This is the incredible amount Gen X and Millennials will inherit from their Boomer parents in the coming years - and why it may not be a good thing for them or Britain, by ALEX BRUMMER
Millions of younger Britons, and even those approaching middle age, worry that the great Thatcherite dream of home ownership is impossible for them.
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Daily Mail
9 minutes ago
- Daily Mail
In a rebuke to Trump, SNP backs world's largest wind farm
The 'largest' offshore windfarm in the world could be built in Scotland after the SNP Government granted planning permission. Ministers confirmed that the giant Berwick Bank project off the south east coast of Scotland - which will contain up to 307 turbines - has been given the go-ahead. Developers SSE Renewables, claim that, if it is fully delivered, then it 'would become the world's largest offshore wind farm'. Conservation groups raised concerns about the danger that the development will kill tens of thousands of puffins, kittiewakes and gannets, including globally important colonies at Bass Rock. It comes just days after Donald Trump attacked the spread of 'windmills' during his visit to Scotland, saying they were 'ruining' countries in Europe. Berwick Bank - proposed to be built 23 miles off the coast of St Abbs - aims to deliver 4.1 gigawatts (GW) of capacity, which is believed to be enough to power every home in Scotland twice over and around 17 per cent of the homes in the UK. The development will feature up to 307 turbines and have two connection points to the grid - one in Dunbar, East Lothian, and another in Blyth, Northumberland. But the Royal Society for the Protection of Birds and partner conservation groups condemned the decision to approve the development. Anne McCall, director of RSPB Scotland, said: 'This is a very dark day for seabirds. It is a terrible decision on a really bad development. Berwick Bank would be catastrophic for Scotland's globally important seabirds which are already facing alarming declines. In addition, its impacts are so damaging they will make the relative impacts of other windfarms significantly higher. This one wind farm is going to make it really challenging to accelerate renewable projects across Scottish seas. We are incredibly concerned that Scottish Government have granted consent for a project which could catapult some of Scotland's most-loved seabird species towards extinction.' The National Trust for Scotland said the news was 'deeply disappointing', fearing there will be 'significant harm' caused to seabird colonies at the nearby St Abb's Head National Nature Reserve. A spokesperson said: 'At the National Trust for Scotland we are supportive of the drive towards renewable energy, but not at the expense of the very nature and habitats this effort is supposed to help save in the face of climate change.' The Scottish Government highlighted that the consent is subject to SSE Renewables producing a detailed sea bird compensation plan outlining how adverse impacts on seabirds will be compensated for. Stephen Wheeler, the managing director of SSE Renewables, said news of the approval is 'hugely welcome'. He added: 'At over 4GW of potential capacity, Berwick Bank can play a pivotal role in meeting the mission of Clean Power 2030 for the UK and achieving Scotland's decarbonisation and climate action goals. Berwick Bank has the potential to rapidly scale up Scotland's operational renewable energy capacity and can accelerate the delivery of homegrown, affordable and secure clean energy to UK consumers from Scottish offshore wind, helping meet the UK's clean power ambition by 2030.' The approval comes after the SNP Government unveiled a new target of having up to 40GW of offshore wind capacity by 2040, which is a significant ramping up from the existing target of 8-11GW by 2030. Based on current average operating capacities it would mean an increase from around 1,000 turbines in five years' time to 5,000 within 15 years. Scottish Conservative net zero and energy spokesman Douglas Lumsden said: 'Wind power is an important part of our energy mix, but it is not on its own enough to provide affordable power and energy security. Scotland will only prosper with a realistic energy policy that draws on nuclear, oil and gas and renewables - and only the Scottish Conservatives are committed to that. The hostility of both the SNP and Labour governments to North Sea oil and gas is costing an estimated 400 jobs a fortnight and increasing our reliance on imported fossil fuels. If they care about Scotland's interests, these two left-wing parties should ditch their opposition to our existing energy sector, embrace a mix of solutions and heed Kemi Badenoch's call to ditch the energy price levy.' Deputy First Minister Kate Forbes said: 'Ministers have given the Berwick Bank wind farm application extremely careful consideration. The decision to grant consent to Berwick Bank is a major step in Scotland's progress towards achieving net zero and tackling the climate crisis, as well as supporting national energy security and growing our green economy. It is also an important decision for Scotland's renewables sector, and this investment will be further built upon through the delivery of Scotland's significant future pipeline of offshore wind projects under the ScotWind and the Innovation and Targeted Oil and Gas (INTOG) leasing rounds.'
