British Prime Minister Liz Truss is expected to announce a multi-pronged plan on Thursday to protect households and businesses against crippling costs while increasing domestic energy supply.
As part of a package to ease the cost of living, the new prime minister is expected to tell MPs that domestic bills will be frozen at about £2,500 ($2,882).
Ms Truss rejected the idea of applying a windfall tax on the profits made by oil and gas companies to cover the cost – reported to be up to £150 billion — with the support expected to be funded through borrowing.
Labour has accused the prime minister of writing a “blank cheque” to the energy giants by ruling out the levy, with the British people left to “foot the bill”.
The prime minister was also expected to announce the resumption of shale gas fracking after it was stopped in 2019, a policy she signalled during her Conservative leadership campaign.
Cabinet minister Simon Clarke told Sky News the government had to "look at every source" to increase Britain's energy supplies, including taking another look at fracking.
The Times reported that ministers were meanwhile preparing a public information campaign to encourage people to use less energy this winter.
Such a push, echoing the European Union's mandate to reduce gas consumption by 15 per cent, would be a break with Boris Johnson's government which declined to offer energy-saving advice.
Ahead of Thursday’s announcement, Ms Truss said families and businesses across the country were concerned about how they would “make ends meet” in coming months.
“This has only made clearer that we must boost our long-term energy security and supply,” Ms Truss said.
“We will take action immediately to help people and businesses with bills, but also take decisive action to tackle the root cause of these problems, so that we are not in this position again.
“We will set out our plans to deliver on that promise and build a prosperous Britain for everyone.”
The UK's energy crisis - video
Downing Street said she would set out a “bold plan of action to support people across the UK”, while also increasing domestic energy supply.
Going head to head with Sir Keir Starmer at her first Prime Minister’s Questions, Ms Truss said she would make an announcement on her cost-of-living proposals to the House on Thursday.
But she faced accusations that she was avoiding scrutiny over the way her plans would be presented to Parliament.
Ms Truss will open a debate on energy costs but, unlike a formal ministerial statement, this will not result in sustained questioning from MPs about the move.
Labour said the “only fair” answer to the crisis is its proposal to freeze bills, valued by the party at £29bn.
Liz Truss's political career - in pictures
New Conservative Party leader and Britain's Prime Minister-elect Liz Truss delivers a speech after being announced the winner of the Tory Party leadership contest in central London on September 5, 2022. Ms Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher. AFP
Liz Truss during a hustings event in Darlington in August 2022. Ms Truss and Rishi Sunak are awaiting the results of a poll of Conservative Party members deciding which of them has been selected as the new party leader, and next prime minister. PA
Liz Truss playing pool during a visit to the Onside Future Youth Zone in London in August 2022. PA
Boris Johnson and Ms Truss arriving for an extraordinary summit at Nato headquarters in Brussels, in March 2022. AFP
Russian Foreign Minister Sergey Lavrov and Ms Truss arrive for talks in Moscow in February 2022. AP
Ms Truss in Red Square during a visit to Moscow in February 2022. Photo: No. 10, Downing Street
Ms Truss meeting European Commission vice-president Maros Sefcovic (not seen) for talks in central London on the Northern Ireland Protocol on 11th February 2022. PA
Ms Truss with Marise Payne, the Australian minister of foreign affairs, at Government House in Sydney, Australia, in January 2022. Photo: No. 10, Downing Street
Liz Truss hosts Vice President of the European Commission Maros Sefcovic at Chevening House in January 2022 to discuss the Northern Ireland protocol. Photo: No. 10, Downing Street
Ms Truss visits British troops in Estonia as they operate alongside other Nato troops in Tapa in November 2021. Photo: No. 10, Downing Street
Liz Truss walks through the old town in Tallinn, Estonia, in November 2021. Photo: No. 10, Downing Street
Ms Truss greeting Ukraine's President Volodymyr Zelenskyy at the Cop26 summit in Glasgow, in November 2021. PA
Ms Truss at the Red Fort in New Delhi during a trip to India in October 2021. Photo: No. 10, Downing Street
The British foreign secretary on the Plaza de la Constitucion in Mexico City, during a trip to Mexico in September 2021. Photo: No. 10, Downing Street
Queen Elizabeth II greeting Ms Truss at a reception for international business and investment leaders at Windsor Castle in October 2021. PA
Liz Truss with Antony Blinken, the US secretary of state, in New York, in September 2021. Photo: No. 10, Downing Street
Ms Truss on a morning jog over Brooklyn Bridge in New York in September 2021. Photo: No. 10, Downing Street
Former Chancellor Philip Hammond, centre, holding his red ministerial box outside 11, Downing Street, flanked by Treasury colleagues Ms Truss and Mel Stride in October 2018. PA
Ms Truss, then secretary of state for justice, being escorted around HMP Brixton by prison governor David Bamford in November 2016. PA
Ms Truss as she became the first woman ever to hold the role of Lord Chancellor, arriving at the Royal Courts of Justice before being installed in July 2016. PA
In April 2016, the former environment secretary Liz Truss listening to former chancellor of the exchequer George Osborne (not seen) during his speech at the National Composites Centre in Bristol. PA
When she was environment minister, Ms Truss visited the bridge over the River Wharfe in Tadcaster, which collapsed after heavy flooding in December 2015. Getty Images
Addressing the Conservative party conference in Birmingham in 2014 when she was secretary of state for environment, food and rural affairs. Getty Images
Mr Truss on the Sawnnington Farm to Fork stand at the Norfolk Food Festival at the Houses Of Parliament in October 2011. PA
Conservative Parliamentary candidate for South-West Norfolk Elizabeth Truss, while canvassing in the village of West Walton during the 2010 General Election campaign. PA
The former Conservative Shadow Home Secretary, Dominic Grieve, centre, speaking at the launch Reform's Lawful Society report on the nature of crime and the incentives in the criminal justice system while Ms Truss looks on, in September 2008. PA
Former Conservative Leader William Hague meeting conservative candidate for Calder valley Ms Truss, during the General Election Campaign for 2005. PA
Shadow climate change secretary Ed Miliband said the question of who pays was “core” to any solution.
