Pubblicato in: Devoluzione socialismo, Fisco e Tasse, Materie Prime, Regno Unito

Regno Unito. Il tetto dei prezzi energetici al consumo aumenterà del 51% ad aprile.

Giuseppe Sandro Mela.

2022-01-22.

Regno Unito 002

                         In sintesi.

– Nel Regno Unito vige un tetto massimo di 1,277 sterline sul costo delle bollette energetiche

– Il tetto dei prezzi dovrebbe aumentare del 51% a 1,925 sterline all’anno dal 1° aprile,

– Il limite annuale per una famiglia media su una tariffa variabile standard dovrebbe schizzare saltare fino a 2,55 sterline ($3.077) dal 1° ottobre.

– Da agosto sono falliti 24 distributori al dettaglio.

* * * * * * *

«The U.K.’s price cap on energy bills could soar in October for the second time this year, compounding mounting costs for households»

«The annual limit for an average household on a standard variable tariff could jump as high as 2,255 pounds ($3,077) from Oct. 1»

«That’s 77% higher than the current price cap and a 17% increase on the level the increase on the level the energy consultancy predicts will be in place from April»

«Cornwall also added its voice to calls for wider market reform and an end to the price cap, which currently protects around 15 million households from extreme hikes in their bills»

«Europe is facing an energy crisis — due largely to a supply crunch for natural gas — that’s driven 24 household suppliers bust since the start of August as wholesale power prices soar»

«Cornwall currently expects the price cap to increase 51% to 1,925 pounds per year from April 1, the first of its twice-yearly adjustments»

«The number of households in the U.K. struggling to pay their energy bills is set to triple when that happens»

* * * * * * *

Seguendo una logica micidiale, gli aumenti dei costi di produzione segnalati dalle variazioni del PPI si stanno riverberando sui costi al consumo.

Per gli energetici si tratta di un primo aumento del 51%, ma ad ottobre la stangata sarà micidiale.

Il numero di Cittadini non in grado di sostenere simili aumenti dovrebbe triplicarsi.

L’inflazione è un demone spietato: facile da evocarsi, ma ben difficile da esorcizzarlo.

* * * * * * *


U.K. Household Energy Price Cap Set to Surpass £2,255 in October.

(Bloomberg) — The U.K.’s price cap on energy bills could soar in October for the second time this year, compounding mounting costs for households.

The annual limit for an average household on a standard variable tariff could jump as high as 2,255 pounds ($3,077) from Oct. 1, according to Cornwall Insight Ltd. That’s 77% higher than the current price cap and a 17% increase on the level the increase on the level the energy consultancy predicts will be in place from April.

Cornwall also added its voice to calls for wider market reform and an end to the price cap, which currently protects around 15 million households from extreme hikes in their bills.

“The cap will not protect consumers from increases in gas and power prices in the long run,” said Gareth Miller, chief executive officer at Cornwall Insight, who called on the government to alleviate pressure on consumers through the tax and welfare system instead. “It is not helpful for government to keep pointing to the Default Tariff Cap when pressed on what action it is taking.”

Europe is facing an energy crisis — due largely to a supply crunch for natural gas — that’s driven 24 household suppliers bust since the start of August as wholesale power prices soar. While the price cap, currently set at 1,277 pounds by regulator Ofgem, has limited the costs companies can pass on to consumers, it has also made it more difficult for suppliers to make profits.

Cornwall currently expects the price cap to increase 51% to 1,925 pounds per year from April 1, the first of its twice-yearly adjustments. The number of households in the U.K. struggling to pay their energy bills is set to triple when that happens, according to the Resolution Foundation think tank. Ofgem is due to announce the April rise in early February.

Pubblicato in: Banche Centrali, Cina, Devoluzione socialismo, India, Regno Unito, Russia, Stati Uniti

Mondo. Proiezioni delle nazioni al 2050. Il trionfo dell’oriente. – Bloomberg.

Giuseppe Sandro Mela.

2022-01-04.

2022-01-01__ Proiezini GDP PPP al 2050 001

Pwc ha reso disponibile il report The World in 20250.

È un testo particolarmente lungo, per cui ne forniremo solo alcuni abstract.

* * * * * * *

«In our latest World in 2050 report we present economic growth projections for 32 of the largest economies in the world, accounting for around 84% of global GDP »

«But we expect a slowdown in global growth after 2020, as the rate of expansion in China and some other major emerging economies moderates to a more sustainable long-term rate, and as working age population growth slows in many large economies»

«China has already overtaken the US in 2014 to become the largest economy in purchasing power parity (PPP2) terms»

«In market exchange rate (MER) terms, we project China to overtake the US in 2028 despite its projected growth slowdown»

«The US could be down to third place in the global GDP rankings while the EU27’s share of world GDP could fall below 10% by 2050»

«We project new emerging economies like Mexico and Indonesia to be larger than the UK and France by 2030 (in PPP terms) while Turkey could become larger than Italy. Nigeria and Vietnam could be the fast growing large economies over the period to 2050»

«These are based on a model that takes account of projected trends in demographics, capital investment, education levels and technological progress»

«India’s share of world GDP in PPP terms could increase steadily from just under 7% in 2014 to around 13.5% in 2050»

«Our model projects that Indonesia (9th in 2014) and Brazil (7th in 2014) could rise to amongst the top 5 largest economies by 2050 in terms of GDP at PPPs»

Nota. La proiezione della EU27 deriva da un conto aggiornato.

* * * * * * *

Questa Tabella conferma sostanzialmente le precedenti.

Entro il 2050, ossia tra trenta anni, il blocco asiatico avrà a livello mondiale il predominio economico indiscusso.

Ciò che Bloomberg denomina ‘Free Economies’ altro non sarebbe che l’enclave liberal socialista occidentale, sempre poi che a tale data esista ancora. A tale data il suo spopolamento degli autoctoni sarà altamente drammatico.

