There has been a notable breakthrough on climate change at the #G20Italia meeting of the 20 most powerful world leaders in Rome, with a statement in the communiqué that pledges they will take further action to formulate, implement, update and enhance…
commitments to reduce emissions of greenhouse gases “ahead” of 2030. According to an official, this sets up #COP26 to “to deliver a short term acceleration [in greenhouse gas emissions] through the negotiations”. Several officials tell me…
that for them this is a much better G20 outcome than they expected even yesterday. Which may tell you something about the poverty of ambition of world leaders when it comes to climate change. And it gives a following wind to the idea I discussed yesterday that this COP…
may usher in a process for nationally determined contributions (NDCs) to reduce production of methane and CO2 being negotiated every two or three years rather than every five, as at present. There is also relief from these officials that the whole of the G20 has…
endorsed a target for “net zero” - no net emissions of greenhouse gases into the atmosphere - from around the middle of the century, and that no G20 member will finance new coal power stations outside their own country. Climate campaigners will see these promises…
as the unambiguous minimum needed. But one official involved in the talks says last week “a good number of G20 members” were refusing to agree even these limited climate-protecting measures, including on international coal finance. And another…
said: “this delivers a lot more than we had thought even 24 hours ago”.
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The national living wage is set to be increased from £8.91 per hour to £9.50 I understand, on the advice of the Low Pay Commission. The recommendation has been put to the business secretary, @KwasiKwarteng, who is the minister responsible for the Commission. The 6.6%...
increase in what is the minimum wage for all those over 22 years old has been accepted by Kwarteng. It will be formally announced by the Chancellor, @RishiSunak, in the budget on Wednesday. The rise is inflation-busting, and will go some way to compensating the low paid...
for recent significant rises in the price of energy, petrol and food, at a time when the £1000 a year top-up to Universal Credit has been (controversially) removed. The rise will increase employers' costs directly and probably also via an upward ratchet of the wage rates of...
I pointed out three months ago that daily dashboard infection figures don’t include anyone infected for a second time, and that I thought this unfortunate, because by definition it means those daily figures are not the whole Covid19 story. These daily figures…
still don’t include re-infections, even though a SAGE paper published today confirms that previous Covid19 infection provides “less protection against infection with Delta than against previous virus variants”. See attached. And this lessened protection will only…
increase with the passage of time, as antibody protection wanes. So today’s infection total of just under 50,000 is an understatement. It might be only a small understatement, of perhaps a couple of percentage points (which would be the magnitude implied by other surveillance…
Standing ovation for Margaret Hodge speech about rooting out antisemitism through Labour Party rule changes. The change to disciplinary procedures, which will give more power to NEC, very significant. Feels as though a very important reform is coming
If the reform passes, there would be a new internal disciplinary process with independent oversight for cases about antisemitism, Islamophobia, other forms of racism, sexual harassment, and discrimination on the grounds of disability, sexual orientation…
age, religion or belief, gender reassignment, pregnancy and maternity, marriage and civil partnership. For these complaints, the role of the national constitutional committee will be take by an independent complaints board (ICB) with 12 members with time-limited terms…
Under the “supplier of last resort” scheme to protect customers of failed energy companies, every rescued customer of a failed energy company costs the rescuing company £600 to £700 to “on board”, which they have the right to reclaim over 15 to 24 months from every…
energy customer in the country. In other words the costs of customers’ mistakes in buying energy from fragile businesses are “socialised”. As I said earlier this week there has to be a debate about how fair it is that all UK households will pay a big price for failed businesses…
and whether this is a grotesque failure of a regulatory system imposed by the Conservative government. These socialised costs are already significant - around £40 per customer just on the basis of the handful of firms (Avro, Green etc) that have failed…
Avro Energy, which was USwitch's best-value-for-money energy provider in 2019 and has 1.2m customers, is in financial difficulties, having defaulted on the industry's balancing and settlement code (which is in essence the scheme to satisfy demand for energy that is more than ...
what a company has contracted to buy). An announcement on how customers will be protected is expected from the regulator Ofgem. Normally those customers would be transferred to bigger, less fragile companies under the Supplier of Last Resort Scheme, but it is possible a...
special administrator would have to be appointed. I am told three other much smaller energy businesses are in trouble. The cost of these rescues, plus this week's of People's Energy, would be well over £1bn (industry sources put them at £1.1bn), and would be passed on to all...
I cannot see how even cheap government loans are remotely going to fix this problem of crashing energy companies. Because the fundamental problem is that energy customers are MASSIVELY loss making for energy suppliers that haven’t hedged their gas supply commitments. That’s…
true for those businesses failing now and any big company that might take on those stranded customers. So why would big companies ride to the rescue? I can’t see it. Unless that is government were to legislate to allow the price cap next spring to rise way beyond…
even the current doubling in market prices, such that today’s losses were offset by tomorrow’s super profits. But that would crush living standards and be politically disastrous for the Tories. So one way or another this government is going to end up pumping billions…