Conservative leadership candidate Rishi Sunak has unveiled plans to make Britain “energy secure” — including boosting North Sea gas production — as he seeks to make up ground in the race to become prime minster.
He said he would legislate to make the UK “energy independent” by 2045, and if elected leader he would put in place immediate support for households — particularly the most vulnerable — faced with soaring energy bills.
The announcement came as the UK reels from rampant inflation and a stuttering economy.
Mr Sunak pitched the energy vision as he tries to make up ground on Liz Truss, the only other runner still in the race.
He pledged urgent action to increase domestic energy supply with the creation of a new energy security task force and deregulation in the North Sea to allow gas production to increase over the winter.
“The first rule of any crisis is to acknowledge that you are facing one. We are facing an energy crisis and I have a plan to both get us through it and make sure this is a one winter crunch,” Mr Sunak said.
“I will lead a national effort to increase our domestic energy supply and cut our energy waste. I will also make sure our country is never put into this position again.
“I will leave no stone unturned to secure British energy sovereignty. We cannot rely on imported energy so I will legislate for the UK to be entirely energy independent by 2045 to accelerate investment.
“My plan will get us through this winter crisis and provide energy security for Britain.”
He said regulations governing offshore wind, rooftop solar and nuclear would be overhauled to scale up supply, while fracking for shale gas would be allowed where there is local consent.
He would also take steps to reduce energy waste, with low cost measures to insulate millions of homes.
In the longer term, he promised to reform the energy market — which was no longer “fit for purpose” — to cut bills, with the establishment of a new dedicated energy department to lead the change.
Mr Sunak said he would legislate to ensure there is no repeat of the looming winter crisis when price cap rises threaten to take bills above £5,000 by early 2023.
The price cap, which is reviewed every three months and designed to protect consumers from price swings, was at £1,042 in January 2019.
Dubai World Cup draw
1. Gunnevera
2. Capezzano
3. North America
4. Audible
5. Seeking The Soul
6. Pavel
7. Gronkowski
8. Axelrod
9. New Trails
10. Yoshida
11. K T Brave
12. Thunder Snow
13. Dolkong
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'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