L’occidente è destinato a scomparire, non tanto per la aggressività dei cinesi quanto piuttosto per la sua ideologia suicida.

Ci si metta quindi l’anima in pace. Quello delineato sarà il mondo i cui vivranno i nostri figli e nipoti.

* * * * * * *


Only 26% of World GDP to Come From Free Economies in 2050. – Bloomberg

«                       Highlights

In our latest World in 2050 report we present economic growth projections for 32 of the largest economies in the world, accounting for around 84% of global GDP.

We project the world economy to grow at an average of just over 3% per annum in the period 2014 – 50, doubling in size by 2037 and nearly tripling by 2050.

But we expect a slowdown in global growth after 2020, as the rate of expansion in China and some other major emerging economies moderates to a more sustainable long-term rate, and as working age population growth slows in many large economies.

The global economic power shift1 away from the established advanced economies in North America, Western Europe and Japan will continue over the next 35 years. China has already overtaken the US in 2014 to become the largest economy in purchasing power parity (PPP2) terms. In market exchange rate (MER) terms, we project China to overtake the US in 2028 despite its projected growth slowdown.

India has the potential to become the second largest economy in the world by 2050 in PPP terms (third in MER terms), although this requires a sustained programme of structural reforms3.

We project new emerging economies like Mexico and Indonesia to be larger than the UK and France by 2030 (in PPP terms) while Turkey could become larger than Italy. Nigeria and Vietnam could be the fast growing large economies over the period to 2050.

Colombia, Poland and Malaysia all possess great potential for sustainable long-term growth in the coming decades according to our country experts.

At the same time, recent experience has re-emphasised that relatively rapid growth is not guaranteed for emerging economies, as indicated by recent problems in Russia and Brazil, for example. It requires sustained and effective investment in infrastructure and improving political, economic, legal and social institutions. It also requires remaining open to the free flow of technology, ideas and talented people that are key drivers of economic catch-up growth.

We think that overdependence on natural resources could also impede long term growth in some countries (e.g. Russia, Nigeria and Saudi Arabia) unless they can diversify their economies.

                         Key findings: GDP projections to 2050

This report updates our long-term global economic growth projections4, which were last published in January 2013. These are based on a model that takes account of projected trends in demographics, capital investment, education levels and technological progress. We have updated both the base year data (from 2011 to 2014) and future assumptions on the key drivers of growth, as well as expanding the coverage of the model from 24 to 32 countries (now accounting for around 84% of total world GDP at PPP exchange rates).

The changing league table of world GDP in PPP terms is shown in Table 1. China is already the world’s biggest economy in PPP terms, and we project that India could have the potential to just overtake the US as the world’s second largest economy by 2050 in PPP terms (although the projected difference is small relative to the margin of uncertainty around any such projections).

We project that the gap between the three biggest economies (i.e. China, India and the US) and the rest of the world will widen over the next few decades. In 2014, the third biggest economy in PPP terms (India) is around 50% larger than the fourth biggest economy (Japan). In 2050, the third biggest economy in PPP terms (the US) is projected to be approximately 240% larger than the fourth biggest economy (Indonesia).

The rise of Indonesia and Nigeria through the world rankings throughout the period to 2050 is very striking: Indonesia rises from 9th in 2014 to 4th in 2050, and Nigeria rises from 20th in 2014 to 9th in 2050.

However, average income per capita (i.e. GDP per capita) will still be significantly higher in the advanced economies than the emerging economies in 2050. The current gap in income per capita between developing and developed countries is just too large to bridge fully over this period.»

Pubblicato in: Devoluzione socialismo, Regno Unito

Clima. Remake di un articolo BBC del 12 dicembre 2007. Non dimenticare.

Giuseppe Sandro Mela.

2022-01-11.

Bbc_news_logo

Nota importante. Sono debitore al sig. Alberto Ricci di avermi ricordato questo articolo.

Lo riportiamo senza commento alcuno, che già si commenta da solo.

* * * * * * *

Bbc. Sembrerebbe essere entrata in una crisi irreversibile. – Bloomberg.

Bbc. La cloaca delle menzogne. Soffre di essere stata smascherata. – Governo Inglese.

BBC’s reputation highly damaged by Diana interview report, says Patel.

Bbc. Bandita dalla Cina perché propala fake news. – Xinhua e Bbc.

China pulls BBC World News off the air for serious content violation

China bans BBC World News from broadcasting

Princess Diana Scandal Is a Genuine Crisis for the BBC

* * * * * * *


BBC. Arctic summers ice-free ‘by 2013’

Scientists in the US have presented one of the most dramatic forecasts yet for the disappearance of Arctic sea ice.

Their latest modelling studies indicate northern polar waters could be ice-free in summers within just 5-6 years.

Professor Wieslaw Maslowski told an American Geophysical Union meeting that previous projections had underestimated the processes now driving ice loss.

Summer melting this year reduced the ice cover to 4.13 million sq km, the smallest ever extent in modern times.

Remarkably, this stunning low point was not even incorporated into the model runs of Professor Maslowski and his team, which used data sets from 1979 to 2004 to constrain their future projections.

“Our projection of 2013 for the removal of ice in summer is not accounting for the last two minima, in 2005 and 2007,” the researcher from the Naval Postgraduate School, Monterey, California, explained to the BBC.

“So given that fact, you can argue that may be our projection of 2013 is already too conservative.”

                         Real world

Using supercomputers to crunch through possible future outcomes has become a standard part of climate science in recent years.

Professor Maslowski’s group, which includes co-workers at Nasa and the Institute of Oceanology, Polish Academy of Sciences (PAS), is well known for producing modelled dates that are in advance of other teams.

These other teams have variously produced dates for an open summer ocean that, broadly speaking, go out from about 2040 to 2100.

