Rachel Reeves should scrap the North Sea windfall tax now

The chancellor’s failure to reform or remove the energy profits levy (EPL) – AKA the North Sea windfall tax – in her spring forecast was a case of “political expediency and more to do with putting one byelection result before the economic needs of the country”. Who said that? Some Tory or Reform politician being opportunist as war in Iran puts the UK’s energy import dependency in the spotlight?Actually, no, it was the general secretary of the GMB union, Gary Smith, on Wednesday, demonstrating once again that views on the North Sea oil and gas do not fit neatly into a left-right divide. He has been making the principled case for an orderly transition in energy for ages, warning that decarbonising via deindustrialising costs jobs and will end up pushing voters rightwards.As it happens, one suspects Rachel Reeves’ silence on the EPL in her statement – despite heavy Westminster rumours that something was in the offing – was probably also motivated by war in Iran and spikes in the prices of oil and gas. It is harder, politically speaking, to reform a windfall tax if there is a chance that windfall conditions are returning

How will war in the Middle East affect your finances?

The war in the Middle East is thousands of miles away, but gyrations in financial markets and surging energy prices threaten a new cost of living crisis in the UK.Here is how it could affect your finances.Mortgage holders benefited from cheaper home loans in recent months after the Bank of England cut interest rates four times in 2025 to bring the base rate down to 3.75%. But that could be about to change

Sam Altman admits OpenAI can’t control Pentagon’s use of AI

OpenAI’s CEO, Sam Altman, told employees on Tuesday that his company does not control how the Pentagon uses their artificial intelligence products in military operations. Altman’s claims on OpenAI’s lack of input come amid increased scrutiny of how the military uses AI in war and ethics concerns from AI workers over how their technology will be deployed. “You do not get to make operational decisions,” Altman told employees, according to reports by Bloomberg and CNBC.“So maybe you think the Iran strike was good and the Venezuela invasion was bad. You don’t get to weigh in on that,” Altman reportedly said

Elon Musk takes witness stand in trial over Twitter takeover

Elon Musk testified Wednesday in a trial brought by Twitter investors, who allege the billionaire committed securities fraud as he was buying the social media company in 2022. The class-action lawsuit alleges Musk agreed to buy Twitter but then waffled for months, attacking the company with the goal of bringing down the stock price to get a better bargain.After contentious legal wrangling, Musk did eventually buy Twitter for $54.20 a share, his original offer, totalling around $44bn. His lawyers have argued that he did not aim to lower Twitter’s stock price or hurt its investors

‘It’s a generous deal’: McIlroy’s surprise at Rahm not accepting DP World Tour offer

Dust was yet to settle on Luke Donald’s commitment to a third successive stint as Europe’s Ryder Cup captain when Rory McIlroy highlighted the elephant in the locker room.McIlroy, in a sentiment shared by other European players, finds it hard to fathom why Jon Rahm has not reached agreement to make his participation at Adare Manor next September straightforward. Rahm’s Ryder Cup involvement sits in serious jeopardy amid a dispute with the DP World Tour. McIlroy calmly warned that the biennial contest matters more than any single individual.In news first revealed by the Guardian on Wednesday morning, Donald will seek to back up successful captaincies in Rome and New York with Europe’s Adare defence in 2027

Lou Holtz, legendary college football coach and broadcaster, dies at age of 89

Lou Holtz, one of the most revered coaches in the history of college football, has died at the age of 89. He had entered hospice care in January, shortly after his birthday.A statement from his family said Holtz would be “remembered for his enduring values of faith, family, service and an unwavering belief in the potential of others”.Holtz, whose affable personality helped him build a successful broadcasting career after his retirement from coaching, led Notre Dame to a national championship in 1988. He also had a successful career at Arkansas, where he went 11-1 in his debut season in 1977, upsetting Oklahoma in the Orange Bowl