28th March 2022
Bite-sized business news from the UK and beyond
Good morning After a pared back ceremony last year due to Covid, the Oscars returned to its full scale glitz last night. Coda was the big winner scooping the Best Picture and Best Supporting Actor awards.But even if you don’t win, you won’t walk away empty handed. Top nominees are given gift bags worth almost $140,000 which include items ranging from designer popcorn to a voucher for $12,000 worth of liposuction.
Government takes stake in nuclear plant
UK and Canada kick off trade talks
ECONOMYGovernment takes stake in nuclear plant
What’s going on?
Why is this important?
Soaring oil and gas prices and the war in Ukraine have brought energy security to the forefront for Western governments.Earlier this month the UK, US and EU announced plans to reduce the level of Russian oil and gas they import in response to the invasion of Ukraine. Unlike the EU, the UK is much less reliant on Russian energy but the knock on effects of reducing global supply have sent energy prices higher.Focus is now turning to alternative energy sources like nuclear. The UK generates about 16% of its electricity from nuclear, but almost half of current capacity is to be retired by 2025.The government plans to invest into a £20bn nuclear power plant with the French energy giant EDF also taking a stake. It’s hoped that the confirmation of two key backers in the scheme will encourage other investors to take part.Ultimately the taxpayer will have to contribute towards the plant. Households could see an extra £1 a month to their energy bill, but in the face of the current cost of living squeeze, exemptions for the poorest are likely to be made.
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ECONOMYUK and Canada kick off trade talks
Stat of the day
There are over 750 million £20 notes that will no longer be valid from 1 October
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