Dozens more countries face higher taxes as Trump tariffs come into force
These measures include proposed duties of up to 200 per cent on pharmaceuticals, 100 per cent on computer chips, and 50 per cent on most copper, steel, and aluminium imports.
The tariffs announced on 1 August, which apply to 66 countries, Taiwan, and the Falkland Islands, have resulted in billions of dollars in higher costs for companies and increased uncertainty for global exporters.
Despite the economic pressures, global financial markets largely took the adjustments in stride, with Asian shares and US futures mostly higher on Thursday.
Major trading partners, such as the UK, EU, South Korea, and Japan, have negotiated deals for lower tariff rates to maintain access to the substantial American market.
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The Independent
25 minutes ago
- The Independent
Consumers set to get compensation for faulty smart meters and install delays
Households will be able to get compensation from suppliers for delays to smart meter installations and for those left in 'dumb' mode from next year, the energy watchdog has announced. Ofgem has unveiled proposals to bring in rules that will see consumers eligible for £40 compensation if they have to wait more than six weeks for a smart meter installation, as well as faulty meters and those not operating in smart mode which are not fixed within 90 days. It comes as part of a crackdown on broken smart meters, which has seen the regulator help enforce the repair or replacement of more than 600,000 faulty meters since July last year. founder Martin Lewis welcomed the proposals as he said 'likely one in five' smart meters are faulty. It is thought that millions of smart meters have been left in so-called dumb mode, where they have poor connectivity or stop automatically transmitting readings. Ofgem said that by extending rules to cover poor connectivity, it will mean more consumers can get compensation. Charlotte Friel, director of retail pricing and systems at Ofgem, said: 'Millions of consumers rely on their smart meter every day for accurate billing, cheaper tariffs, automatic meter readings and real-time data to help keep track of spending. 'But we know many customers that want a smart meter wait too long to get one installed or face delays on repairs when it stops working – this needs to change.' She added: 'These new rules are about setting clear expectations of suppliers, incentivising them to boost smart meter standards, and protecting consumers from poor service if things go wrong.' The plans mean that suppliers will need to improve smart meter standards or pay out from early 2026, according to Ofgem. Mr Lewis said: 'Far too many smart meters, likely one in five, don't work as they should – a problem not just for all the homes with broken ones, but for the smart meter rollout. 'With so many dissatisfied customers, word-of-mouth is bad, so people tell their friends and neighbours not to get one. 'We need to shift firms' focus from just installing smart meters to promptly fixing those that are broken – not just meters that go into dumb mode, but crucially all elements, including in-home displays that stop working.' Under the new rules, micro-businesses will also be able to get compensation for smart meter issues. Minister for energy consumers Miatta Fahnbulleh said: ' Consumers are at the heart of our mission to deliver an energy retail market that works for everyone, as we accelerate towards a clean, homegrown power system to protect households against global fossil fuel price spikes. 'That's why the Government is taking action, alongside Ofgem, to ensure families are better protected when they get a smart meter installed.' U-switch said its research found that one in five households with a faulty smart meter had been waiting more than two years to have their device fixed. Richard Neudegg, director of regulation at said: 'Building consumer confidence is key to convincing the remaining households to get a smart meter. 'These proposals by Ofgem bring more focus on getting faulty smart meters fixed, and give consumers the confidence to take the plunge.'
