Europe is testing ground as Borthwick looks for Six Nations winning blend
Rachel Reeves faces another anxious week of second-guessing the City
Rachel Reeves intended to spend January burnishing her reputation on the global stage with trips to Beijing and Davos, and flipping the focus from her £40bn tax-raising budget to Labour’s plans to rekindle economic growth.Instead, the chancellor was reduced to watching anxiously, as a sell-off swept through government bond markets, and sterling came under intense pressure as a result.There was little new data on this side of the Atlantic to justify the market moves. US bond yields have been drifting upwards, as investors guess that inflation will remain higher for longer than previously thought.Part of the step up in borrowing costs in the UK, after yields – in effect the interest rates – on 30-year government bonds, or gilts, hit their highest level since May 1998, echoed the US
Why have Britain’s energy costs soared and what does it mean for Labour?
A rise in electricity costs this week has raised fears that officials operating Great Britain’s power market could be held to “ransom” by owners of gas power plants during cold, windless days in order to keep the lights on. Here, we look why costs have increased sharply, the trading rules for plants and the implications for Labour’s clean power ambitions.Britain’s energy grid has becoming increasingly dominated by wind power, which reached new records for clean power generation last year. But the grid operator was forced to pay more than £20m to safeguard Britain’s electricity supplies on Wednesday when high demand for electricity combined with low wind speeds, increasing the reliance on gas power plants.Industry experts believe that costs could reach similar levels on Friday as freezing, windless weather drives prices in the UK’s wholesale electricity market higher
Legal fight over €2.5bn worth of aircraft stuck in Russia plays out in Dublin
Sitting in a nondescript building near the high court in Dublin, about 40 cloaked barristers have gathered almost daily since June last year. At stake is €2.5bn (£2.1bn) worth of aircraft stranded in Russia after the invasion of Ukraine.Behind multiple screens and a mountain of warehouse boxes they are fighting to determine who should pay for the losses – the aircraft lessors or the several insurance companies, including Lloyd’s, AIG and Chubb
US job market soars past expectations in last report before Trump retakes White House
The US labor market expanded strongly in the last jobs report of the Biden administration, according to new data released on Friday.The number of new jobs added to the economy accelerated to 256,000 in December, up from 227,000 in November, soaring past expectations. The labor market last month was bolstered by new jobs in healthcare, retail and government.As the final jobs report of his administration, it’s a blowout for Joe Biden, who struggled to rally support around his economic agenda despite the economy strengthening after the pandemic.In a statement, the US president celebrated the new data and said that his administration created 16
No 10 insists UK has sufficient energy supply despite ‘concerningly low’ gas storage levels
The UK has enough gas and electricity to meet demand this winter, the government has insisted, after the owner of the country’s largest gas stores said levels had become “concerningly low” amid the current cold snap.Centrica, which also owns British Gas, said on Friday that its inventories had fallen by half since early November, to a quarter below where gas storage levels were at the same time last year when temperatures were milder than normal.The company blamed the decline to less than a week’s worth of gas – its full storage is the equivalent of 12 days of average use – on the early start to a colder than normal winter across the UK and high prices in the global wholesale market.A No 10 spokesperson said: “We are confident we will have a sufficient gas supply and electricity capacity to meet demand this winter, due to our diverse and resilient energy system.”The UK has some of the lowest levels of gas storage in Europe
Sparkling tea sales soar as Britons seek healthy options for festive fizz
The key question when offering tea used to be “milk or sugar?” but it could soon be “still or sparkling?” as the British institution becomes the latest target of a foodie makeover, with cold brews for al desko lunches and fancier fizz to serve like wine at dinner.With the traditional cuppa losing the battle with coffee, particularly with younger Britons, tea is winning new fans as it is recast as a soft drink with “wellbeing” powers and a headache-free alternative to booze.Sales of high-end sparkling teas soared over Christmas as it replaced champagne during festive toasts and it is fast becoming a staple of the “nolo” ranges of supermarkets and drinks specialists such as Majestic Wine amid the annual “dry January” marketing blitz.The Buckinghamshire-based drinks company Real says demand for its sparkling tea, which costs about £10 a bottle, is soaring. Over Christmas, sales of its fizz, which includes green tea-based Dry Dragon and Peony Blush (from white peony tea), were 72% and 60% up on 2023 levels in Ocado and Waitrose respectively
Rail passengers face disruption from Avanti strikes every Sunday until June
JPMorgan Chase requires all workers to return to office five days a week
TikTok ban: supreme court appears inclined to uphold law that could see app barred in US – as it happened
Let’s teach teenagers how to use smartphones responsibly | Letters
England’s Lauren Filer: ‘I don’t want to hurt anyone, but to get a few helmets is fun’
Callum Simpson: ‘Lily would want me to carry on … I know I made her proud through my boxing’