麻豆影视

Business

    • Truss: U.K. to cap domestic energy prices, end fracking ban

    Share
    LONDON -

    New British Prime Minister Liz Truss announced Thursday that her Conservative government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left residents across the United Kingdom facing a bleak winter.

    The moves are a huge government intervention in the economy by Truss, who sees herself as a small-state, free-market conservative. She says she favors tax cuts over handouts, but she has been forced to act by the scale of the crisis as Russia's war in Ukraine has sent energy prices surging.

    Truss also said she will approve more North Sea oil drilling and lift a ban on fracking to increase the domestic energy supply.

    It was a huge policy announcement from a prime minister who only took office on Tuesday. And it was overshadowed by concerns about the health of 96-year-old Queen Elizabeth II. As Truss made her statement in the House of Commons, she was informed that the queen is under medical care and doctors are "concerned" for her health.

    that "the whole country will be deeply concerned by the news from Buckingham Palace this lunchtime."

    In her energy statement, Truss said "we are supporting this country through this winter and next and tackling the root causes of high prices so we are never in the same position again."

    Truss said the two-year "energy price guarantee" means average household bills for heating and electricity will be no more than 2,500 pounds (US$2,872) a year.

    Bills had been due to rise to 3,500 pounds ($4,000) a year beginning in October, an 80% jump from the current average annual bill of 1,971 pounds. Energy costs are skyrocketing at a time when many people and businesses are still reeling from the economic aftershocks of COVID-19 and Brexit.

    Business and public institutions like hospitals and schools will also get support, but for six months rather than two years.

    The government says the cap will cut the U.K.'s soaring inflation rate by 4 to 5 percentage points. Inflation hit 10.1% in July and has been forecast to rise to 13% before the end of the year, triggering a prolonged recession, the Bank of England has said.

    The British government hasn't said how much the price cap will cost, but estimates have put it at over 100 billion pounds ($116 billion). Truss has rejected opposition calls to impose a windfall tax on oil companies' profits. The cap will be paid for out of Treasury funds and by borrowing.

    The opposition Labour Party says that means British taxpayers will have to foot the bill.

    Labour leader Keir Starmer said "the bill will be picked up by working people," rather than oil companies that are forecast to make 170 billion pounds ($195 billion) in windfall profits over next two years because of soaring energy prices.

    Thursday's announcement will bring relief to many, though critics say the government help should be targeted at the most vulnerable. Those already straining to keep up with relentlessly rising costs say they will still struggle -- though maybe not as much as feared.

    "I'm not optimistic at all. It's already too much of a struggle on what we're getting. I will be in debt without a doubt, there's no way I can pay 2,500 pounds," said Sharron Anderson, 60, a former government worker in London who recently became dependent on welfare payments after suffering a heart attack.

    After paying for essential bills, Anderson said she's left with 23 pounds ($27) a week to shop for food.

    "They should be taxing those energy companies more, that's what they should be doing. All those profits they're getting and they're not taxing them -- that alone makes me have no confidence (in Truss)," she added.

    The announcement comes after a summer in which the Conservative government refused to say how it would respond. Former Prime Minister Boris Johnson was not able to make major decisions after announcing in July that he would resign. Truss, who won the Conservative Party contest to replace Johnson as leader, declined to announce her plans before she was in office.

    The invasion of Ukraine has caused an energy crisis across Europe. Russia has reduced the supplies of cheap natural gas that the continent depended on for years to run factories, generate electricity and heat homes, sending prices soaring.

    Britain imports most of its natural gas -- though largely from Norway, not Russia -- and so is vulnerable to shifts in global prices. Truss' move will reduce inflation and limit the size of the recession but also lead to higher interest rates and government debt, said Paul Dales, chief U.K. economist for Capital Economics.

    "The reason we are in this difficult situation is because of (Russian President Vladimir) Putin's appalling war in Ukraine," Truss said. "But we do need to make sure that our energy supplies are more resilient and more secure, so we are never in this situation again."

    Truss announced a new "energy supply task force" that will negotiate long-term energy contracts with suppliers and said Britain would ramp up all domestic energy sources. The U.K. has dramatically increased the amount of energy generated by wind power in recent years and plans to build more nuclear power stations.

    Truss also said she would issue more than 100 new licenses for North Sea drilling and end a ban on fracking in Britain. Both measures will be condemned by environmentalists, who worry Truss may backtrack on the U.K.'s legally binding commitment to reduce carbon emissions to net zero by 2050.

    Britain suspended fracking in November 2019, saying it wasn't possible to accurately predict tremors associated with the drilling.

    Truss says she supports the net zero commitment to fighting climate change but that it should not come at a huge cost to people and businesses.

    CTVNews.ca Top Stories

    Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.

    The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    Canada

    • Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.