But the Monterey researcher believes these models have seriously underestimated some key melting processes. In particular, Professor Maslowski is adamant that models need to incorporate more realistic representations of the way warm water is moving into the Arctic basin from the Pacific and Atlantic oceans.

“My claim is that the global climate models underestimate the amount of heat delivered to the sea ice by oceanic advection,” Professor Maslowski said.

“The reason is that their low spatial resolution actually limits them from seeing important detailed factors.

“We use a high-resolution regional model for the Arctic Ocean and sea ice forced with realistic atmospheric data. This way, we get much more realistic forcing, from above by the atmosphere and from the bottom by the ocean.”

The Intergovernmental Panel on Climate Change (IPCC), the UN-led body which assesses the state of the Earth’s climate system, uses an averaged group of models to forecast ice loss in the Arctic.

But it is has become apparent in recent years that the real, observed rate of summer ice melting is now starting to run well ahead of the models.

The minimum ice extent reached in September 2007 shattered the previous record for ice withdrawal set in 2005, of 5.32 million square km.

The long-term average minimum, based on data from 1979 to 2000, is 6.74 million square km. In comparison, 2007 was lower by 2.61 million square km, an area approximately equal to the size of Alaska and Texas combined, or the size of 10 United Kingdoms.

                         Diminishing returns

Professor Peter Wadhams from Cambridge University, UK, is an expert on Arctic ice. He has used sonar data collected by Royal Navy submarines to show that the volume loss is outstripping even area withdrawal, which is in agreement with the model result of Professor Maslowski.

“Some models have not been taking proper account of the physical processes that go on,” he commented.

“The ice is thinning faster than it is shrinking; and some modellers have been assuming the ice was a rather thick slab.

“Wieslaw’s model is more efficient because it works with data and it takes account of processes that happen internally in the ice.”

He cited the ice-albedo feedback effect in which open water receives more solar radiation, which in turn leads to additional warming and further melting.

Professor Wadhams said the Arctic was now being set up for further ice loss in the coming years.

“The implication is that this is not a cycle, not just a fluctuation. The loss this year will precondition the ice for the same thing to happen again next year, only worse.

“There will be even more opening up, even more absorption and even more melting.

“In the end, it will just melt away quite suddenly. It might not be as early as 2013 but it will be soon, much earlier than 2040.”

The US National Snow and Ice Data Center (NSIDC) collects the observational data on the extent of Arctic sea ice, delivering regular status bulletins. Its research scientist Dr Mark Serreze was asked to give one of the main lectures here at this year’s AGU Fall Meeting.

Discussing the possibility for an open Arctic ocean in summer months, he told the meeting: “A few years ago, even I was thinking 2050, 2070, out beyond the year 2100, because that’s what our models were telling us. But as we’ve seen, the models aren’t fast enough right now; we are losing ice at a much more rapid rate.

“My thinking on this is that 2030 is not an unreasonable date to be thinking of.”

And later, to the BBC, Dr Serreze added: “I think Wieslaw is probably a little aggressive in his projections, simply because the luck of the draw means natural variability can kick in to give you a few years in which the ice loss is a little less than you’ve had in previous years. But Wieslaw is a smart guy and it would not surprise me if his projections came out.”

Former US Vice President Al Gore cited Professor Maslowski’s analysis on Monday in his acceptance speech at the Nobel Peace Prize ceremony in Oslo.

Pubblicato in: Devoluzione socialismo, Regno Unito

Regno Unito. Laburisti saldamente in testa nei sondaggi.

Giuseppe Sandro Mela.

2021-12-30.

2021-12-27__ UK Laburisti in vantaggio 001

Il Regno Unito dovrebbe tenere le prossime elezioni politiche nel maggio 2024: termine molto lontano, per cui i sondaggi elettorali sarebbero da leggersi con molto buon senso.

Pur tuttavia, grandi mutazioni sembrerebbero prender piede nel Regno Unito e, se si stabilizzassero, una vittoria dei laburisti potrebbe essere prospettabile con buone probabilità.

* * * * * * *

CPI, Indice dei Prezzi al Consumo, +5.1%

PPI, Producer Price Index +14.3%

Indice dei principali prezzi al dettaglio +7.2%

* * * * * * *

Regno Unito. Boris Johnson rischia una rivolta dei Tory sulla immigrazione.

Regno Unito. Johnson deve scegliere tra ideologia green oppure autosufficienza energetica.

Net zero announcement: UK sets out plans to cut greenhouse gas emissions

Johnson dispiega la flotta a proteggere la sua zona di pesca.

Boris Johnson sta bruciando i ponti con la Cina. – Bloomberg.

Johnson, identitario sovranista, attacca la Bbc liberal socialista.

* * * * * * *

Mr Boris Johnson sembrerebbe non essere riuscito a governare la situazione economica, specie poi la inflazione. La gente vuole prezzi stabili, ma si scontra con la crescente inflazione.

Sicuramente non gli ha giovato il clamoroso flop di Cop26 di Glasgow, ove ambiva poter assumere il ruolo guida del fronte mondiale anti-carbone, così come la sua ambigua posizione sui temi internazionali, in primis i rapporti con la Cina, ed il nodo di Hong Kong e di Taiwan. Di certo, il costo degli energetici è intollerabile da parte de comparto produttivo.

Il risultato finale è quello riportato in Tabella.

* * * * * * *


U.K.’s Labour Leads Conservatives 40%-32% in Poll: Sunday Times

Britain’s Labour Party has an eight-point lead over Prime Minister Boris Johnson’s Conservatives, according to a poll commissioned by the Sunday Times.

The survey of almost 25,000 people, with a breakdown of each constituency, found Labour with enough support to win a general election with 338 seats to the Conservatives’ 237, enough for a 26-seat Labour majority, the Sunday Times said. It showed Johnson losing his own seat in the House of Commons, which would make him the first incumbent prime minister to lose his seat.

