Business
Tories vow to cut energy bills by 20% by scrapping carbon tax and wind subsidies
The Conservatives have said they would cut energy bills by 20% by axing the carbon tax and abolishing wind farm subsidies.
Shadow energy secretary Claire Coutinho claimed these two policies would save the average family £165 a year.
Speaking at the Conservative Party Conference, Ms Coutinho told members that scrapping the carbon tax would “instantly” cut bills by almost £8 billion.
She said: “The next Conservative Government will axe the carbon tax on electricity generation.
“When Ed Miliband blames gas for high energy bills, what he doesn’t tell you is that over 30% of what we pay for gas power is not to pay for fuel, but to pay for a carbon tax that the Government chooses to impose.
“Now, we know that we’ll need gas to keep the lights on for decades, so it just adds extra costs to our bills for no reason.
“But here’s the rub: the carbon tax inflates the cost of almost all other types of electricity too.
“So, all the wind and solar farm owners pocket those higher prices as higher profits…
“Axing the carbon tax would cut bills instantly by almost £8 billion a year.”
Ms Coutinho branded wind farm subsidies “the biggest racket going” as she promised her party would scrap them if they won the next general election.
She said: “We’ll scrap Ed Miliband’s old rip-off wind farm subsidies.
“Back in 2008, Ed Miliband in his infinite wisdom chose to double the subsidies on offer for wind farms.
“That means when the wind blows, there are wind farms getting up to three times the market price of electricity, and you’re paying for that through your bills. It’s the biggest racket going.
“We closed the scheme when we were in office, but we’ll go further and say we must scrap those subsidies for good.
“Our energy system is not here to prop up the profits of multimillion-pound wind developers at billpayers’ expense. It’s here to deliver cheap, reliable energy for the country.
“Together, our policies to axe the carbon tax and scrap Ed’s rip-off wind subsidies would cut people’s electricity bills by 20%.
“The average family will save £165 a year off their electricity bill.”
Ms Coutinho also told members that the Conservatives would scrap Great British Energy, branding it energy secretary Ed Miliband’s “vanity project”.
She said that Mr Miliband promised that Great British Energy would lead to a “mind-blowing” reduction in bills, but that this has not come to pass.
The shadow energy secretary said: “Only Ed Miliband could launch an £8 billion energy company that won’t produce any energy.
“Let’s call it what it is: a vanity project that won’t cut bills. So we will scrap it.”
Ms Coutinho reiterated the Conservatives’ pledge to repeal the Climate Change Act, claiming it is their “duty” to change the law, as it is “not working in the national interest”.
She also emphasised that a Tory government would scrap the ban on new oil and gas licences, reverse the energy profits levy and “back the North Sea”, saying: “As long as we need gas, as much as possible should come from Britain.”
The shadow energy secretary also hit out at Reform UK, saying their claim that abandoning net zero could save households £1,000 per year is “garbage”.
She said: “The average bill is only £850. What’s he going to do, go round writing people cheques?
“If you think any politician can promise you electricity for free, then I’ve got a bridge to sell you.”
Responding, a Labour Party spokesperson said: “The Conservatives simply want to repeat the same failed energy policies which saw the worst cost-of-living crisis in a generation happen on their watch.
“Their anti-growth, anti-jobs, anti-investment stance on cancelling clean energy investment would make Britain more reliant on insecure, expensive fossil fuels, keeping bills high for generations to come.
“And just last week their pledge to scrap the Climate Change Act united a remarkable coalition of business bosses, workers, faith leaders, and even Conservative politicians in opposition to their plans.
“It’s the same old Tories, with the same old policies. They didn’t work then and you can’t trust them now.
“Only this Labour Government is delivering record investment in clean, homegrown renewables and nuclear that will help bring down bills for good.”
Dr Simon Cran-McGreehin, head of analysis by the Energy & Climate Change Unit (ECIU), argued that renewables reduce the overall cost of electricity by pushing gas power out of the market.
He said: “People may not realise it, but their bills would be higher today without the increasing role that wind and solar farms running on free sunshine and wind are playing by reducing our dependence on gas power.
“This also means things could have been even worse during the peaks of the gas crisis, had it not been for renewables – indeed, anything that avoids gas generation helps to limit prices, including interconnectors and our old nuclear power plants.
“Prices can spike when wind is low and gas power plants come on, but this is more than made up for by the overall savings on prices that wind farms deliver the rest of the time.”