    • The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    • A man who was critically injured in a police-involved shooting in Hamilton late Sunday afternoon has died in hospital, says the province鈥檚 police watchdog.

    World

    Politics

    • Murray Sinclair鈥檚 family members say the late justice and senator has been laid to rest according to his wishes.

    • Prime Minister Justin Trudeau announced voters in Cloverdale鈥擫angley City will pick their next member of Parliament on Dec. 16.

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    For the second year in a row, the 鈥楪ift-a-Family鈥 campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

    Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

    A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

    As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

    A group of women in Chester, N.S., has been busy on the weekends making quilts 鈥 not for themselves, but for those in need.

    A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

    Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

    A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

    • Weather watchers were treated to an exceptionally rare display on Friday evening as rare cloud formations filled Vancouver skies.

    • For some shoppers it was Nov. 1, but for others the first hints of Christmas - saccharine treats, festive-fragranced candles and gaudily wrapped gift sets - were being noticed in stores long before the final Halloween decor had been cleared.

    • Thousands of people are expected to gather in downtown Vancouver on Monday to observe the city鈥檚 100th Remembrance Day ceremony.

    • Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift鈥檚 upcoming Eras Tour, which will be making a stop in Canada鈥檚 largest city for a six-show run later this month.

    • One man was transported to hospital early Monday morning after a stabbing in the northwest end of the city, Toronto police say.

    • Calgarians will be observing Remembrance Day at a number of different ceremonies across the city, including at the Hangar Flight Museum.

    • A home in the northeast Calgary community of Saddle Ridge was damaged in a fire on Sunday.

    • WEATHER

      WEATHER

      Conditions were warm early Monday and expected to remain that way for most of the day.

    • WATCH LIVE

      WATCH LIVE

      CTVNewsOttawa.ca looks at Remembrance Day ceremonies in Ottawa.

    • After months of controversy surrounding a dog park in Ottawa's west end, a solution has been reached to divide the park in half.

    • With fewer interments and rising maintenance fees, the money for Canada's largest military cemetery will run out in three to four years.

    • The employers association at the Port of Montreal locked out nearly 1,200 longshore workers, bringing a halt to traffic at the port.

    • Though most businesses are expected to be open on Remembrance Day, there are some establishments that will be closed to commemorate the holiday.

    • LIVE @ 10:45 A.M. MT

      LIVE @ 10:45 A.M. MT

      Monday is Remembrance Day, a time to honour armed forces members who have died in the line of duty.

    • WEATHER

      WEATHER

      This is shaping up to be one of the warmest Remembrance Days in the past decade, at least, for temperatures.

    • Maritimers will stop Monday to remember those who have served, and continue to serve, in Canada's armed forces for Remembrance Day.

    • A Cape Breton senior recalls her life in German-occupied France, and her mother鈥檚 death, during the Second World War.

    • Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday鈥檚 Remembrance Day Ceremony.

    • Remembrance Day is today, and a number of ceremonies are taking place around the province to honour those who gave their lives to serve our country.

    • A pillar in Canada鈥檚 history was honoured in Winnipeg Sunday afternoon, with thousands showing up to pay tribute to the life and legacy of the late Murray Sinclair.

    • Winnipeg police have identified two men involved in a stabbing incident earlier this week.

    • There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.

    • Regina author Valerie Crowther is celebrating the release of her book 鈥榃ar Letters: Linking Lives in the Second World War.鈥

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.

    • People across Canada will pause to reflect Monday at Remembrance Day Ceremonies across the country.

    • A man has been charged after a stabbing at an apartment building in Kitchener.

    • Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.

    • WATCH LIVE

      WATCH LIVE

      The events will start at 10:15 a.m. with a parade that forms up in front of the Delta London Armories, marches east on Dundas Street and turns north onto Waterloo Street to Dufferin Avenue, the west to the Cenotaph.

    • Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.

    • On Friday, the Sarnia Police Service (SPS) received a report of an alleged abduction in the area of Kathleen Avenue and Walnut Avenue.

    • Watch Live

      Watch Live

      Barrie residents will gather on Monday to honour Canada鈥檚 veterans and pay tribute to those who served and sacrificed for the country.

    • Environment Canada issued a weather alert for Barrie, Collingwood and surrounding areas, alerting residents about the wicked winds that are expected to pick up to 80 kilometres per hour in the afternoon hours.

    • A driver is facing multiple charges after a multi-vehicle collision on Highway 400 early Sunday morning.

    • WATCH LIVE

      WATCH LIVE

      Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.

    • One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.

    • More details have been released about a police investigation at the Ambassador Bridge that connects Windsor, Ont. and Detroit, MI.

    • Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.

    • Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.

    • The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.

    • The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.

    • Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year鈥檚 host for the Southern Alberta Summer Games.

    • The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.

    • There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.

    • It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.

    • Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.

    • Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 麻豆影视. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 麻豆影视