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☆ Britain in talks with British Steel and Tata to secure industry's future
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 17 (Reuters) - Britain said on Monday it was in talks with steel makers, including British Steel, owned by China's Jingye Group, and India's Tata to help secure the industry's long-term future. The government said British Steel had agreed to maintain current operations and job numbers while the talks were under way. A government spokesperson said: "We are working across the steel sector on achieving their sustainable and competitive long-term future. "We recognise that businesses are feeling the impact of high global energy prices, particularly steel producers, which is why we announced the Energy Bill Relief Scheme to bring down costs." Register now for FREE unlimited access to Reuters.com RegisterReporting by Paul Sandle, editing by Elizabeth Piper and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Airbus 'turns page' on Brexit but presses UK on helicopters, space
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 12 (Reuters) - The head of planemaker Airbus "turned the page" on the planemker's past opposition to Brexit and pledged to keep wings production in Britain, but said the European aerospace giant hoped to be "better understood" on helicopters and space. Register now for FREE unlimited access to Reuters.com RegisterA British government source said Truss had joined her business minister's introductory meeting with Airbus. Britain also plans to buy up to 44 medium helicopters to replace its fleet of Pumas and other military models, with Airbus' European rival Leonardo (LDOF.MI) seen as front-runner. Analysts say Leonardo dominates the UK military market where Airbus is touting a military version of its H175. Faury said Airbus had "turned the page" on its public opposition to Brexit during Britain's 2016 referendum, which had been inspired by the European scale needed to build planes.

☆ The UK's recent market turmoil wasn't caused by the mini-budget, and the chaos was a result of interest rate 'differentials', Britain's business secretary says
▼ + stars: | 2022-10-12 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The turbulence in UK financial markets stems from the gap between UK and US interest rates, acob Rees-Mogg said Wednesday. The turbulence is "primarily caused by interest-rate differentials rather than by the fiscal announcement," he said. The fed funds rate in the US stands at 3%-3.25% and the UK's Bank Rate stands at 2.25%. "What has caused the effect in pension funds, because of some quite high-risk but low-probability investment strategies, is not necessarily the mini-budget. That decision was released after the Federal Reserve raised interest rates by a hefty 75 basis points, marking the third consecutive increase of that size, as it also battles inflation that's around a four-decade high.

☆ The UK lifted its ban on fracking to pursue energy independence as power bills soar, but experts say it's unlikely to help the energy crisis this winter
▼ + stars: | 2022-09-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The UK lifted a temporarily ban on fracking amid the ongoing energy crisis. UK energy bills are expected to be 80% higher in October than they were a year ago. The UK temporarily banned shale gas fracking in 2019 due to concerns about earth tremors from the process, which breaks up rocks with water at chemicals at high pressure in order to extract shale gas. Fracking companies welcomed the lifting of the ban, but some experts raise doubts over the impact of the move on UK consumers and the size of their energy bills. A Thursday report from the London School of Economics said it's a "false assumption" that shale gas produced at home would be priced significantly below international market prices.

☆ Energy crisis spurs Britain to end its fracking ban, digging up a long-running debate
▼ + stars: | 2022-09-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

The derrick is seen behind anti-fracking banners at Cuadrilla's Lancashire fracking site. Christopher Furlong | Getty ImagesLONDON — The U.K. government lifted its ban on fracking Thursday, citing the need to increase domestic energy supply following the Russian invasion of Ukraine. The divideA 2020 review by Warwick Business School estimated fracked gas could account for between 17% and 22% of U.K. energy consumption between 2020 and 2050. A past study found that shale gas operations themselves would contribute relatively little to greenhouse gas emissions. A report commissioned by the government in April and published Thursday found it was still not possible to accurately predict geological activity as a result of U.K. fracking operations.

☆ Britain lifts ban on fracking for shale gas
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

A fracking rig flares gas during an anti-fracking protest by Greenpeace activists outside the Houses of Parliament in London, Britain February 9, 2016. REUTERS/Stefan Wermuth/FilesLONDON, Sept 22 (Reuters) - Britain on Thursday formally lifted a moratorium on fracking for shale gas that has been in place since 2019, saying strengthening the country's energy supply was an "absolute priority". Business and Energy Secretary Jacob Rees-Mogg said all sources of energy needed to be explored, "so it's right that we've lifted the pause to realise any potential sources of domestic gas". Fracking, which involves extracting shale gas from rocks by breaking them up with water and chemicals at high pressure, was banned after the industry regulator said it was not possible to predict the magnitude of earthquakes it might trigger. The government said that ending the ban would allow drilling to restart and more data to be gathered, building an understanding of how shale gas can be safely extracted where there was local support.

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