Pubblicato in: Armamenti, Regno Unito, Russia, Unione Europea

Regno Unito ed EU. Non difenderanno militarmente l’Ukraina se fosse invasa.

Giuseppe Sandro Mela.

2021-12-22.

Ukraina 002

«→→ That would mean Nato not playing any role at all in any of the three Baltic republics or Poland, as well as having to abandon any plans for Ukraine and Georgia to eventually join the Western alliance ←←»

«Ukraine was not a member of Nato, so it is highly unlikely that anyone is going to send troops into Ukraine to challenge Russia»

* * * * * * *

«Britain and its allies are “highly unlikely” to send troops to defend Ukraine if Russia invades the country, the UK’s defence secretary has said»

«Russia has moved thousands of troops near Ukraine’s eastern borders»

«On Friday, Russia demanded strict limits on the activities of the US-led Nato military alliance in countries in Eastern Europe»

«Ukraine was not a member of Nato, so it is highly unlikely that anyone is going to send troops into Ukraine to challenge Russia»

«In proposals announced on Friday, Russia set out a series of radical demands – including requiring countries that joined Nato after the fall of the Soviet Union not to deploy troops or weapons in areas where they could be seen as a threat to Russia»

«Heavy bombers and warships would not be allowed in areas outside their national airspace or waters from which they could launch an attack»

«→→ That would mean Nato not playing any role at all in any of the three Baltic republics or Poland, as well as having to abandon any plans for Ukraine and Georgia to eventually join the Western alliance ←←»

* * * * * * *

I paesi della Nato, specie poi quelli della Europa dell’Est, stanno ospitando un sempre maggior numero di armi letali subito a ridosso del confine con la Russia.

Hanno anche spinto con forza l’ingresso della Ukraina nella Nato.

Queste però sono azioni che colpiscono interessi vitali russi, e che sarebbero valido motivo di guerra atomica.

Tuttavia, dopo aver lusingato e spinto l’Ukraina, Regno Unito ed Unione Europa annunciano che, nel caso, non la difenderebbero da una invasione armata russa.

Gran bei consiglieri fraudolenti!

* * * * * * *


UK troops will not be deployed to Ukraine to defend against Russia

Britain and its allies are “highly unlikely” to send troops to defend Ukraine if Russia invades the country, the UK’s defence secretary has said.

“We shouldn’t kid people we would,” Ben Wallace told the Spectator magazine. “The Ukrainians are aware of that.”

Russia has moved thousands of troops near Ukraine’s eastern borders, leading Western powers to urge President Vladimir Putin to de-escalate tensions.

Moscow has denied plans to attack and has asked for urgent talks with the US.

On Friday, Russia demanded strict limits on the activities of the US-led Nato military alliance in countries in Eastern Europe.

The alliance was originally set up to defend Europe against possible threats from the former Soviet Union.

In an interview with the Spectator, Mr Wallace said Ukraine was “not a member of Nato, so it is highly unlikely that anyone is going to send troops into Ukraine to challenge Russia”.

“That is why we are doing the best diplomatically to say to Putin don’t do this,” he said, adding that “severe economic sanctions” were the most likely form of deterrent.

Mr Wallace has previously said that the UK stands “shoulder to shoulder with the people of Ukraine” and remains determined to support them.

Earlier this week, UK Prime Minister Boris Johnson warned Mr Putin of “significant consequences” of any “destabilising action” in the region.

Ukraine shares borders with both the EU and Russia, but as a former Soviet republic it has deep social and cultural ties with Russia.

The Kremlin has accused Ukraine of provocation with its ambition to join Nato.

In proposals announced on Friday, Russia set out a series of radical demands – including requiring countries that joined Nato after the fall of the Soviet Union not to deploy troops or weapons in areas where they could be seen as a threat to Russia.

Heavy bombers and warships would not be allowed in areas outside their national airspace or waters from which they could launch an attack as part of the proposals.

That would mean Nato not playing any role at all in any of the three Baltic republics or Poland, as well as having to abandon any plans for Ukraine and Georgia to eventually join the Western alliance.

Russian Deputy Foreign Minister Alexander Grushko said on Saturday that the proposals were an attempt to avoid a possible military conflict.

He said Moscow was ready to hold talks with the US in an effort “to turn a military or a military-technical scenario of confrontation into a political process which will really strengthen military security”, Russia’s Interfax news agency reported.

The US has said it is open to discussions, but that it would be putting its own concerns on the table too.

White House spokeswoman Jen Psaki also said on Friday that there would be “no talks on European security without our European allies and partners”.

Russia has long resisted Ukraine’s move towards European institutions.

It invaded Georgia during a brief war in 2008 and seized Crimea from Ukraine in 2014, before backing separatists in eastern Ukraine.

Conflict in the east began in April 2014 and has claimed more than 14,000 lives, with casualties still being reported.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Regno Unito

Gran Bretagna. Prima tra i G7, la Banca Centrale alza gli interessi.

Giuseppe Sandro Mela.

2021-12-17.

Johnson Boris - Improta 001

                         In sintesi.

– BoE surprises with rate hike to 0.25%

– ECB cuts stimulus but maintains support

– BOJ set for policy decision on Friday

– Britain became the first G7 economy to hike interest rates

* * * * * * *

Come tutti i sistemi economici dell’enclave liberal socialista europea il problema più preoccupante è la inflazione.

Tutti gli investimenti che rendessero meno del livello inflattivo sarebbero in perdita netta.

Sospendere i QE è già cosa buona, ma senza rialzo dei tassi di interesse questa stagflazione continuerà a mietere vittime, falcidiando il risparmio ed imponendo rialzi dei prezzi al consumo, in primis degli alimentari.

