Good morning.
The government has given its all to a controversial gas drilling project in Surrey’s bucolic province.
A written statement from the Minister of Housing, Stuart Andrew, confirmed that UK Oil & Gas had been granted a three-year license to explore a site in Locksley near Dunsfold.
This comes even after the bill was twice rejected by the Tory-run Waverley City Council, while Jeremy Hunt, a Conservative MP from Southwest Surrey, also opposed the move.
UK Oil & Gas, which welcomed the decision, estimated that the site could hold 43 billion cubic meters of gas, and drilling would allow it to determine the size of its reserves.
5 things to start your day with
1) The cost of refueling the average car reaches £ 100 as petrol prices rise: The cost of filling a tank with petrol is expected to reach £ 100 for the first time today as the cost of living crisis deepens.
2) Food supply in the UK is “vulnerable” after the fertilizer plant closes permanently: food supplies in the UK are now “vulnerable” after spiraling energy bills have led to the permanent closure of one of only two major fertilizer plants, farmers warned.
3) Sunak called for tax cuts to tackle the slowest growth of any major economy: Rishi Sunak has been urged by an influential global think tank to consider tax cuts as his forecasts show that the UK is on the way to growing slower than any major economy in the shadow of the war in Ukraine.
4) Households spend more than £ 500 million to turn off wind turbines: Wind turbine shutdown costs jumped to a record high last year as the UK’s cable network and storage capacity struggled to keep up with the amount of electricity generated.
5) £ 337 million worth of Yuan Blair is valued at more than £ 1 billion since its launch: Tony Blair’s son has an estimated fortune of £ 337 million after his launch at Multiverse secured new investments that increased his value to over £ 1 billion for the first time.
What happened during the night
Shares of Hong Kong rose early in trading this morning, with the Hang Seng index rising 0.5 percent.
The Shanghai Composite Index fell 0.1%, while the Shenzhen Composite Index on the second stock exchange in China lost 0.2%.
Shares in Tokyo rose, with the Nikkei 225 index rising 0.2 percent.
Expect today
- Corporate: CMC Markets, Fuller Smith & Turner, ITM Power, Mitie, Norcros (year-round results), AVI Global Trust, RWS (interim results), British American Tobacco (trade update)
- Economics: RICS (UK) housing survey, trade (China), European Central Bank (euro area) decision, unemployment applications (USA)
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