Ed Miliband confirms crackdown on North Sea exploration – but new drilling will continue

Labour's stance on North Sea oil and gas production remains unclear, as it balances a commitment to halt new drilling licenses while promising to manage existing fields throughout their operational lifespan. This contradiction raises concerns about job security in an industry already facing significant job losses, estimated at 1,000 per month according to Robert Gordon University.

Chancellor Rachel Reeves faced significant chaos leading up to her budget announcement, with the Office for Budget Responsibility's premature release of key measures contributing to market turmoil. This approach, intended to preemptively manage expectations, resulted in a pre-budget shambles that raised questions about her strategy and leadership.

The UK government has announced a plan that allows limited new drilling in the North Sea while maintaining its commitment to a ban on new oil and gas licenses, as articulated by Energy Secretary Ed Miliband following the Cop30 climate conference in Brazil. This strategy includes permitting 'tiebacks' to existing fields, which will enable some fossil fuel extraction despite broader climate goals.

HP has announced plans to cut up to 6,000 jobs globally by 2028 as part of a significant restructuring effort aimed at accelerating product development through the adoption of artificial intelligence. This decision follows a lower-than-expected profit outlook for the upcoming year, reflecting ongoing challenges within the company.

Chancellor Rachel Reeves has announced a freeze on income tax thresholds until the 2030-31 tax year, a move aimed at addressing the deficit in public finances. This decision is expected to lead to 'fiscal drag,' where individuals may find themselves in higher tax brackets as their incomes rise, effectively increasing their tax bills without any changes to the tax rates themselves.

Chancellor Rachel Reeves has presented the UK Budget for 2025, which includes significant reforms aimed at addressing the ongoing cost of living crisis. Key announcements feature the scrapping of the two-child benefit cap and the introduction of a mansion tax, alongside various tax increases and welfare changes. This budget is seen as a pivotal moment for the Labour government as it seeks to navigate economic challenges.

The Chancellor of the Exchequer is set to announce a new North Sea Strategy during her upcoming Budget speech, which will allow for increased drilling in the North Sea. This initiative reflects the Labour government's approach to energy production and economic growth in the region.

The UK government has announced an extension of the sugar tax to include bottled milkshakes and pre-packaged lattes, lowering the sugar threshold from 5g to 4.5g per 100ml. This initiative aims to address rising obesity rates among children and improve public health outcomes.