“By ruling out a windfall tax, Liz Truss, in one of her first acts as prime minister, has written a blank cheque to the oil and gas giants making £170bn in excess profits, and the British people will foot the bill,” Mr Miliband said.
“Every penny her government refuses to raise in windfall taxes is money that they will be loading on to the British people for years to come.”
On Wednesday, Ms Truss’s official spokesman said the existing windfall tax imposed under Mr Johnson still stands, despite her opposition to such levies.
Downing Street also indicated the moratorium on fracking in England could be lifted in the energy package, despite the 2019 Conservative policy opposing an end to the ban without science showing it can be done safely.
Ms Truss vowed during her leadership campaign that she would end opposition to shale gas extraction in places where it is backed by local communities.
She began PMQs by striking a conciliatory tone, promising to work with MPs across the House to deal with “the challenges we face”, at a “vital time for our country”.
But her clash with Sir Keir showed clear dividing lines on fiscal policy, with Ms Truss determined to scrap planned increases in corporation tax.
“There’s nothing new about the Tory fantasy of trickle-down economics, nothing new about this Tory prime minister who nodded through every decision that got us into this mess and now says how terrible it is," Sir Keir said.
"And can’t she see there’s nothing new about a Tory prime minister who, when asked who pays, says ‘It’s you, the working people of Britain?'”
Ms Truss told him: “I will take immediate action to make sure we have lower taxes and we grow the economy, and that way I will ensure we have a positive future for our country and we get Britain moving.”
Meanwhile, she has continued to make appointments to her government – with several MPs who supported Rishi Sunak in the leadership race awarded ministerial posts.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name:Airev
Started: September 2023
Founder:Muhammad Khalid
Based:Abu Dhabi
Sector:Generative AI
Initial investment:Undisclosed
Investment stage:Series A
Investors:Core42
Current number of staff:47
Gifts exchanged
King Charles - replica of President Eisenhower Sword
Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
Donald Trump - hand-bound leather book with Declaration of Independence
England, 1st innings 357-5 (87 overs): Root 184 not out, Moeen 61 not out, Stokes 56; Philander 3-46
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
UAE currency: the story behind the money in your pockets
All matches in Bulawayo Friday, Sept 26 – First ODI Sunday, Sept 28 – Second ODI Tuesday, Sept 30 – Third ODI Thursday, Oct 2 – Fourth ODI Sunday, Oct 5 – First T20I Monday, Oct 6 – Second T20I
Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Top Hundred overseas picks
London Spirit: Kieron Pollard, Riley Meredith
Welsh Fire: Adam Zampa, David Miller, Naseem Shah
Manchester Originals: Andre Russell, Wanindu Hasaranga, Sean Abbott
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700. The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers. The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
Match info
What: Fifa Club World Cup play-off Who: Al Ain v Team Wellington Where: Hazza bin Zayed Stadium, Al Ain When: Wednesday, kick off 7.30pm
Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
UAE currency: the story behind the money in your pockets
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
Company Profile
Name: Thndr Started: 2019 Co-founders: Ahmad Hammouda and Seif Amr Sector: FinTech Headquarters: Egypt UAE base: Hub71, Abu Dhabi Current number of staff: More than 150 Funds raised: $22 million
The lowdown
Rating: 4/5
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
Set-jetting on the Emerald Isle
Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Best DocumentaryOf Fathers and Sons by Talal Derki
Best FilmYomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
