Nuclear power stations could be fast-tracked under a planning shake-up to try to alleviate the country’s energy crisis.
Greg Clark, the Levelling Up Secretary, unveiled new rules to speed up approval for major infrastructure projects as part of an effort to enhance energy security.The plans could also slash the amount of time it takes to get offshore wind projects approved.
The news comes as Russia halted gas supplies via the Nord Stream 1a major pipeline to Europe on Wednesday, citing a need for maintenance on its only remaining compressor.
The move means that no gas would flow to Germany until 3 September, said Gazprom, the Russian state energy company
Shops and supermarkets in Britain increased prices by 5.1% in the 12 months to August, the largest rise in records dating back to 2005, reflecting a jump in food costs caused by the war in Ukraine, the British Retail Consortium said on Wednesday.
Food prices leapt by 9.3% after a 7.0% increase in July, driven by increases in products such as milk, margarine and crisps as the war pushed up the costs of animal feed, fertiliser, wheat and vegetable oils, the BRC said.
Inflation in Britain could exceed 20% early next year if spiralling gas prices fail to come down, economists from U.S. investment bank Goldman Sachs warned, adding that a recession was on the way.
Credit card borrowing jumped in June at its fastest annual rate in 17 years as struggling households appeared to rely on extra borrowing to cope with the escalating cost of living.
Credit card borrowing rose by £740m month on month, 13% higher than the year before, according to Bank of England figures that showed the biggest year on year rise since October 2005.