Qui a seguito riportiamo alcuni dei principali macrodati inglesi: sono sconfortanti. Gli altri sono ben peggio. L’aumento dello 0.25% è come curare un addome acuto con una mezza compressa di aspirina.

2021-12-17__ Gran Bretagna 001

2021-12-17__ Gran Bretagna 002

2021-12-17__ Gran Bretagna 003

2021-12-17__ Gran Bretagna 004

Ripetiamo solo per chiarezza.

Con l’inflazione al 14.3% un aumento dello 0.25% fa tenerezza: è solo una pia illusione. Oppio ai popoli.

* * * * * * *

Bank of England raises interests, diverging from other central banks.

– BoE surprises with rate hike to 0.25%

– ECB cuts stimulus but maintains support

– BOJ set for policy decision on Friday

* * * * * * *

Dec 16 (Reuters) – Britain became the first G7 economy to hike interest rates since the onset of the pandemic on Thursday, with the U.S. Federal Reserve also signalling plans to tighten in 2022 but the European Central Bank only slightly reining in stimulus.

The different paths taken by major central banks underline deep uncertainties about how the fast-spreading Omicron variant will hit the global economy and their differing views on an inflation surge that is landing hard in the United States and Britain, but less so in Europe and less again in Japan.

While the risk of uncontrolled prices has taken precedent for the Fed and the Bank of England, European Central Bank President Christine Lagarde emphasised in a news conference that the pandemic was again depressing spending in the euro zone and threatening growth.

“To cope with the current pandemic wave some countries have introduced tighter containment measures … This could delay the recovery … The pandemic is weighing on consumer and business confidence,” Lagarde said.

In that environment, “we need to maintain flexibility and optionality” by withdrawing support “step by step”, but not committing to a full exit from pandemic support programmes, she added.

The Fed, by contrast, committed on Wednesday to end its pandemic bond-buying by March and laid out an accelerated timetable for interest rate increases.

Fed Chair Jerome Powell said the United States was heading in 2022 towards strong growth and full employment — a far-off prospect for most European labour markets — and that the Fed needed to treat inflation as the more pressing risk.

Bank of England policymakers raised the benchmark Bank Rate on Thursday to 0.25% from 0.1%, confounding economists’ expectations that it would stay on hold. The BoE said inflation was set to hit 6% in April, three times the BoE’s target level.

“The Committee continues to judge that there are two-sided risks around the inflation outlook in the medium term, but that some modest tightening of monetary policy over the forecast period is likely to be necessary to meet the 2% inflation target sustainably,” the UK central bank said.

UK daily coronavirus infections are at their highest since the earliest days of the pandemic, forcing Prime Minister Boris Johnson this week to impose new restrictions.

A first read-out of the UK Purchasing Managers’ Index (PMI) for December on Thursday showed Omicron had already hit British hospitality and travel firms – a day after data showed consumer price inflation at a decade-high.

The ECB, which has undershot its inflation target for most of the past decade, kept interest rates on hold and announced the end of its pandemic emergency asset-buying scheme next March.

But the euro zone central bank also promised copious support as needed via its long-running Asset Purchase Programme, confirmed its relaxed view on inflation, and signalled that any exit from years of ultra-easy policy will be slow.  

“The Governing Council judges that the progress on economic recovery and towards its medium-term inflation target permits a step-by-step reduction in the pace of its asset purchases over the coming quarters,” it said in a statement.

The Bank of Japan is due to announce its policy on Friday. With consumer-level inflation remaining largely absent, only a slight reduction in corporate asset purchases is under discussion at its meeting.

                         MAXIMUM EMPLOYMENT.

The Fed on Wednesday doubled the pace at which it will cut bond purchases, while forecasts from its policymakers signalled as many as three interest rate increases next year.  

“The economy no longer needs increasing amounts of policy support,” Powell told a news conference. “In my view, we are making rapid progress toward maximum employment.”

Even if the others are not hard on its heels, Powell and the Fed appear to have set the agenda for a tumultuous 2022 as central bankers chart their paths to the exit, albeit at dramatically different paces.

“You saw it in his congressional remarks that were more about tightening sooner than it was about worrying about the health of the global economy,” said Vincent Reinhart, chief economist for Dreyfus & Mellon.

Norway’s central bank, which had hiked in September on the back of an economic rebound, went ahead with a further rise as expected and said more were likely to follow.  

Earlier on Thursday, the Swiss National Bank kept its ultra-loose stance in place with a policy rate locked in at -0.75%. Swiss inflation – while rising – is still seen much lower than elsewhere at just 1% next year, falling to 0.6% in 2023.

“The SNB is maintaining its expansionary monetary policy,” it said in a statement. “It is thus ensuring price stability and supporting the Swiss economy in its recovery from the impact of the coronavirus pandemic.”

Pubblicato in: Devoluzione socialismo, Regno Unito

Regno Unito. Boris Johnson rischia una rivolta dei Tory sulla immigrazione.

Giuseppe Sandro Mela.

2021-12-05.

westminster-palace-01

«Boris Johnson faces potential Tory rebellion on U.K. immigration bill»

«Rank-and-file Tories seek to widen visa route for Hong Kongers»

«Boris Johnson faces the prospect of another rebellion over key legislation, as politicians in his ruling party seek to expand the number of people leaving Hong Kong who are eligible for British citizenship»

«More than two-dozen Conservative members of Parliament have put their name to an amendment to the government’s Nationality and Borders Bill, which is due to return to Parliament for debate next week»

«Their aim is to broaden the scope of the U.K.’s British National (Overseas) visa program, which was introduced in January to offer a pathway to U.K. citizenship to residents of its former colony»

«The prime minister has already faced significant rebellions on his plan to overhaul social care and over his flagship transport policy»

«He’s also trying to tread a fine line on China, amid growing Conservative unrest over national security issues and alleged human rights abuses in its western Xinjiang province»

«The visa program is limited to Hong Kongers who hold the special British BNO passports, or those who are eligible for them»

«The bill represents Home Secretary Priti Patel’s plan to overhaul the U.K.’s immigration system, including extra measures to deter illegal entry and make it easier for authorities to remove those without the right to remain»

«To be sure, the 27 Tories who have put their names to Green’s amendment aren’t enough to threaten Johnson’s working majority of 79 in the House of Commons»

«Another amendment proposed by rank-and-file Conservative MP Andrew Rosindell would give right of abode in the U.K. to all former members of the British Hong Kong armed services, and their spouses and dependents»

* * * * * * *

Nel Regno Unito sta accadendo un fenomeno già chiaramente visibile in tutta l’Europa, e molto preoccupante.

