Business
Business Secretary announces electricity discounts of £420 million
Business Secretary Peter Kyle has pledged his support for British industries with an announcement of £420 million energy savings, but declined to comment on whether they would face tax rises in the upcoming Budget.
On Friday, the Government confirmed it was going ahead with plans to increase the discount on electricity network charges for businesses in the most energy-intensive sectors from 60% to 90%.
The move, which was proposed earlier this year and has been subject to a consultation, will see about 500 businesses save up to £420 million a year.
Making the announcement on a visit to the Encirc Glass factory in Elton, near Chester, Mr Kyle said: “This is targeted support for energy intensive industries, so we’ll be injecting into this £420 million worth of savings.
“That means that British businesses from today are going to be £420 million more competitive.”
When asked whether he could reassure businesses in the run up to the Budget next month, he said: “Don’t go on my words, go on my actions.”
Mr Kyle said the Budget, which will be delivered on November 26, would “build on” progress made by the Government since Labour came to power.
Asked whether the Government would stick to manifesto promises not to raise taxes in the Budget, he said: “The Budget will be in a couple of weeks time. But don’t just think about what might happen in the future. Take us at what we have actually done – planning reform, regulatory reform, a 10-year industrial strategy.
“We are making sure that we are targeting support to those high energy industries. We’re making sure we’re getting the infrastructure of our country, with 1.5 million homes, right through to the AI infrastructure that businesses will be depending on in the future right where it needs to be.”
Asked again by the PA news agency if he could confirm whether manifesto pledges not to raise taxes would be kept, he said he would not comment publicly on the Budget.
He said: “There are quite severe market sensitivities around conjecture about the Budget, so we are trying our best to focus businesses on what we are already doing, because that is a very good indication of how we will approach situations like this when we make decisions about the future.
“The Budget will come in a few weeks time and we will be building on all of the great achievements that this Labour government has had since we came into office.”
Mr Kyle was given a tour of the Encirc Glass factory, where bottles for a range of brands, including Guinness, WKD and Yellow Tail wine, are made.
The company’s managing director Sean Murphy said the announcement would be a “major boost” for the company.
He said: “By cutting the costs of energy in this way, the Government is helping our industry to support thousands of jobs across the country whilst we make the transition to renewable sources of power.
“We welcomed the opportunity to engage with the minister on the pressing challenges facing our sector. Continued government support for vital industries like glass manufacturing is essential to safeguarding jobs and unlocking investment across all regions of the UK.”
UK Steel welcomed the announcement, but director general Gareth Stace said it was “frustrating” that it would have to wait until 2027 for the savings.
He said: “The Government’s welcome move to uplift network charging compensation to 90% is a necessary step in the right direction, which will eventually save our sector £14.5 million a year.
“But a price gap will remain, and the wholesale price element must also be reformed next, or the UK steel industry will continue to decline.”
Mr Kyle said the Government was “bold” in supporting the British steel industry and he planned to release a steel strategy later this year.
The government is facing questions over whether the system at the heart of its plans for digital ID can be trusted to keep people’s personal data secure.
Digital ID will be made available to all UK citizens and legal residents but will only be mandatory for employment, under the government’s proposals.
Full details of how the system will work have yet to be announced but Prime Minister Sir Keir Starmer has insisted it “will have security at its core”.
It will be based on two government-built systems – Gov.uk One Login and Gov.uk Wallet.
One Login is a single account for accessing public services online, which the government says more than 12 million people have already signed up to.
By this time next year that might be as many as 20 million, as people registering as company directors will have to verify their identity through One Login from 18 November.
Gov.UK Wallet has not yet been launched but it could eventually allow citizens to store their digital ID – including name, date of birth, nationality and residence status, and a photo – on their smartphones.
Users will need a Gov.UK One Login to access the wallet.
Last month, the government launched a digital identity card for military veterans to test the concept.
The government hopes to avoid security issues by keeping the personal details to be accessed through One Login in individual government departments rather than in a single, centralised database.
But veteran civil liberties campaigner and Conservative MP David Davis has raised concerns about potential flaws in the design and implementation of One Login that he says could leave it – and the new digital ID scheme – vulnerable to hackers.
Speaking in a Westminster Hall debate earlier this month, he said: “What will happen when this system comes into effect is that the entire population’s entire data will be open to malevolent actors – foreign nations, ransomware criminals, malevolent hackers and even their own personal or political enemies.
“As a result, this will be worse than the Horizon [Post Office] scandal.”
Davis has written to spending watchdog the National Audit Office calling for an “urgent” investigation into the cost of One Login, which he says is certain to rise above the £305m already earmarked for it.
In his letter, the MP highlights a 2022 incident, in which it was found that the One Login system was being developed on unsecured workstations by contractors without the required security clearance in Romania.
