A publicly owned electricity generation firm could save Britons nearly £21bn a year, according to new analysis that bolsters Labour’s case to launch a national energy company if the party gains power. Thinktank Common Wealth has calculated that the cost of generating electricity to power homes and businesses could be reduced by £20.8bn or £252 per household a year under state ownership, according to a report seen by the Guardian. – Guardian
Business leaders say frayed relations with the EU are costing the British economy, as suppliers in the bloc grow more cautious about doing business with post-Brexit Britain. Adding to the pressure on Rishi Sunak’s government as bosses warn that the UK is falling behind its peers, the manufacturers’ group Make UK called for an urgent reset of political and trading relationships with the EU. – Guardian
National Grid has told an emergency coal power station to start warming up as the country braces for a cold snap on Tuesday. The West Burton A plant near Retford in Nottinghamshire will be placed on standby to meet demand if energy use surges as temperatures drop. The plant is one of three that were due to close in September 2022 but have been kept online in case needed amid concern about energy security this winter. They have been warmed up several times so far this winter, but not yet used. – Telegraph
The government’s plan to overhaul the rules for the insurance industry could increase the annual probability of a life company failing by about 20 per cent, the governor of the Bank of England has warned. The Bank’s estimate of the higher risk, which was disclosed by Andrew Bailey in a letter to MPs on the Commons treasury select committee, could reignite tensions between the Bank and the government over ministers’ plans to loosen the regulations governing insurers. They have already clashed about the reforms. – The Times
Consumers increasingly turned to discount retailers last month as their spending on utility bills soared. Household spending in discount stores grew by 5.5 per cent in February as shoppers sought cheaper goods, according to Barclaycard data. The growth in spending in value outlets has picked up from 4.2 per cent in January. – The Times
