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Cameron Agrees ‘Rare Deal’ on Climate Change with Opposition Ahead of Election
Cameron Agrees ‘Rare Deal’ on Climate Change with Opposition Ahead of Election
Environmental leaders have welcomed a rare cross-party deal to tackle climate change struck between Britain’s leading political parties ahead of the general election.
Prime Minister David Cameron, Deputy Prime Minister Nick Clegg and opposition leader Ed Miliband of the Labour Party have jointly agreed to end the use of ‘unabated’ coal for power generation unless it uses new clean-up technology – and achieve a “fair, strong, legally binding” global climate deal.
John Sauven, Greenpeace UK executive director, said: “This pledge marks a turning point in the collective effort to take Britain’s energy system out of the Victorian age and into the 21st century.
“For the first time all of the UK’s main political parties have committed to ending carbon pollution from coal plants, giving this country a better chance of tackling climate change.”
Unusual Deal
This “highly unusual” deal was brokered by environmental think tank Green Alliance and supported by NGOs including WWF, Christian Aid and Greenpeace. It also sees the three parties promising to work together to transition to a “competitive, energy efficient low carbon economy” as well as set carbon budgets in line with the 2008 Climate Change Act.
…click on the above link to read the rest of the article…
Fears over deflation thwarted Bank of England vote to raise interest rate
Falling oil prices driving inflation down to 0.5% in January, forced Martin Weale and Ian McCafferty to back down
Fears that Britain could sink into a damaging “deflationary spiral” have stayed the hands of Bank of England policymakers who had pushed for an early interest rate rise, monetary policy committee member Martin Weale has revealed.
Weale was one of two MPC members who had consistently voted for higher borrowing costs from August last year, as the economy recovered. But after falling oil prices drove inflation down to 0.5% in January, Weale and his fellow anti-inflation “hawk”, Ian McCafferty, backed down and agreed that rates should remain at their record low of 0.5%.
In an article for the Observer, Weale, an independent member of the MPC, which meets each month to set interest rates for borrowers across the UK, explains publicly for the first time what made him change his mind.
Falling oil prices have so far been a boon for consumers, Weale says. But if everyone starts to assume that prices will continue declining, deflation can take hold.
“If very low expectations of inflation were to become entrenched there would be a risk that the economy would sink into a deflationary spiral. Wages and prices could fall, people might put off spending if they thought things would be cheaper in the future, and they would find that, even though interest rates were very low, their mortgages became a burden which was difficult to manage,” he writes.
…click on the above link to read the rest of the article…
Julian Assange has Spent 959 Days, or 1.3 Million Minutes, in Ecuador Embassy
Julian Assange has Spent 959 Days, or 1.3 Million Minutes, in Ecuador Embassy
Julian Assange, the founder of anti-secrecy website WikiLeaks, is still holed up in the Embassy of Ecuador in London.
In case you didn’t know, it’s been two and a half years–959 days or about 1,380,960 minutes–since he sought refuge at the embassy. He was facing extradition to Sweden over allegations of sexual assault.
Since then, it’s cost the U.K. government about $15 million to maintain a guard at the embassy, located in central London, reported LBC radio on Tuesday. On average, it costs more than $15,000 per day to guard the embassy.
Bernard Hogan-Howe, the chief of London’s Metropolitan Police, admitted the policing is “sucking resources” from the department.
…click on the above link to read the rest of the article…
Why a UK shale gas industry is incompatible with the 2°C framing of dangerous climate change
Why a UK shale gas industry is incompatible with the 2°C framing of dangerous climate change
This piece is a response to Professor Robert Mair’s Royal Society science policy blog, “Hydraulic fracturing for shale gas in the UK – an opportunity to shape a constructive way forward” (In Verba, 26th Jan):
Professor Mair’s Royal Society post suggests that the development of a UK shale gas industry is compatible with the UK’s climate change targets. I suggest this conclusion is premised on a partial and overly simplistic interpretation of the UK’s muddled climate change obligations.
Shale gas within domestic carbon budgets
The development of a UK shale gas industry may be compatible with the UK’s domestic carbon budgets – just.
These budgets are however premised on a high probability of exceeding the 2°C threshold between acceptable and dangerous climate change and on a highly inequitable allocation of the global carbon budget to the UK.
Even under such lax conditions (and hence a larger UK carbon budget) there is a significant risk that a new and large-scale UK shale gas infrastructure could become a stranded asset within a decade or so of major shale gas extraction.
