OPEC+ agrees in principle to raise oil output by 548,000 bpd in Sept, sources say
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Reuters
8 minutes ago
- Reuters
Boeing expected to fly 777-9 for first time in nearly five years, Air Current editor says
Aug 4 (Reuters) - Boeing (BA.N), opens new tab is expected to conduct the first flight of its 777-9 jet in about five years as early as August 5, Air Current editor Jon Ostrower said on Monday in a post on X, citing two people familiar with the matter. Reuters could not independently verify the report.
The Independent
25 minutes ago
- The Independent
Government asks body to consult on axing ‘discriminatory' minimum wage age bands
The Government has said it is pushing forward with plans to look at removing 'discriminatory' age bands for the national minimum wage as it extended the remit of the Low Pay Commission (LPC). It said the advisory body will consult with employers, trade unions and workers on narrowing the gap between the minimum wage rate for 18 to 20-year-olds, and the so-called national living wage – the UK minimum wage for workers 21 years and older. The LPC will also be required to put forward 'recommendations on achieving a single adult rate in the years ahead'. Chancellor Rachel Reeves said: 'To ensure the right balance is struck between the needs of workers, business affordability and the wider economy, the LPC is being asked to consult on several issues before recommending the new rates.' Last year, Labour committed to removing these age bands to create a 'genuine' national living wage, as part of efforts to bolster employment rights. Currently, the national living wage for workers aged 21 and older is £12.21. Meanwhile, the minimum wage for workers aged between 18 and 20 is £10. There is also a minimum wage for those aged under 18, and apprentices, of £7.55. The Government said the change to the LPC remit will also ensure it actively considers the cost of living in its recommendations for changes to the minimum wage which are next applied from April 2026. The LPC, which was founded in 1997, provides recommendations to the Government each October regarding how it believes the minimum wage should be changed. The Government ultimately sets minimum wage rates for the following April after this advice. Business Secretary Jonathan Reynolds said: 'Low pay drags down living standards for our workers and in turn hurts our high streets and local businesses. 'This Government's plan for change will put money back in people's pockets, with this new remit marking the next step in considering how we ensure a fair deal for our lowest-paid workers while maintaining a competitive economy that boosts businesses and their employees alike.' Baroness Philippa Stroud, chairwoman of the LPC, said: 'We are pleased to receive our remit from the Government. 'Already, since the beginning of the year, we have spent significant time speaking with workers and employers to understand the pressures in the economy and the effects of the most recent increases in the minimum wage. 'We have held a successful call for evidence and received detailed submissions from all sides.'
The Independent
38 minutes ago
- The Independent
Households could net thousands of pounds in savings from clean tech
Households with clean tech including heat pumps, solar panels and home charging for electric cars could save £37,000 over 15 years, a report suggests. But high initial costs of adopting the green technologies are a barrier for most people, with 92% of those on lower incomes feeling they are 'out of reach', the research by energy company Ovo warns. The firm is calling for an expansion of grants and low-cost loans to help people make the switch to green tech, particularly low income households, as well as a social tariff to support vulnerable people through the UK's transition to clean energy. And it joins widespread calls to reduce the cost of electricity, which is significantly more expensive than gas due in part to high policy costs added to power bills, to further incentivise the switch to electric heat pumps and cars. The report from Ovo, which has been reviewed by academics from the universities of Exeter, Leeds and Stirling, warns delaying the shift to the clean tech that is critical for the UK's efforts to cut climate emissions has a major financial impact for households. It looks at six green measures: heat pumps, home insulation, solar panels, leased electric vehicles (EV), a home EV charger and a smart meter. The average household installing all the measures would pay out, after incentives, around £15,500 to make the green switch. But they would get the return on their investment within five years, with savings on bills from the insulation, efficient heat pumps, home-generated solar, battery storage of power and EVs which are cheaper to run than petrol equivalents totalling around £17,600 by that point, the study suggests. And 15 years after installation, net savings could total more than £37,000. Even if the cost of inflation and borrowing to invest in the green tech is taken into account, net savings could add up to more than £23,000 over 15 years, the report says. However surveying for the report also found nearly three quarters of people (72%) cited upfront costs as their main reason for delaying adopting green technology, with two thirds (67%) needing to prioritise immediate financial needs over long term savings. And 92% of households with an annual income of less than £30,000 in the survey said green technologies feel 'out of reach' financially. That is despite nearly four fifths (78%) of the more than 4,000 people polled by Strand Partners saying they wanted to decarbonise their home further. People living in private rental homes are in a particular bind, with 81% feeling 'trapped in energy inefficient homes' with landlords not incentivised to pay the upfront costs when bill savings will be realised by their tenants. There was also a lack of knowledge about green technologies, with just 41% of households in the survey aware heat pumps could reduce their energy bills over time, and 64% of respondents were confused about which technologies would be most suitable for their home. But alongside the financial savings clean tech can offer, there is growing evidence energy efficiency can increase property values, reduce exposure to sudden market shocks and improve daily life for example by making homes more comfortable, the report said. David Buttress, Ovo's chief executive, said: 'We've stumbled into a false debate. 'Net zero is framed as expensive and unrealistic – but the data is clear: not decarbonising will cost households and the country far more. 'We talk endlessly about the cost of action and investing in net-zero – but the real crisis is the cost of inaction, and the investment that our energy system would require even without net zero upgrades. 'We need to move away from endless debate and accept that there is a clear economic reason for moving to clean energy sources.' Dr Maximilian Gerrath, of the University of Leeds, said consumers were not just making economic decisions about green tech, 'they're navigating a maze of fear, complexity, and inertia'. 'To accelerate decarbonisation, we must make green homes not just affordable, but easy, visible, and aspirational. 'Most people don't resist green upgrades because they dislike them – they resist because the benefits feel distant, while the costs are immediate,' he said. Nick Davies, head of climate policy at Green Alliance environmental think tank, said: 'Upgrading our homes with clean tech isn't just good for the planet, it's good for our bank balances in the long run too. 'This research shows just how big the green homes bonus can be for households that switch to clean tech like solar, home EV charging and heat pumps. 'We need more households to be able to access government support or finance to cover the upfront costs for these upgrades, so that more people can enjoy the cash-saving benefits of clean technology.' A Department for Energy Security and Net Zero spokesperson said: 'These findings show families can save thousands of pounds every year by upgrading their homes, protecting them from energy price spikes caused by volatile fossil fuel markets. 'We are investing £13.2 billion to upgrade up to five million homes over this parliament, while supporting industry to develop financing models that can remove the upfront cost entirely, helping more households make the switch to cleaner heating in a way that works for them.'
