GB Energy Chair Urges Approval of North Sea Drilling Licenses
GB Energy's chair has urged Energy Secretary Ed Miliband to approve additional North Sea drilling licenses, citing recent disruptions in fossil fuel markets due to events in Iran. This call comes amid a broader debate within the UK government, where ministers, including Miliband, emphasize the need to reduce dependence on volatile fossil fuel markets while some Conservative and Labour MPs advocate for lifting the ban on new oil and gas licenses.
UK to pilot social media restrictions for teenagers
The UK government will conduct a six-week pilot involving 300 teenagers aged 13 to 17 to test social media bans and digital curfews, aiming to assess their impact on schoolwork, sleep, and family life. Participants will be divided into four groups, with varying restrictions on app usage, including complete bans, time limits, and curfews, while a control group will maintain regular access. Technology Secretary Liz Kendall stated that the trial is intended to gather evidence to inform potential future legislation regarding social media access for under-16s.
Over 200 Low-Deposit Mortgages Withdrawn Amid Rate Rise
Over 200 low-deposit mortgage deals for first-time buyers have been withdrawn from the market as UK interest rates continue to rise, with the average rate on a two-year fixed mortgage now at 5.51%, up from 4.83% at the start of March. Rachel Springall from Moneyfacts noted that the recent withdrawals represent the largest single-day decline since the mini-Budget of 2022, indicating ongoing volatility in the mortgage market. Borrowers are advised to seek independent advice to navigate the current uncertainty.
UK government launches £1 billion electric vehicle funding
The UK government has announced a £1 billion funding initiative to support the transition to electric trucks and vans, aimed at reducing emissions and enhancing resilience against fuel price volatility. The funding includes grants that offer savings of up to £81,000 for the heaviest zero-emission trucks and up to £5,000 for electric vans, while businesses can also receive up to £1 million for installing charging infrastructure. Aviation, Maritime and Decarbonisation Minister Keir Mather stated that this investment will help the logistics sector, which is valued at £170 billion and supports 2.7 million jobs, to decarbonise and reduce operational costs.