Maggioranze ed opposizioni si guardano in cagnesco, più come nemici mortali che come forze opposte.

Spesso poi ambedue le parti sono pervase fa lotte e faide interne.

Infine, cosa non da poco, le maggioranze non riescono a raccogliere una percentuale di voti che rendo sicuro e stabile il governo.

Infine, c’è una piazza tumultuosa e spesso violenta.

A questo punto sorgerebbe spontanea una domanda, la cui risposta non trova qui luogo idoneo per essere esposta.

Il governo elettivo funziona usualmente nei periodi di calma, ma in quelli tumultuosi è del tutto inefficiente.

Non a caso i romani, gente pratica, aveva previsto la figura del dittatore pro tempore, per superare i periodi di crisi maggiori.

* * * * * * *


Boris Johnson Faces Potential Tory Rebellion on U.K. Immigration Bill

– Rank-and-file Tories seek to widen visa route for Hong Kongers

– Government says no plans to broaden pathway to citizenship

* * *

Boris Johnson faces the prospect of another rebellion over key legislation, as politicians in his ruling party seek to expand the number of people leaving Hong Kong who are eligible for British citizenship.

More than two-dozen Conservative members of Parliament have put their name to an amendment to the government’s Nationality and Borders Bill, which is due to return to Parliament for debate next week.

Their aim is to broaden the scope of the U.K.’s British National (Overseas) visa program, which was introduced in January to offer a pathway to U.K. citizenship to residents of its former colony after the Chinese government imposed a sweeping national security law.

The move comes at a sensitive time for Johnson on multiple fronts. The prime minister has already faced significant rebellions on his plan to overhaul social care and over his flagship transport policy, illustrating how difficult his Tory party is becoming to manage.

He’s also trying to tread a fine line on China, amid growing Conservative unrest over national security issues and alleged human rights abuses in its western Xinjiang province. The U.K.’s offer of a route to citizenship for Hong Kongers severely damaged relations with Beijing.

The visa program is limited to Hong Kongers who hold the special British BNO passports, or those who are eligible for them, and their dependents — a number the U.K. estimates to be about 5.4 million Hong Kong residents. In practice, the government projects between 258,000 to 322,400 people are likely to take up the new British visa in the first five years of the program.

                         ‘Harsh Reprisals’.

But Tories including former cabinet minister Damian Green want to ensure any Hong Konger who has one BNO parent is also eligible.

“It’s particularly helpful to those who may suffer harsh reprisals for protesting against Chinese oppression,” Green, who was former Prime Minister Theresa May’s de facto deputy, told Bloomberg on Friday. “If the government don’t like it, they need to provide an alternative route to settlement for these people.”

Yet the proposal could greatly increase the number of people eligible to come to the U.K., while the government is also concerned about the potential for unaccompanied minors seeking to take up the visa option, an official familiar with the matter said, asking not to be named discussing party disagreements.

The Home Office said in a statement it has no plans to expand the eligibility criteria for the visa program, and that “there are other routes available” for people who are ineligible, including the U.K.’s points-based immigration system or the “underused Youth Mobility Scheme.”

                         Border Plan.

The bill represents Home Secretary Priti Patel’s plan to overhaul the U.K.’s immigration system, including extra measures to deter illegal entry and make it easier for authorities to remove those without the right to remain. 

To be sure, the 27 Tories who have put their names to Green’s amendment aren’t enough to threaten Johnson’s working majority of 79 in the House of Commons. But amid growing concerns about a rebellion, PoliticsHome on Friday reported that Patel privately messaged Tories who have put their name to the amendment to discuss why it’s unfeasible. 

The amendment has attracted the signatures of several former cabinet ministers, including David Davis, Liam Fox, Andrew Mitchell and Jeremy Hunt. It also enjoys wide cross-party support, giving it a good chance of being selected for debate by House of Commons Speaker Lindsay Hoyle when the bill comes before the chamber on Tuesday and Thursday next week.

Another amendment proposed by rank-and-file Conservative MP Andrew Rosindell would give right of abode in the U.K. to all former members of the British Hong Kong armed services, and their spouses and dependents. It has attracted 13 Tory signatures, as well as those of members of other parties. 

The government is sympathetic to the aims of that amendment, the person familiar with the matter said, while adding that many of the people it targets already have a pathway to British citizenship.

Pubblicato in: Banche Centrali, Regno Unito

Banca Inghilterra. Verosimile una inflazione sopra il 5%.

Giuseppe Sandro Mela.

2021-10-28.

