Oil and gas windfall tax rise would cost the economy £13bn, trade body warns

Increased windfall taxes on the UK’s offshore oil and gas industries would cost the economy about £13bn over the next five years and lead to a fall in tax receipts, a trade body has warned.

According to figures published by Offshore Energies UK (OEUK), the proposed increase in the Energy Profits Levy (EPL) would see investments in UK projects by oil and gas producers fall from an expected £14.1bn to just £2.3bn between 2025 and 2029.

The report added that while expected tax take from the sector would increase in the short term, a rapid fall in production triggered by the loss of investment would result in a £12bn decrease in tax receipts.

Train firms to cut railcard discounts without telling passengers

Train operators are preparing to trim railcard discounts, with a pro-rail group describing the move as ‘a step in the wrong direction’.

The PA news agency understands fare reductions will be reduced from 34% to 33.4% from September 15. Railcards which will be affected include those held by passenger groups such as people aged 16-30 or 60 and over, families travelling with children, people with a disability and military veterans.

Discounts are currently calculated as 34%, but train operators will take advantage of an easing of system limitations to apply a smaller reduction of 33.4%. Examples of Anytime Return fare increases for railcard holders include from £194.15 to £195.90 from Cardiff to London, and from £72.60 to £73.25 from Birmingham to Manchester.

Omoda reveals prices and specifications for 5 and E5 crossovers

Chinese car manufacturer Omoda has revealed prices and specifications for its first two models in the UK – the 5 and E5 crossovers.

The E5 comes with a 1.6-litre turbocharged four-cylinder petrol engine that produces 186bhp, while the E5 gets a 61kWh blade battery pack and a 204bhp motor to give a range of 257 miles.

There are two trim levels – Comfort and Noble. The entry-level Comfort is priced from £25,235 for the petrol variant, while the electric model comes in at £33,055. Moving up to the top-of-the-line Noble trim level will cost customers £27,035 for the petrol and £34,555 for the electric.

The markets

The FTSE 100 neared its record value before dipping to finish the day in the red on Friday.

London’s blue-chip index fell 3.01 points, or 0.04%, to end the day at 8,376.63. Frankfurt’s Dax index fell 0.03%, while the Cac 40 in Paris had closed down 0.13%. The S&P 500 had gained 0.21%, while the Dow Jones was 0.12% lower.

On currency markets the pound was trading 0.30% lower against the dollar at 1.3129 and had dropped 0.13% against the euro at 1.1872.

One-word Ofsted judgments for schools scrapped by government

Single-headline Ofsted grades for schools will be scrapped with immediate effect, the government has announced.

Previously, Ofsted awarded one of four headline grades to schools it inspects: outstanding, good, requires improvement and inadequate.

The announcement follows engagement with the sector and family of headteacher Ruth Perry, after a coroner’s inquest found the Ofsted inspection process had contributed to her death.

Bereaved and survivors hope ‘landmark’ Grenfell final report exposes wrongdoing

The final hearing of the second phase of the inquiry took place in November 2022 and the report will be published this week.

The report into phase one, published in October 2019, concluded the tower’s cladding did not comply with building regulations and was the ‘principal’ reason for the rapid and ‘profoundly shocking’ spread of the blaze.

It is expected inquiry chairman Sir Martin Moore-Bick and his two panel members will now go on to lay out their detailed findings regarding the actions of corporate firms in the construction industry, the local authority, London Fire Brigade and the government.

Listen to the latest Car Dealer Podcast

Zara Ross, current CEO of Ben, joins Jon Reay and James Batchelor to discuss the charity’s work and chat about the week’s news. Listen on Spotify and Apple Podcasts.

Source: Car Dealer