8th April 2022
Bite-sized business news from the UK and beyond
Good morning This week Forbes magazine published its annual list of the world’s billionaires. Reflecting the economic turmoil of recent months, this year’s honour roll has 87 fewer members than in 2021, the biggest drop since 2009. The 2,668 billionaires listed, worth $12.7tr combined, have $400bn less than they did last year.
Going nuclear: UK sets out energy independence plan
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ENERGYUK sets out energy independence plan
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.Last 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 with the energy price cap rising by 54% last week.Against this backdrop the government has published its plan to make the UK energy independent which it believes will help make energy bills more affordable.At the heart of the strategy nuclear power, which currently generates 16% of UK electricity. But the government wants to increase this by speeding up the construction of nuclear power plants from one per decade to one per year. Wind, hydrogen and solar power generation will also be boosted in a push for 95% of the UK’s electricity to come from domestic low-carbon energy sources by 2030.That means that there’ll still be a place for oil and gas with more drilling projects in the North Sea.
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