Regno Unito 001

PCI, Indice dei Prezzi al Consumo, +3.1%, dato del 20 ottobre 2021

PPI, Producer Price Index, +11.4%, dato del 20 ottobre 2021

Vendite al dettaglio -2.6%, dato del 22 ottobre 2021

Immatricolazioni auto -34.4%, dato del 15 ottobre 2021

* * * * * * *

«→→ Bank of England official warns inflation could top 5% as UK economy slows ←←»

«→→ Inflation could surge above 5% early next year in the United Kingdom ←←»

«I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5% [in the months ahead], ….And that’s a very uncomfortable place for a central bank with an inflation target of 2% to be»

«But there are signs the recovery is faltering, even as inflation remains stubbornly high»

«The latest worrying signal came Friday, when the Office for National Statistics said that retail sales volumes fell for a fifth consecutive month in September»

«United Kingdom may be entering a period of “stagflation” characterized by weak economic growth and rising prices»

«The whiff of stagflation is greater in the UK than in most other economies and we now think temporary shortages will restrain GDP for longer and boost inflation by more than we previously thought»

«The United Kingdom is facing severe labor shortages, including a shortfall of 100,000 truck drivers, and workers are demanding higher wages, contributing to inflation»

«British consumer goods giant Unilever (UL) — which sells products around the world — said Thursday that it hiked prices by 4.1% in the quarter to September»

* * * * * * *

Il Regno Unito è entrato nella stagflazione.

Se sicuramente la situazione politica ed economica mondiale non favorisca una ripresa, altrettanto sicuramente si dovrebbe ammettere che l’odio ideologico nutrito contro il carbone abbia potentemente concorso al rapido deterioramento della situazione economica.

* * * * * * *

Bank of England official warns inflation could top 5% as UK economy slows.

London (CNN Business) Inflation could surge above 5% early next year in the United Kingdom, according to the Bank of England’s top economist, as product and labor shortages continue to hamper the country’s economic recovery.

“I would not be shocked — let’s put it that way — if we see an inflation print close to or above 5% [in the months ahead],” Huw Pill told the Financial Times. “And that’s a very uncomfortable place for a central bank with an inflation target of 2% to be.”

Pill declined to reveal how he would vote at the Bank of England’s next meeting on November 4, but he said that the question of whether policymakers should hike interest rates from 0.1% is “live.” Central banks use interest rates to keep inflation low and stable.

Inflation has been running near 3% in the United Kingdom as the country’s economy bounces back from a steep contraction in 2020 caused by the coronavirus pandemic. But there are signs the recovery is faltering, even as inflation remains stubbornly high.

The latest worrying signal came Friday, when the Office for National Statistics said that retail sales volumes fell for a fifth consecutive month in September. That’s the longest streak of consecutive declines since records began in 1996. Non-retail spending was also weak.

Economists worry that the United Kingdom may be entering a period of “stagflation” characterized by weak economic growth and rising prices.

“The whiff of stagflation is greater in the UK than in most other economies and we now think temporary shortages will restrain GDP for longer and boost inflation by more than we previously thought,” Capital Economics analysts wrote this week.

“This won’t be anywhere near as severe or as persistent as in the 1970s,” the analysts said.

“But for the next six months, the worsening product and labor shortages will put the brakes on the economic recovery at the same time as higher energy prices drive up CPI inflation from 3.2% in August to a peak of around 5.0% in April next year,” they added.

The United Kingdom is facing severe labor shortages, including a shortfall of 100,000 truck drivers, and workers are demanding higher wages, contributing to inflation. Energy prices have risen sharply across Europe, and some businesses are passing along higher costs to consumers.

British consumer goods giant Unilever (UL) — which sells products around the world — said Thursday that it hiked prices by 4.1% in the quarter to September.

Governor Andrew Bailey said last weekend that the Bank of England would “have to act” in response to surging prices. He said he continues to “believe that higher inflation will be temporary,” but conceded it could last longer than previously thought as a result of energy price hikes.

Pubblicato in: Devoluzione socialismo, Regno Unito, Russia

COP26. Si preannuncia un flop galattico. Nuovi aggiornamenti.

Giuseppe Sandro Mela.

2021-10-26.

Buco nell'acqua. Lago Berryessa. California. 001

Buco nel’acqua.

* * * * * * *

A quanto sembrerebbe di capire, almeno sulla base dei dati al momento disponibili, non solo Cop26 ben difficilmente potrà riuscire a trovare un accordo generale sul ‘clima’, ma sempre più verosimilmente sarà un flop galattico. Maggiori siano le attese, più grandi saranno le disillusioni.

Se ciò avvenisse, sarebbe la certificazione di morte dell’ideologia del ‘clima’, elemento cardine della dottrina liberal. Con tutte le conseguenze economiche e politiche che ne seguirebbero.

«have raised unreasonable expectations for the event»

* * * * * * *

«Fears grow that Glasgow climate change summit will fall short of its lofty aims»

«Pressure already mounting for leaders to reconvene as early as next year to set new targets if conference fails in its goals.»

«Cop26 officials are seeking an agreement for new climate change targets from global leaders as soon as next year, as concerns grow that the Glasgow summit will fall short of its aims»

«→→ The summit, in a week’s time, is highly unlikely to secure commitments that will keep global warming below 1.5C ←←»

«China, the world’s biggest emitter, is yet to present its own plans and hopes are vanishing that they will be ambitious enough to declare the summit an outright success»

«Xi Jinping, the Chinese president, is unlikely to attend the event»

«Russia, a major fossil fuel producer, has also failed to commit to more ambitious emissions cuts. Vladimir Putin, its president, has said he will not attend the event»

«Perceived failure at the summit would undermine the British Government’s attempt to present itself as a global climate leader»

«There is also frustration among the British Cop26 team that Boris Johnson and other ministers have raised unreasonable expectations for the event»

«Mr Johnson has rowed back his rhetoric on the event in recent days»

«The problem is when you say you’re going to win the Premier League and success is actually defined by finishing 10th.”»

«Domestic politics in the US is holding back President Joe Biden’s own climate agenda, and the energy crisis is putting pressure on China’s ability to cut its emissions»

* * * * * * *

La posta in gioco è davvero molto elevata.

I liberal americani e, soprattutto, europei avevano posto grandi aspettative di ottenere un consenso plebiscitario alla Cop26. Per Lagarde, von der Leyen e consiglio europeo il ‘clima’ era diventato elemento di prioritaria importanza.

