Labour is still in a muddle on North Sea oil and gas | Nils Pratley

Labour’s manifesto commitment on North Sea oil and gas production was a fudge. On one hand, it said no new licences “to explore new fields” would be granted. On the other, it said existing fields would be managed “for the entirety of their lifespan” in a way “that does not jeopardise jobs”.The formulation raised many questions. Where, exactly, would the line be drawn between a new field and an existing field? What would be the approach to protecting workers when, as now, North Sea jobs are estimated to be going at a rate of 1,000 a month according to analysis by Robert Gordon University?The thinking is only slightly easier to understand now

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

The government has ruled out new North Sea oil and gas exploration or lower taxes for fossil fuel companies as it struggles to protect workers from the industry’s collapse.In a strategy paper, Ed Miliband confirmed the crackdown on new North Sea exploration – although the energy secretary will still allow new offshore fossil fuel projects to move ahead as long as they are linked to existing fields.The strategy was released alongside Rachel Reeves’ budget statement, which ended months of speculation over the future of the North Sea industry by confirming the government’s intention to ban new oil and gas licences to explore new fields, and keep tax rates in place.The Labour party swept to power with a promise to end new exploration drilling, alongside a pledge to work with oil and gas companies to manage the North Sea’s remaining lifespan.The government hopes that by allowing “tie-back” projects that are linked to existing schemes it can strike a balance between protecting thousands of North Sea jobs and meeting the UK’s climate commitments

North Sea plan allows drilling while enabling Labour to keep ‘no new licences’ pledge

The energy secretary, Ed Miliband, has returned from the Cop30 climate conference in Brazil, where he championed the UK’s world-leading promise to ban all new oil and gas licences and backed the call for a blueprint to “transition away from fossil fuels”.Back at home, the government says it is sticking to its manifesto pledge by becoming the first major economy to have a 1.5C- and climate science-aligned no new licences position, but it plans to allow some new drilling in oil and gas fields that have existing licenses.The North Sea strategy, released on Wednesday alongside the autumn budget, will introduce “transitional energy certificates” that will allow new drilling on or near existing fields. These are called “tiebacks” and will enable a small amount of new fossil fuel extraction

Computer maker HP to cut up to 6,000 jobs by 2028 as it turns to AI

Up to 6,000 jobs are to go at HP worldwide in the next three years as the US computer and printer maker increasingly adopts AI to speed up product development.Announcing a lower-than-expected profit outlook for the coming year, HP said it would cut between 4,000 and 6,000 jobs by the end of October 2028. It has about 56,000 employees.“As we look ahead, we see a significant opportunity to embed AI into HP to accelerate product innovation, improve customer satisfaction and boost productivity,” said the California company’s chief executive, Enrique Lores.He said teams working on product development, internal operations and customer support would be affected by the job cuts

Ministers approve £750m Marlow Film Studios development after review

Ministers have approved a development to build a £750m Hollywood-style film and TV studios in Marlow, west of London, a project that has faced local opposition and been seen as a test of Labour’s appetite to prioritise economic growth.The Marlow Film Studios project has received high-profile backing from film-makers including the director of 1917, Sam Mendes, the director of Titanic and Avatar, James Cameron, and the Captain Phillips director, Paul Greengrass.Last year, Buckinghamshire county council rejected the planning application, prompting its backers to lodge an appeal to the national planning body to get the decision overturned.However, Angela Rayner, the former secretary of state for housing, communities and local government, called in the planning application. The outcome of the review had been seen as a benchmark for Labour’s desire to put economic growth ahead of local opposition, as stated repeatedly by the chancellor, Rachel Reeves

The latest inflation figures offer no joy – except to the gas producers whose windfall profits remain largely untouched | Greg Jericho

The latest inflation figures showed a jump in the growth of average prices from 3.6% to 3.8%. But they also indicate just how much our economy is caught up in the ramifications of Russia’s illegal invasion of Ukraine, which sent gas prices higher – and with it our electricity prices.The October consumer price index figures were a turning point for data in Australia