…click on the above link to read the rest of the article…
HSBC bank ‘helped clients dodge millions in tax’
HSBC bank ‘helped clients dodge millions in tax’
Banking giant HSBC helped wealthy clients across the world evade billions of pounds worth of tax, the BBC has learned.
Panorama has seen accounts from 100,000 clients in more than 200 countries, leaked by a whistleblower in 2007.
The documents include details of almost 7,000 clients based in the UK.
HSBC admitted that some individuals took advantage of bank secrecy to hold undeclared accounts. But it said it has now “fundamentally changed”.
The bank now faces criminal investigations in the US, France, Belgium and Argentina.
HSBC said it is “co-operating with relevant authorities”. But in the UK, where the bank is based, no such action has been taken.
Offshore accounts are not illegal, but many people use them to hide cash from the tax authorities. And while tax avoidance is perfectly legal, deliberately hiding money to evade tax is not.
India’s finance minister Arun Jaitley has said that all Indian names on the list will be investigated, although he cautioned that some accounts might be legitimate. A current inquiry looking into more than 600 people who hold accounts overseas, will now be widened to look into the the current list of names.
The French authorities concluded in 2013 that 99.8% of their citizens on the list were probably evading tax.
…click on the above link to read the rest of the article…
UK Begins Preparations For Grexit
UK Begins Preparations For Grexit
As recently as two years ago, even the merest hint that any entity was preparing for what then was unthinkable, namely the Greek exit from the Eurozone, was enough to get one burned at the stake. After all, recall what happened when none other than the head of the ECB lied on the record to Zero Hedge, saying there is no Plan B for an ex-Greece Eurozone (even if he was technically right: Europe defined it as “Plan Z”).
Now, supposedly just because the ECB started monetizing about 100% of German gross Bund issuance two weeks ago (and monetizing debt all across the Eurozone for as long as said Eurozone exists: at this rate it may not be too long) “things are different“, and no longer is it taboo to either incite bank runs in Greece (in fact it is encouraged as both the ECB, Germany and S&P have tried to do in the past week), but outright discussions about preparation for a Grexit are a daily occurrence.
The U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said on Sunday.A spokeswoman for the Treasury declined comment on the details of the contingency planning.
…click on the above link to read the rest of the article…
Fracking set to be banned from 40% of England’s shale areas
Guardian analysis reveals new rules agreed by government will make huge swath of protected areas off limits for shale gas exploration
Fracking is set to be banned on two-fifths of the land in England being offered for shale gas exploration by the government, according to a Guardian analysis.
Such a wide-ranging ban would be a significant blow to the UK’s embryonic fracking industry, which David Cameron and George Osborne have enthusiastically backed.
There were setbacks last week after the Scottish government declared a moratorium and UK ministers were forced to accept a swath of new environmental protections proposed by Labour, leading some analysts to say the outlook for fracking was bleak
One of those new protections was to rule out fracking in national parks, areas of outstanding natural beauty (AONBs), sites of special scientific interest (SSSIs) andgroundwater source protection zones (SPZs).
Neither the government nor Labour have stated how much of the land available for future shale gas drilling – 60% of England – would be affected by the new bans. But a Guardian data analysis has revealed it is 39.7%, with large swaths of the south and south east off-limits, as well as the Yorkshire Dales and Peak district.
…click on the above link to read the rest of the article…
30,000 troops, 6 rapid units: NATO increases military power in Eastern Europe
30,000 troops, 6 rapid units: NATO increases military power in Eastern Europe
The NATO Response Force in Europe might increase to 30,000 troops, more than double the current 13,000, said the alliance’s secretary general after a defense ministers’ meeting in Brussels. Most of the troops are set to be stationed near Russia’s borders.
NATO’s rapid deployment forces will consist of a 5,000-strong brigade, sea and air-based elements and special task troops, said NATO’s Secretary General Jens Stoltenber after meeting with the alliance’s 28 defense ministers in Brussels on Thursday.
Before the meeting he noted that he expected the ministers to “agree on several important elements of a package that increases our collective defense.”
The UK has already announced plans to deploy 1,000 troops and four multirole Typhoon fighter jets to join the Response Force in Eastern Europe.
The spearhead of that force will be 5,000 servicemen, distributed among six compact command centers in Eastern Europe, with about only 50 officers in each.
“It is a response to what we have seen from Russia over a period of time and it is in full accordance with our international obligations,” NATO Secretary-General Jens Stoltenberg told reporters.