Business
Trade outlook: India’s exports hold steady amid Donald Trump tariffs; new markets offset US slowdown – The Times of India
India’s export performance has remained steady even as global markets face volatility, according to SBI Research, which shared its assessment. As per news agency ANI, the report states that merchandise exports between April and September in FY26 touched $220 billion, a 2.9 per cent rise from $214 billion in the same period last year. Exports to the United States also increased by 13 per cent to $45 billion, although shipments in September dipped nearly 12 per cent year-on-year.The US continues to be a key market, but its share in India’s total exports has fallen since July 2025, reaching 15 per cent in September. SBI Research highlights mixed sectoral trends. The US share in India’s marine product exports declined from 20 per cent in FY25 to 15 per cent in September, and its share in precious stones fell sharply from 37 per cent to 6 per cent. However, both marine products and ready-made cotton garments still registered growth during the April–September period.At the same time, as per ANI, India’s export basket has become more geographically diverse. Countries including the UAE, China, Vietnam, Japan, Hong Kong, Bangladesh, Sri Lanka and Nigeria saw higher shares across several product groups. SBI Research suggests that some of this may indicate indirect routing of Indian goods, noting that Australia’s share in US imports of precious stones rose from 2 per cent to 9 per cent, while Hong Kong’s share increased from 1 per cent to 2 per cent.On the trade policy front, India is grappling with higher US tariffs under the Trump administration, which have hit textiles, jewellery and seafood — particularly shrimp. To support exporters, the government has approved Rs 45,060 crore in assistance, including Rs 20,000 crore in credit guarantees.The rupee also faced pressure, slipping to 89.49 against the dollar on Friday amid global financial turbulence. According to ANI, the Reserve Bank of India reiterated that it does not defend any fixed exchange rate, and analysts see the decline as a temporary adjustment.India’s current account deficit narrowed to 0.2 per cent of GDP in Q1 FY26, improving from 0.9 per cent a year earlier, supported by services exports and remittances. SBI Research expects the deficit to widen slightly in the next two quarters before turning positive by fiscal year-end, projecting a full-year deficit of 1.0–1.3 per cent of GDP and a balance-of-payments gap of up to $10 billion.
Toothbrush and toothpaste packs worth a combined £20,000 are to be given to foodbanks and other organisations for distribution to vulnerable people.
North Northamptonshire Council said the funding from Northamptonshire NHS Integrated Care Board would help people “who need it the most” fight tooth decay.
Martin Langford, Corby Foodbank’s manager, said the packs would “make a real difference to how people look and feel”.
Brian Benneyworth, the Reform UK council’s executive member for health and leisure, said: “These toothbrushing packs are a simple but powerful way to help those who are most vulnerable, providing not just the tools but the dignity of self-care.”
Mr Langford said: “Access to basic hygiene items, such as toothbrush packs, is often underestimated but they make a real difference to how people look and feel.
“It strengthens our ability to reach those most in need and ensures we can continue making a positive impact within the community.”
Jane Bethea, director of public health, communities and leisure at the council, said: “Poor oral health is a major public health concern and can have a negative impact on our overall health and wellbeing and affect what we eat, how we communicate and our self-confidence.”
Guidelines recommend that people brush their teeth twice at day. Poor dental hygiene can led to tooth decay and gum infections, which can lead to tooth loss and gum disease.
Mr Benneyworth said: “Under current financial pressures, due to the cost of living crisis, some households are having to make very difficult choices about what they can and cannot buy.
“In these situations, items such as new toothbrushes and toothpaste could be seen as less important than essentials such food and heating.”
New Delhi: Indian equity benchmarks made marginal gains for the second week, supported by stronger second quarter (Q2) earnings, easing inflation and optimism around the India-US trade negotiations. Benchmark indices Nifty and Sensex edged higher 0.68 and 0.50 per cent during the week to close at 26,068 and 85,231, respectively.
Analysts said that a moderation in FII selling due to expectations of earnings upgrades in H2 FY26 also supported the rally. However, markets turned volatile on Friday amid weak global cues. The Nifty fell after failing to cross its previous all-time highs of 26,277, ending its two-day advance.
Broader indices underperformed, with the Nifty Midcap100 and Smallcap100 ending the week down 0.76 per cent and 2.2 per cent, respectively. Though IT stocks faced selling pressure due to weakness in the US tech shares, it was the biggest weekly gainer. Nifty Auto and Services followed as the secoral gainers during the week. On Friday, metals and realty were the worst hit, both dropping over 2 per cent, followed by PSU banks, financial services and media.
A better-than-expected non-farm payroll dimmed hopes of a US Federal Reserve rate cut in December putting pressure on global equities. Resultantly gold also witnessed selling pressure while INR declined to a new low. The oil prices declined due to the US’s renewed push for a Russia-Ukraine peace proposal.
“The market may witness some profit booking in the near term if the pressure on Indian rupee persists. In the week ahead, investors will also have a close vigil on trade developments and economic data like IIP and Q2 FY26 GDP data to get the market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Analysts said that they expect markets to remain firm next week supported by buying on dips, improving demand outlook in Q3 and resilient flows.
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