Business
Badenoch in pledge to ‘get all our oil and gas out of the North Sea’
Kemi Badenoch has committed the Tories to extract as much oil and gas as possible from the North Sea.
The Conservative Party leader said it was “absurd” to leave the fossil fuel resources untapped.
But the Government said issuing new licences for oil and gas exploration would “not take a penny off bills” and would accelerate the “worsening climate crisis”.
A Conservative government would make “maximising extraction” its goal if it wins power, rather than measures aimed at shifting the North Sea industry away from fossil fuels.
Mrs Badenoch will use a speech in Aberdeen on Tuesday to set out her plans.
She will announce that the Tories plan to completely overhaul the North Sea Transition Authority (NSTA), which oversees the issuing of licences, dropping the word transition and giving it a simple order to extract the maximum possible amount of fossil fuels.
Ahead of her speech, Mrs Badenoch pledged that “we are going to get all our oil and gas out of the North Sea”.
She said: “We are in the absurd situation where our country is leaving vital resources untapped while neighbours such as Norway extract them from the same seabed.
“With the ONS (Office for National Statistics) confirming that economic growth is down partly because of falling oil and gas extraction, we cannot afford not to be doing everything to get hydrocarbons out the ground.
“Britain has already decarbonised more than every other major economy since 1990, yet we face some of the highest energy prices in the developed world.
“This is not sustainable and it cannot continue. That is why I am calling time on this unilateral act of economic disarmament and Labour’s impossible ideology of net zero by 2050.
“Russia’s war in Ukraine has only underscored that our energy supplies are a matter of national security.”
A Department for Energy Security and Net Zero spokesman said: “We are already delivering a fair and orderly transition in the North Sea to drive growth and secure skilled jobs for future generations, with the biggest ever investment in offshore wind and three first of a kind carbon capture and storage clusters.
“We are committed to delivering the manifesto commitment to not issue new licences to explore new fields because they will not take a penny off bills, cannot make us energy secure, and will only accelerate the worsening climate crisis.”
A Labour Party spokeswoman said: “We’ll take no lectures from Kemi Badenoch. Every family and business paid the price of the Conservatives’ failure to secure the UK’s energy.
“The Conservatives oversaw thousands of lost jobs in the North Sea. In contrast, this Labour Government is investing in the North Sea’s clean energy future, creating good jobs in offshore wind, hydrogen and carbon capture and storage, as we take back control of our energy for good.”
Offshore Energies UK chief executive David Whitehouse said: “As long as the UK continues to use oil and gas, it makes sense to produce as much of it as we can here at home.
“Every barrel of oil and gas we leave in the North Sea is a barrel we’ll need to import.
“Even in a net zero future, the UK will use 10-15 billion barrels of oil and gas between now and 2050. Current plans show the UK will produce less than four billion barrels, leaving us increasingly reliant on imports.
“Producing it here supports jobs, strengthens our economy, and improves our energy security.”
Business
US economy grows at fastest pace in two years
The US economy picked up speed over the three months to September, as consumer spending jumped and exports increased.
The world’s largest economy expanded at an annual rate of 4.3%, up from 3.8% in the previous quarter. That was better than expected, and marked the strongest growth in two years.
The figures offer a clearer picture of the state of the US economy heading into the end of the year, after data collection had been delayed by the US government shutdown.
The report showed consumer spending rising by 3.5%, compared with 2.5% in the previous quarter.
Business
Fish and chip shop offers 100 free Christmas meals in Southampton
“It’s just a way of us giving back to the community,” says a fish and chip shop owner, who is giving away 100 free meals on Christmas Eve.
Raj Khaira, from Southampton, has owned Top Catch fish and chips in Shirley for five years and says he wants to support lonely people in the area.
He says he feels lucky to have a big family but knows for some customers a conversation with a shopkeeper might be the only one they have some days.
He says the shop will give portions of sausage and chips to those in need as a way of “giving back to the people who haven’t got family around them and sometimes can’t afford a hot meal”.
Mr Khaira speaks about working in business all of his life and how much he enjoys meeting “different people every day, from different backgrounds”.
“I’ve done it since I was a young kid so it’s all I really know,” he says.
He adds that many of his customers are elderly and do not have connections over the festive period.
“Christmas for majority of us is probably going to be a joyful and busy day but for some people it’s probably going to be a quiet day,” he says.
After posting about the plans to donate on social media he received a lot of publicity and Mr Khaira is prepared to “probably do more than” 100 meals.
He says the shop has already organised a toy and present drop off to Southampton hospitals this December, with many of the donations coming from customers.
He says: “We’re only where we are as a busy shop because of our community and our lovely customers that come in and sometimes you’ve got to give back and I’m happy to do that.”
Looking back on some of the negative news reported in Shirley earlier this year with the rise in anti-social behaviour in the area, he admits he had suffered.
His shop window was smashed in the summer, but he says: “Christmas time lets us just try and forget that for a minute and just try and have a good time, and reflect back on the year and hopefully next year is going to be a better one.”
Business
Gold price shines by Rs8,500 per tola – SUCH TV
The price of per tola 24-karat gold in Pakistan increased by Rs8,500 on Tuesday, reaching Rs470,862 compared to Rs462,362 on the previous day.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24-karat gold rose by Rs7,288, climbing to Rs403,688 from Rs396,400 on last day.
Likewise, the rate of 10 grams of 22-karat gold went up by Rs6,681, closing at Rs370,060 against Rs363,379.
In the international market, gold prices increased by $85, reaching $4,485 compared to $4,400 on the previous day.
Meanwhile, the price of per tola silver and that of 10-gram remained stagnant at Rs Rs7,205 and Rs6,177, respectively. International silver prices also remained unchanged at $69.30.
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