…click on the above link to read the rest of the article…
Leaked Document Could Shatter UK Shale Dreams
Leaked Document Could Shatter UK Shale Dreams
U.K. Prime Minister David Cameron’s hopes for a British-style shale gas revolution recently took a major hit.
Cameron has promised that his government will be “going all out” to develop Britain’s shale gas resources, which he argues will create new jobs and cut dependence on imported gas.
But a committee made up of members of parliament (MPs) from several political parties issued a damning new report on the state of “fracking” in the United Kingdom. The Environmental Audit Committee published a report that called for a 30-month moratorium on fracking, citing “huge uncertainties” regarding the environmental fallout from widespread drilling. On top of the usual controversies over water supplies, the report says that allowing fracking will upend British climate change goals.
“Ultimately fracking cannot be compatible with our long-term commitments to cut climate-changing emissions unless full-scale carbon capture and storage technology is rolled out rapidly, which currently looks unlikely,” MP and Committee Chair Joan Walley said. “There are also huge uncertainties around the impact that fracking could have on our water supplies, air quality and public health.”
Related: Emergency Tax May Not Be Enough To Save North Sea Oil
The committee report was a political bombshell in London, but the House of Commons overwhelmingly shot down an amendment – by a vote of 308 to 52 – on January 26 that would have banned fracking outright.
…click on the above link to read the rest of the article…
Message to the UK: the fracking ‘bridge’ is burning!
Message to the UK: the fracking ‘bridge’ is burning!
The lesson of fracking in the US and Canada is a simple one, writes Naomi Klein. The fracking industry is vicious, brutal and will stop at nothing to get its way. British anti-frackers can celebrate yesterday’s achievements – but the fight ahead will not be an easy one.
On a week-long trip to the UK last fall, I was struck by how quickly the push to open up the country to fracking has been escalating.
Thankfully, activists are mounting avigorous and creative response, and are more than up to the task of galvanizing the public to put a stop to this mad dash to extract.
A notable victory was scored yesterdaywhen MPs forced amendments through the UK government’s Infrastructure Bill to keep fracking out of national parks, areas of outstanding natural beauty, and places where major aquifers would be placed at risk of pollution.
But still MPs failed to impose the fracking moratorium demanded by the Environmental Audit Committee, and the fracking industry will still enjoy carte blanche to exploit shale gas across most of the country. The fight ahead will not be an easy one.
In rushing to exploit the UK’s shale gas reserves, the industry has spent millions on public relations and brazenly overridden the democratic will of British citizens by overturning laws that had prevented drilling under homes. The coalition government, meanwhile, has done the sector’s bidding at every turn.
…click on the above link to read the rest of the article…
MPs brand fracking ‘incompatible’ with UK climate targets
MPs brand fracking ‘incompatible’ with UK climate targets
Fracking should be banned because it is incompatible with the UK‘s climate targets, according to the cross-party House of Commons Environmental Audit Committee (EAC).
The committee’s report has been rushed out in advance of a series of parliamentary votes this afternoon on the government’s Infrastructure Bill. Ten MPs have tabled an amendment to the bill that would ban fracking “in order to reduce the risk of carbon budgets being breached”.
This amendment also has cross-party support: it is backed by former Conservative environment secretary Caroline Spelman along with two other Conservatives, five Labour MPs and one each for the Liberal Democrats and the Greens.
The Labour Party says it will block UK fracking unless the government agrees to a series of environmental conditions set out in a separate amendment to the Infrastructure Bill.
The committee report and parliamentary votes come at a crucial time for the nascent UK shale gas industry. It is hoping to resume exploration activities, which have been on hold since causing earth tremors in 2011.
Last week, Lancashire council’s planning department said exploratory fracking at two sites should not go ahead, citing concerns over noise and traffic. The council’s planning committee was due to have voted on the plans this week until developer Cuadrilla asked for more time.
Carbon Brief takes you through the EAC‘s conclusions on fracking and the climate, and assesses the evidence behind its findings.
…click on the above link to read the rest of the article…
David Cameron’s constituency safe from fracking as election looms – 200 MPs are not so lucky
David Cameron’s constituency safe from fracking as election looms – 200 MPs are not so lucky
Half of prime minister David Cameron’s cabinet face having their water reserves fracked under the controversial Infrastructure Bill but it remains unclear if Cameron’s own Oxfordshire constituency would also be subject to fracking.
More than 220 Tory and Lib Dem MPs and their constituents risk fracking firms drilling through sensitive water reserves in their respective areas, reveals analysis by GreenpeaceUK.
