next Parliament amid a recruitment and retention crisis. Advertisement Hide Ad Advertisement Hide Ad Asked when the Army would reach the target of 73,000, Mr Healey said: "We've narrowed the gap, but we've still got more people leaving than joining. "The first job is to reverse that trend and then I want to see in the next parliament our ability to start to increase the number." Shadow defence secretary James Cartlidge said: "All of Labour's Strategic Defence Review promises will be taken with a pinch of salt unless they can show there will actually be enough money to pay for them. "Whereas, far from guaranteeing the funding, John Healey has been hung out to dry by Rachel Reeves . Advertisement Hide Ad Advertisement Hide Ad "As recently as Thursday, Healey promised that defence spending would definitely hit 3 per cent, but today he's completely backtracked. "These submarines are not due to enter service till the late 2030s, so how can we have any confidence Labour will actually deliver them when they can't even sustain a policy on defence spending for more than 48 hours?" Lib Dem defence spokesperson Helen Maguire said: "This signals absolutely the right intent about the need to bolster the UK's defences in the face of Putin's imperialism and Trump's unreliability. "But this must come with a concrete commitment and detail on full funding. Advertisement Hide Ad Advertisement Hide Ad "Labour's mere 'ambition' rather than commitment to reach 3 per cent of GDP on defence leaves serious questions about whether the money for these projects will actually be forthcoming. "The 2034 timeline suggests a worrying lack of urgency from the Government.
The Guardian
2 hours ago
- The Guardian
Calls for Drax to be forced to fully disclose its biomass sourcing
The owner of the Drax wood-burning power station should be forced to disclose full details of its tree consumption, campaigners have argued, as MPs review the billions in renewables subsidies the North Yorkshire plant receives. A delegated legislation committee will decide on Monday whether to pass the government's plans to extend billpayer-funded subsidies to the country's biomass power generators, of which Drax is by far the biggest. Green campaigners said a condition of any extension should be that Drax published a key report by KPMG into its operations and sourcing. Reports by the auditor have been provided to the government and the energy regulator Ofgem but not the public. Ofgem has said KPMG shows Drax has not breached rules on sourcing trees for burning from environmentally sustainable forests. However, in separate incidents, Drax had been found to have supplied inaccurate data for subsidies in the past, leading to a £25m fine. Media investigations also found Drax using wood from old-growth forests in the US. Drax is expected to receive more than £10bn in renewable energy subsidies between 2012 and 2027, the current regime period, according to the thinktank Ember. Kingsmill Bond, an energy strategist at Ember, said: 'Burning trees for electricity is extremely inefficient and expensive, and is not effective at mitigating climate change. 'The collapse in the price of solar, wind and batteries in the last five years means that burning trees for electricity is now an obsolete technology. Before we pour any more subsidy into Drax, MPs need to see the KMPG report on where the wood has been coming from.' The government plans to halve the subsidies available for biomass power generation under a revised regime from 2027. MPs on the delegated legislation committee are expected to vote on Monday on the statutory instrument enabling this. Almuth Ernsting, the co-director of the campaign group Biofuelwatch, said: 'If those subsidies are approved, it would result in more carbon emissions, more destructive logging of wildlife-rich forests in the south-eastern US and elsewhere, and more pollution suffered by communities living next to pellet plants in that region – pollution which community activists have denounced as 'environmental racism'.' Mark Campanale, the founder of the Carbon Tracker Initiative, added: 'At a time when renewables powered by wind, solar with back up batteries are growing exponentially around the world, it seems remarkable that the UK still needs to rely on dirty combustion like Drax to reach its climate targets. Instead of importing and burning wood, with all its associated emissions, the UK should be doubling down on natural sources of energy available to us, wind and solar.' A spokesperson for Drax said: 'In their investigation Ofgem found no evidence that our biomass failed to meet the sustainability criteria of the RO [renewable obligation] scheme, nor that the ROCs [renewable obligation certificates] we received for the renewable power we produced had been provided incorrectly. 'Their new statement on the reports we commissioned from KPMG, as well as the prior comments in a public accounts committee hearing by Ofgem's director of audit and compliance, confirm that they reviewed these documents as part of their investigation and found no evidence within them that we were in breach of our sustainability obligations and therefore wrong to receive RO funding.' The spokesperson added: 'Drax provides secure renewable power to millions of homes and businesses when they need it, not just when the wind is blowing, or the sun is shining. The science underpinning biomass generation is supported by the world's leading climate experts, including the UN's Intergovernmental Panel on Climate Change and the UK's Climate Change Committee.' A spokesperson for the Department for Energy Security and Net Zero said: 'We are halving the amount of support for Drax, saving money on people's energy bills and contributing to our energy security. Drax will operate for less of the time under a clean power system and will need to use 100% sustainably sourced biomass, with not a penny of subsidy paid for anything less.' The Guardian understands there would be substantial penalties for any breach of the sustainability criteria.