Davis also points out that One Login does not meet the government’s own requirements to be classified as a safe and trusted identity supplier.
The government has blamed a supplier for allowing its Digital Identity and Attributes Trust Framework certification to lapse earlier this year and says it is working towards it being restored, which will happen “imminently”.
Separately, Liberal Democrat technology spokesman Lord Clement-Jones has questioned whether One Login meets National Cyber Security Centre standards.
The peer says he has been speaking to a whistleblower, who claims that the government has missed the 2025 deadline set out in its national cyber security strategy for hardening “critical” systems against cyber attacks.
Ministers deny this but the Lib Dem peer said he had been told by an official that One Login would not pass the required security tests until March 2026.
The whistleblower also highlighted an incident from March this year, when a so-called “red team” tasked with simulating a real life cyber attack was reportedly able to gain privileged access to One Login systems.
The Department for Science, Innovation and Technology (DSIT) says it is unable to give details of the red team exercise for security reasons but says claims that its systems were penetrated without detection are false.
DSIT officials also assured Lord Clement-Jones that the subcontractors in Romania were “a handful of people” none of whom had access to production “and all code was checked”.
The department says all members of the team working on One Login use “corporately managed” devices which are monitored by a security team to detect any malicious activity.
But Lord Clement-Jones told the BBC he was not convinced by the department’s assurances.
He said the track record of successive governments of running One Login and other systems “should give us all no confidence at all that the new compulsory digital ID, which will be based on them, will ensure that our personal data is safe and will meet the highest cybersecurity standards”.
Last week, the prime minister handed overall control of the digital ID scheme to the Cabinet Office, which is headed by one of his most trusted and senior ministers Darren Jones, reflecting its importance to the government.
But the Government Digital Service, which is part of DSIT, will retain responsibility for design of the project.
A DSIT spokesperson said: “Gov.UK One Login continues to deliver for citizens across the UK.
“One Login is now home to more than 100 services and has been used by more than 12 million people – representing almost a sixth of the UK population.
“One Login follows the highest security standards used across government and the private sector and is fully compliant with UK data protection and privacy laws.
“The system undergoes regular security reviews and testing, including by independent third-parties, to ensure security remains strong and up to date.”
Drone view of damage to coastal homes after Hurricane Melissa made landfall, in Alligator Pond, Jamaica, Oct. 29, 2025.
Maria Alejandra Cardona | Reuters
Hurricane Melissa, the most powerful Atlantic hurricane of the year, made landfall this week as a Category 5 storm in Jamaica. The strength of the storm means it will likely trigger a full payout from a catastrophe bond designed to provide funds to the island in the event of catastrophic weather events.
The $150 million catastrophe bond, structured by Aon, is intended to help the island’s people rebuild after natural disasters by providing Jamaica parametric coverage against losses from named storms. The policy took effect this year and lasts through 2027.
The government of Jamaica is the first government in the Caribbean region, and the first of any small island state, to independently sponsor a cat bond, according to Aon. Its likely payout demonstrates the value of a unique type of backstop funded by the private markets.
In order to trigger the full payment, the storm has to meet a particular strength criteria. The central pressure of the storm must be at or below 900 millibars as its makes landfall and crosses the island nation.
Early data from the National Hurricane Center shows Hurricane Melissa’s pressure stayed below 900 millibars in several areas. Those readings are in the process of being verified by an independent calculation agent.
“While the final numbers are still being verified, the early signs suggest the transaction is doing what it was designed to do: getting critical funds to the country quickly after a major disaster,” Chris Lefferdink, Aon’s head of insurance-linked securities for North America, said in a statement.
The review process typically takes 2 to 3 weeks, and the earliest possible payout to Jamaica could come in approximately 1 month, according to a spokesperson from Aon.
A drone view shows an affected area after Hurricane Melissa made landfall, in Crane Road, Black River, Jamaica, October 30, 2025.
Maria Alejandra Cardona | Reuters
Previous parametric transactions payouts have taken 3 months or more, but for this event Aon used an innovative data source to enable faster payments.
The catastrophe bond was placed using the International Bank for Reconstruction and Development’s “capital at risk” program, which is used to transfer the risks associated with natural catastrophes to the capital markets, allowing the country to access funds quickly after a major event.
“What you have is a capital provider putting funds in the pool, an insurer putting the coupon for those funds in the pool [and] if the storm hits that criteria, they get the money in a much quicker fashion,” Aon CFO Edmund Reese told CNBC’s Contessa Brewer in an interview.
Damaged furniture and debris after Hurricane Melissa made landfall, in Black River, Jamaica, Oct. 30, 2025.