The Independent
25 minutes ago
- The Independent
Thousands living near new pylons to save £250 on energy bills as government gives update
Certain households will soon start receiving £250 a year off their energy bills as the government lays out plans to improve and upgrade Britain's electricity network. Those living near new pylons are set to benefit from the payments over 10 years, the Department for Energy Security and Net Zero (DESNZ) has confirmed. This will add up to £2,500 saved over the course of the scheme. The discount will come in the form of a £125 rebate every six months for those living within 500 metres of a new or upgraded electricity transmission infrastructure. It will be assigned to the home and apply to the occupant, so it cannot be transferred if people move to a non-eligible property. The government says those living in rural communities will likely benefit most from the plan. The East of England and Scotland in particular are earmarked for the most developments in the coming years. The plan is part of the government's Planning and Infrastructure Bill, which launches a consultation on 8 August. It aims to increase the amount of network infrastructure in the UK, which experts say needs to double by 2030 to meet demand. 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.' Speaking about the plan earlier this year, housing minister Alex Norris said that households making the 'sacrifice of having some of the infrastructure in your community' should see that offset by getting some money back. The scheme comes alongside confirmation of new plans for smart meters, which can help households save substantial amounts on their energy bills. Energy suppliers will be set strict new obligations to improve the smart meter process under the plans. Enforced by Ofgem, they will see new requirements to cut waiting times for installation appointments and repairs, or for customers to be provided with automatic compensation. Charlotte Friel, director of retail pricing and systems at Ofgem, said: 'Millions of consumers rely on their smart meter every day for accurate billing, cheaper tariffs, automatic meter readings and real-time data to help keep track of spending. 'But we know many customers who want a smart meter wait too long to get one installed or face delays on repairs when it stops working – this needs to change. 'These new rules are about setting clear expectations of suppliers, incentivising them to boost smart meter standards, and protecting consumers from poor service if things go wrong.'
The Independent
25 minutes ago
- The Independent
Customers set for compensation payout from energy firms for faulty smart meters
Households will be able to get compensation from suppliers for delays to smart meter installations, the energy watchdog has announced. Ofgem has unveiled proposals to bring in rules that will see consumers eligible for £40 compensation if they have to wait more than six weeks for a smart meter installation, as well as faulty meters and those not operating in smart mode which are not fixed within 90 days. It comes as part of a crackdown on broken smart meters, which has seen the regulator help enforce the repair or replacement of more than 600,000 faulty meters since July last year. founder Martin Lewis welcomed the proposals as he said 'likely one in five' smart meters are faulty. It is thought that millions of smart meters have been left in so-called 'dumb' mode, where they have poor connectivity or stop automatically transmitting readings. Ofgem said that by extending rules to cover poor connectivity, it will mean more consumers can get compensation. Charlotte Friel, director of retail pricing and systems at Ofgem, said: 'Millions of consumers rely on their smart meter every day for accurate billing, cheaper tariffs, automatic meter readings and real-time data to help keep track of spending. 'But we know many customers that want a smart meter wait too long to get one installed or face delays on repairs when it stops working – this needs to change.' She added: 'These new rules are about setting clear expectations of suppliers, incentivising them to boost smart meter standards, and protecting consumers from poor service if things go wrong.' The plans mean that suppliers will need to improve smart meter standards or pay out from early 2026, according to Ofgem. Mr Lewis said: 'Far too many smart meters, likely one in five, don't work as they should – a problem not just for all the homes with broken ones, but for the smart meter rollout. 'With so many dissatisfied customers, word-of-mouth is bad, so people tell their friends and neighbours not to get one. 'We need to shift firms' focus from just installing smart meters to promptly fixing those that are broken – not just meters that go into dumb mode, but crucially all elements, including in-home displays that stop working.' Under the new rules, micro-businesses will also be able to get compensation for smart meter issues. Minister for energy consumers Miatta Fahnbulleh said: 'Consumers are at the heart of our mission to deliver an energy retail market that works for everyone, as we accelerate towards a clean, homegrown power system to protect households against global fossil fuel price spikes. 'That's why the government is taking action, alongside Ofgem, to ensure families are better protected when they get a smart meter installed.' U-switch said its research found that one in five households with a faulty smart meter had been waiting more than two years to have their device fixed. Richard Neudegg, director of regulation at said: 'Building consumer confidence is key to convincing the remaining households to get a smart meter. 'These proposals by Ofgem bring more focus on getting faulty smart meters fixed, and give consumers the confidence to take the plunge.'