The Independent
9 minutes ago
- The Independent
PM urged to review oil policy after Trump labels North Sea ‘a treasure chest'
Donald Trump's call to 'incentivise' North Sea oil production should prompt an urgent Downing Street meeting, the shadow Scottish secretary has said. Andrew Bowie called for a review of policies affecting the oil and gas industry. The US president was in Scotland earlier this week and during his visit he described the North Sea as 'a treasure chest for the United Kingdom', and warned fossil fuel taxes make 'no sense'. He also took aim at 'some of the ugliest windmills you've ever seen', referring to wind turbines off the coast near Aberdeen. Mr Bowie has written to Prime Minister Sir Keir Starmer calling for a meeting in London to explore the effects of oil and gas policies. He referred to the windfall tax on the profits made from extracting UK oil and gas, introduced by the previous Conservative government in 2022 and retained until 2030 by Labour Chancellor Rachel Reeves. In his letter to Sir Keir, Mr Bowie wrote: 'As president Trump has said, the UK's 'very high' tax on oil and gas companies is a deterrent to investment. 'The extension of the energy profits levy (EPL), coupled with uncertainty around future licensing and investment signals, has created a climate of instability that threatens jobs, innovation and the region's economic resilience. 'President Donald Trump's remarks during your visit – calling Aberdeen the 'oil capital of Europe' and urging the UK to 'bring it back' – reflect a sentiment shared by many in the region. 'May I urge you to consider the president's call to 'incentivise' domestic production of hydrocarbons? 'Oil and gas still have a vital role to play in our energy mix and economic future; British people would rather see the UK benefit from domestic exploration and drilling than import more from Norway and Qatar.' Mr Bowie, who is the Conservative MP for West Aberdeenshire and Kincardine, added: 'Will you urgently call a meeting in Downing Street to conduct the review in partnership with industry leaders, our world-leading supply chain business, and the local workforce to ensure a coherent and sustainable path forward?' During his visit with Sir Keir, Mr Trump posted on his Truth Social website: 'North Sea Oil is a treasure chest for the United Kingdom. 'The taxes are so high, however, that it makes no sense. 'They have essentially told drillers and oil companies that, 'we don't want you'. 'Incentivise the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people.' Speaking at his Turnberry golf resort in South Ayrshire, Mr Trump said: 'When we go to Aberdeen, you'll see some of the ugliest windmills you've ever seen, the height of a 50-storey building.' Gesturing with his hands, he added: 'You can take 1,000 times more energy out of a hole in the ground this big.' Sir Keir at the time said oil and gas are 'going to be with us for a very long time, and that'll be part of the mix, but also wind, solar, increasingly nuclear'. Aberdeen has been chosen by the Government to host the headquarters of GB Energy, a state-owned company set up to accelerate the rollout of renewables.
Times
10 minutes ago
- Times
Pensions sector seeks Gen Z talent amid recruitment challenges
The government has announced a pensions commission to investigate how to boost pension saving, but for it to succeed employment in the pensions sector must be expanded too. Research by The Pensions Regulator shows that, despite being one of the most vital areas of financial services, 80 per cent of pension scheme administrators are finding recruitment of skilled personnel a 'challenge'. With the total value of UK pensions sitting at about £3.2 trillion, the industry generates more than 2 per cent of UK GDP annually, yet it lacks the perceived glamour of other financial services. However, with salaries ranging to up to £400,000 for senior pensions directors, the industry provides similar opportunities but with arguably greater job security. 'Pensions can sometimes be wrongly perceived as stuffy or boring, but nothing could be further from the truth,' explains Sophia Singleton, president of the Society of Pension Professionals. 'It's a diverse, innovative and essential industry that makes a huge contribution to both individual savers and the wider economy.'
