Latest news with #RainNewton-Smith
Scottish Sun
3 days ago
- Business
- Scottish Sun
Women nearing retirement to get £5,000 a year less in private pension income than men, experts warn
Four in ten workers are under-saving for their golden years PENSION INEQUALITY Women nearing retirement to get £5,000 a year less in private pension income than men, experts warn Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) WOMEN nearing retirement can expect to get £5,000 a year less in private pension income than men, experts say. Fresh analysis shows they will typically receive around £100 per week compared to a little over £200 a week for blokes. Sign up for Scottish Sun newsletter Sign up 2 People deserve to know they'll have a decent income in retirement — but the truth is that is not the reality facing many, said Liz Kendall The greater likelihood of a history of part-time jobs and caring responsibilities may contribute to women getting less. Resulting lower National Insurance contributions could also curtail their state pension. The introduction of automatic pension enrolment from 2012 has helped women and men, the experts insist. But retirees in 2050 are predicted to have £800 — eight per cent — less private pension income than those today. Meanwhile, four in ten workers — nearly 15million — are under-saving for their golden years, with low earners and the self-employed hit the hardest, research shows. The Government will today revive the Pension Commission to address the findings. Work and Pensions Secretary Liz Kendall said: 'People deserve to know they'll have a decent income in retirement — but the truth is that is not the reality facing many. 'The Pensions Commission laid the groundwork, and now, two decades later, we are reviving it to tackle the barriers that stop too many saving in the first place.' The British Chambers of Commerce said that any costs to businesses on top of National Insurance contributions and the Employment Rights Bill would have to be 'gradual'. And they must be paused if economic conditions worsen, giving businesses time to adjust to increased costs, it added. Rain Newton-Smith, director-general of the Confederation of British Industry, said there must be a consensus in business, Government and society that the system is affordable for employers and workers. Pension expert on how to retire early- Scotish Widows
North Wales Chronicle
05-06-2025
- Business
- North Wales Chronicle
Centrica strikes £20 billion gas supply deal with Equinor
The firms said the new deal will see Centrica take delivery of five billion cubic metres of gas per year up to 2035. Chris O'Shea, boss of Centrica, said the deal ensures an improvement in UK energy security and stressed that the business is working with the Government to build further gas storage. It comes ahead of a speech from the boss of the Confederation of British Industry, who is calling on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security. Rain Newton-Smith, chief executive of the business group, will say that Britain must address soaring energy tariffs as firms struggle under the weight of crippling power bills on top of tax and wage hikes, in a speech later on Thursday. Around half of all UK gas was imported from Norway last year, after a recent increase in demand following the Russian invasion of Ukraine. Centrica added that the contract will also call for natural gas sales to be replaced with hydrogen in the future. Mr O'Shea said: 'Equinor is a valued partner and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. 'Over the last few years, we've seen first-hand how important energy security is. 'Today's deal not only ensures the UK's energy security has improved but also paves the way for a burgeoning hydrogen market. 'The deal represents a significant investment in the UK's future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders.' Equinor's president and chief executive Anders Opedal said: 'For nearly 50 years, we have supported the UK's energy security with reliable gas supplies. 'In addition, we have advanced offshore wind and pioneered decarbonisation solutions. 'We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica.'
Leader Live
05-06-2025
- Business
- Leader Live
Centrica strikes £20 billion gas supply deal with Equinor
The firms said the new deal will see Centrica take delivery of five billion cubic metres of gas per year up to 2035. Chris O'Shea, boss of Centrica, said the deal ensures an improvement in UK energy security and stressed that the business is working with the Government to build further gas storage. It comes ahead of a speech from the boss of the Confederation of British Industry, who is calling on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security. Rain Newton-Smith, chief executive of the business group, will say that Britain must address soaring energy tariffs as firms struggle under the weight of crippling power bills on top of tax and wage hikes, in a speech later on Thursday. Around half of all UK gas was imported from Norway last year, after a recent increase in demand following the Russian invasion of Ukraine. Centrica added that the contract will also call for natural gas sales to be replaced with hydrogen in the future. Mr O'Shea said: 'Equinor is a valued partner and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. 'Over the last few years, we've seen first-hand how important energy security is. 'Today's deal not only ensures the UK's energy security has improved but also paves the way for a burgeoning hydrogen market. 'The deal represents a significant investment in the UK's future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders.' Equinor's president and chief executive Anders Opedal said: 'For nearly 50 years, we have supported the UK's energy security with reliable gas supplies. 'In addition, we have advanced offshore wind and pioneered decarbonisation solutions. 'We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica.'
South Wales Guardian
05-06-2025
- Business
- South Wales Guardian
Centrica strikes £20 billion gas supply deal with Equinor
The firms said the new deal will see Centrica take delivery of five billion cubic metres of gas per year up to 2035. Chris O'Shea, boss of Centrica, said the deal ensures an improvement in UK energy security and stressed that the business is working with the Government to build further gas storage. It comes ahead of a speech from the boss of the Confederation of British Industry, who is calling on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security. Rain Newton-Smith, chief executive of the business group, will say that Britain must address soaring energy tariffs as firms struggle under the weight of crippling power bills on top of tax and wage hikes, in a speech later on Thursday. Around half of all UK gas was imported from Norway last year, after a recent increase in demand following the Russian invasion of Ukraine. Centrica added that the contract will also call for natural gas sales to be replaced with hydrogen in the future. Mr O'Shea said: 'Equinor is a valued partner and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. 'Over the last few years, we've seen first-hand how important energy security is. 'Today's deal not only ensures the UK's energy security has improved but also paves the way for a burgeoning hydrogen market. 'The deal represents a significant investment in the UK's future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders.' Equinor's president and chief executive Anders Opedal said: 'For nearly 50 years, we have supported the UK's energy security with reliable gas supplies. 'In addition, we have advanced offshore wind and pioneered decarbonisation solutions. 'We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica.'
Glasgow Times
05-06-2025
- Business
- Glasgow Times
Centrica strikes £20 billion gas supply deal with Equinor
The firms said the new deal will see Centrica take delivery of five billion cubic metres of gas per year up to 2035. Chris O'Shea, boss of Centrica, said the deal ensures an improvement in UK energy security and stressed that the business is working with the Government to build further gas storage. It comes ahead of a speech from the boss of the Confederation of British Industry, who is calling on the Government to come up with a 'serious plan' to cut energy costs and invest in energy security. Rain Newton-Smith, chief executive of the business group, will say that Britain must address soaring energy tariffs as firms struggle under the weight of crippling power bills on top of tax and wage hikes, in a speech later on Thursday. Around half of all UK gas was imported from Norway last year, after a recent increase in demand following the Russian invasion of Ukraine. Centrica added that the contract will also call for natural gas sales to be replaced with hydrogen in the future. Mr O'Shea said: 'Equinor is a valued partner and this landmark agreement underscores the vital role that natural gas plays as a transition fuel as we navigate towards a low carbon energy future. 'Over the last few years, we've seen first-hand how important energy security is. 'Today's deal not only ensures the UK's energy security has improved but also paves the way for a burgeoning hydrogen market. 'The deal represents a significant investment in the UK's future, showing that Centrica will make bold investments that drive forward the energy transition while delivering value for our shareholders.' Equinor's president and chief executive Anders Opedal said: 'For nearly 50 years, we have supported the UK's energy security with reliable gas supplies. 'In addition, we have advanced offshore wind and pioneered decarbonisation solutions. 'We are pleased to strengthen the energy partnership further through a new gas sales agreement with our longstanding customer and partner Centrica.'