The findings were published just days before MPs cast their first vote on the Infrastructure Bill, which currently fails to ban fracking near groundwater reserves, or aquifers, and would see shale gas companies allowed to drill underneath people’s houses.
It follows a petition by environmental campaigners urging the prime minister to rethink his “all out” support for fracking. The petition was handed into No. 10 Downing Street this week with more than a quarter of a million signatures.
“Whether MPs are in favour or against fracking, protecting Britain’s major sources of drinking water from this risky industry should be a no-brainer,” said Simon Clydesdale, energy campaigner for Greenpeace.
“You simply don’t take chances with such a vital and irreplaceable resource, especially when evidence of harmful impacts from fracking keeps growing.”
…click on the above link to read the rest of the article…
World Bank forecast causes markets to tumble
World Bank forecast causes markets to tumble
Copper prices – seen as measure of global economy – fall along with shares, after growth prediction cut to 3%
Copper prices fell and shares plummeted across Europe as markets reacted to the World Bank’s decision to cut its economic forecasts for this year and next.
The price of copper, regarded as a barometer of global economic demand, fell as much as 8% to a low not seen for more than five years after the World Bank said the world economy was too reliant on the US.
The bank blamed reduced prospects for growth in the eurozone, the state of finances in Japan and some big emerging economies for its decision to cut its 2015 global growth forecast to 3% from 3.4%.
Germany’s Dax index fell 0.75%, dragged down by steel producer ThyssenKrupp, which fell 3.6%. In France the CAC index dropped 0.9% as rival steel company ArcelorMittal lost 4.5%.
In London, copper miner Antofagasta fell more than 10% and was the biggest loser in the FTSE 100 index, which was down 1.3%. All the 10 worst performers in the index, including Glencore and oil producer BG Group, were commodities companies. Brent crude fell 1.7% to $45.78 a barrel.
“Europe has been pretty sluggish, China’s still got that property overhang, Japan’s entered recession. You’ve got the US and UK going fine, so it’s a patchy global growth picture – but it’s one that has definitely deteriorated from six months ago,” UBS analyst Daniel Morgan said.
…click on the above link to read the rest of the article…
Low inflation should not be feared, says George Osborne
Low inflation should not be feared, says George Osborne
The sharp fall in the UK inflation rate should not be feared, Chancellor George Osborne will say in a speech later.
“We should not confuse this welcome news with the threat of damaging deflation that we see in the eurozone,” he will say in a speech.
The speech comes a day after official figures showed the UK inflation rate had fallen to 0.5% in December – its lowest rate since May 2000.
Economists have warned the fall means an outright drop in prices is possible.
But in extracts from the speech released by the Treasury, Mr Osborne tries to distance the UK from the scenario playing out in the eurozone, where deflation has become a problem for policymakers.
He says the sharp drop in the Consumer Prices Index is “almost entirely driven by external factors such as the oil price”, which has more than halved since June, and is “much more welcome than in the eurozone”, where inflation has fallen to -0.2%.
‘Self-reinforcing spiral’
Mr Osborne will say that the UK could experience “a few months of very low or even negative inflation” without any significant risk to the economy.
…click on the above link to read the rest of the article…
Unemployment, home-ownership and accommodation vouchers outside London
Unemployment, home-ownership and accommodation vouchers outside London
In a much earlier post, Tim Worstall pointed to the findings of Blanchflower & Oswald (2013), which is particularly important when considering that increasing home-ownership is something that the government has been encouraging. They showed “that rises in home ownership lead to three problems: (i) lower levels of labour mobility, (ii) greater commuting times, and (iii) fewer new businesses.” Alarmingly, they found that “rises in the home-ownership rate in a U.S State are a precursor to eventual sharp rises in unemployment in that state… a doubling of the rate of home-ownership in a U.S. State is followed in the long-run by more than a doubling of the later unemployment rate”. They also postulated that since “the time lags are long”, this could explain why “these important patterns are so little-known.” This means that the “negative externalities” felt from housing policy in this time-period may be felt further down the line and that future generations may be in for a nasty unemployment shock.
In the UK, we have lots of council housing but still, we supposedly don’t have enough low-cost housing. Milton Friedman famously suggested that, if we want to continue funding education in a way whilst ensuring that it is of a higher quality than what is currently provided by state schools, we should introduce education vouchers. Analogously, if we insist that society should house those who cannot house themselves, why don’t we introduce accommodation vouchers or housing vouchers which people can spend either on an extremely cheap mortgage (though, admittedly, the claim is that we’re short of low-cost housing) or on going towards rent for another place.
…click on the above link to read the rest of the article…