Octavio Jones | Reuters
Catastrophe bond and insurance-linked securities were created in the mid 1990s in the wake of Hurricane Andrew’s destruction. They’ve since grown in popularity, with the cat bond market growing by over 50% since the end of 2022 to nearly $55 billion.
“Public-private partnerships like Jamaica’s continue to highlight how parametric insurance can deliver rapid, transparent relief in the wake of severe storms,” Lefferdink said.
Jamaica very narrowly missed the requirements necessary to receive a payout from a separate cat bond when Hurricane Beryl battered the island in 2024, resulting in $995 million in damages to homes, crops and infrastructure, according to the National Hurricane Center.
Last Updated:
Residential prices in this area are presently in the range of Rs 10,000-12,000 per sq ft, making it almost 2.3 times more affordable than other premium micro-markets in Gurugram
Sector 63A, located along the Golf Course Extension Road, is home to projects like Anant Raj Estate by Anant Raj Limited.
The dream of owning a home in Gurugram has long been associated with soaring property prices and premium localities like Golf Course Road or Dwarka Expressway. However, a new report by global real estate consultancy Colliers has brought a fresh perspective; Sohna, once known as an affordable pocket on the city’s outskirts, has now outperformed Gurgaon’s most expensive corridors in terms of property price growth.
According to the Colliers report, Sohna Road has topped the list of the five fastest-growing micro-markets in Gurgaon. Property values in the region are projected to rise by nearly 1.6 times in the coming years, making it one of the most promising investment destinations in the National Capital Region (NCR).
The report highlights that Sohna commands the highest share of graded housing units, about 73% of the total in NCR. The micro-market is witnessing a steady rise in new residential supply, alongside regions such as Golf Course Road, Golf Course Extension Road, Southern Peripheral Road (SPR), and Dwarka Expressway.
Experts attribute Sohna’s rise to massive infrastructure developments in the region. The upcoming IMT Sohna industrial hub, enhanced connectivity through the Delhi-Mumbai Expressway, proximity to National Highway networks, and the proposed dual airport linkage have all contributed to the area’s rapid transformation. Moreover, the 10,000-acre Aravalli Jungle Safari project is expected to further enhance Sohna’s appeal as a green and lifestyle-centric investment zone.
The location also enjoys strong accessibility; just about 40 minutes from Gurugram’s Cyber Hub and Golf Course Road, and under an hour from Delhi’s Indira Gandhi International (IGI) Airport.
Currently, Sohna houses around 8,200 residential units, of which nearly 45% remain available in the primary market. Analysts say this reflects a healthy absorption rate and sustained buyer interest. Residential prices along the Sohna Expressway are presently in the range of Rs 10,000-12,000 per sq ft, making it almost 2.3 times more affordable than other premium micro-markets in Gurgaon.
Sohna Master Plan 2031
The ongoing development under the Sohna Master Plan 2031 envisions integrated residential, commercial, and industrial growth. The plan positions Sohna as a balanced hub catering to both affordable and mid-segment housing needs, complementing the high-end corridors such as Golf Course Extension and SPR.
Sohna’s growing industrial base, affordable housing options, and rapidly improving infrastructure are drawing both home buyers and investors seeking long-term appreciation.
Apart from Sohna, the top five growth corridors in Gurgaon include Golf Course Extension Road, Golf Course Road, Dwarka Expressway, and SPR. Among them, the Golf Course Extension Road continues to dominate the luxury segment, thanks to its connectivity with the Delhi-Mumbai Expressway, Sohna Road, and the Delhi airport.
Sector 63A, located along the Golf Course Extension Road, is home to projects like Anant Raj Estate by Anant Raj Limited, which epitomise premium urban living in the NCR.
October 31, 2025, 18:29 IST
Read More
Meta Claims Downloaded Porn at Center of AI Lawsuit Was for ‘Personal Use’
Pakistan thrash South Africa in second T20I to level three-match series
Billie Eilish calls on billionaires to donate more of their wealth: “No hate, but give your money away, shorties”
-
Politics6 days agoTrump slams ‘dirty’ Canada despite withdrawal of Reagan ad
-
Tech1 week agoDefect passivation strategy sets new performance benchmark for Sb₂S₃ solar cells
-
Business1 week agoJLR shutdown after cyber hack drives slump in UK car production
-
Sports1 week agoAlleged mob ties in NBA scandal recall La Cosa Nostra’s long shadow over sports
-
Tech1 week agoTurning pollution into clean fuel with stable methane production from carbon dioxide
-
Business1 week agoAssaults on rail network more than triple in 10 years
-
Sports1 week agoNBA legend Chauncey Billups, Heat’s Terry Rozier arrested as part of FBI gambling probe
-
Tech1 week agoI Have Hearing Loss. These Are the Hearing Aids I Recommend