Un fallimento di Cop 26 sarebbe il loro fallimento, anche perché sono impantanate in una stagflazione sempre più severa.

* * * * * * *

Cop26: Fears grow that Glasgow climate change summit will fall short of its lofty aims.

Pressure already mounting for leaders to reconvene as early as next year to set new targets if conference fails in its goals.

Cop26 officials are seeking an agreement for new climate change targets from global leaders as soon as next year, as concerns grow that the Glasgow summit will fall short of its aims.

The summit, in a week’s time, is highly unlikely to secure commitments that will keep global warming below 1.5C, officials and observers say.

It came as leaked documents revealed that major emitters had lobbied the United Nations to tone down a UN scientific report on the impact of climate change.

Current global pledges put the world on track for 2.9C of warming, according to the organisation Climate Action Tracker.

China, the world’s biggest emitter, is yet to present its own plans and hopes are vanishing that they will be ambitious enough to declare the summit an outright success.

Xi Jinping, the Chinese president, is unlikely to attend the event, having not left China since the coronavirus pandemic began.

Russia, a major fossil fuel producer, has also failed to commit to more ambitious emissions cuts. Vladimir Putin, its president, has said he will not attend the event.

                         ‘Everything is gearing up for a pretty nasty fight’

Perceived failure at the summit would undermine the British Government’s attempt to present itself as a global climate leader in its first big, post-Brexit diplomatic role.

Smaller developing states most vulnerable to climate change are now leading a push for countries to return as soon as next year to provide new targets to cut emissions before 2030, as well as new financing.

Under the Paris Agreement, governments would not have to present new plans until 2025, for new 2035 targets.

“There will be a huge amount of pressure for some commitment to return to the table sooner than 2025,” said Peter Betts, a former lead climate negotiator for the UK.

A combination of global and domestic politics, as well as restrictions imposed by the Covid-19 pandemic, have undermined the UK’s efforts to secure a clear win.

“Everything is gearing up for a pretty nasty fight,” said Li Shuo, a veteran observer of the talks and expert at Greenpeace China.

Mr Li said Cop26 could be the most difficult event of its kind since Copenhagen in 2009, when countries left without an agreement.

                         PM’s ‘unreasonable’ expectations

There is also frustration among the British Cop26 team that Boris Johnson and other ministers have raised unreasonable expectations for the event.

Officials said it had always been clear that achieving the 1.5C aim would not be possible in one event, and that current pledges are more ambitious than would have been thought possible in recent years.

“Tackling climate change is one of the greatest challenges the world faces. There is no easy single solution,” a source on the Cop26 team said.

Mr Johnson has rowed back his rhetoric on the event in recent days, telling Bloomberg this week that “Cop26 was always going to be extremely tough”, in contrast to earlier comments.

One observer said: “The problem is when you say you’re going to win the Premier League and success is actually defined by finishing 10th.”

The Queen is among those to have expressed frustration at the pace of global climate action in the run-up to the summit, after she was overheard saying it was “very irritating when they talk, but they don’t do”.

Domestic politics in the US is holding back President Joe Biden’s own climate agenda, and the energy crisis is putting pressure on China’s ability to cut its emissions. “Politics was always going to make this really difficult,” said Mr Betts.

                         Difficulties caused by coronavirus pandemic

Meanwhile, Covid-19 is also complicating arrangements and exacerbating tensions between some of the countries.

Social distancing rules mean some delegations fear they will not be able to access some of the negotiating rooms. Travel and quarantine rules are also creating frustration within some governments, particularly from developing countries.

“I think it’s been underestimated just how hard it is to organise a meeting with Covid everywhere,” one observer said. “I wouldn’t be surprised if half of us get ill.”

Pubblicato in: Economia e Produzione Industriale, Materie Prime, Problemia Energetici, Regno Unito

Regno Unito. Johnson deve scegliere tra ideologia green oppure autosufficienza energetica.

Giuseppe Sandro Mela.

2021-10-21.

2021-10-20__ Johnson 001

Nota.

Ad articolo finito, è comparso questo articolo:

Net zero announcement: UK sets out plans to cut greenhouse gas emissions

Non indica però con chiarezza quale comportamento terrà il Regno Unito sullo sfruttamento dei nuovi campo di gas naturale.

* * * * * * *

«Britain has pledged to hit net zero emissions by 2050»

«Energy firms say new output can be part of phased decline»

«Activists want halt to new exploration immediately»

«Supply crunch sent global oil, gas prices soaring»

«Britain faces a fossil fuel dilemma: it can burnish its green credentials by halting new oil and gas development in the North Sea, yet doing so will leave it more reliant on imported fuel»

«How Britain charts a course to achieve net zero emissions by 2050 will be under scrutiny when it hosts the COP26 climate conference in Glasgow, Scotland, starting on Oct. 31»

«Vorlich oilfield. Neither legislation nor activism halted the development»

«If supply goes away and demand doesn’t change, that only has one consequence and that is an escalation in price rises»

«The challenge caused by shrinking domestic production and rising fuel imports has been felt across Europe. The European wholesale gas price is up more than 350% this year»

«Britain, which could once depend on its own fields for oil and gas to fire up its power stations, fuel its cars and heat its homes, has been a net energy importer since 2005»

«→→ It is the world’s biggest offshore wind power producer – and is expanding this resource rapidly. But that doesn’t power homes on windless days ←←»

«The purity of the (IEA) report is excellent, but the reality in practice for countries is about ensuring security of supply»

«Making the most of indigenous resources helps meet UK demand and contain price growth, providing secure supplies»

«In one case, Greenpeace sought to have a BP gas field licence scrapped over its emissions via a Scottish court – although the action failed»

«In another case, it is seeking to halt development of the Cambo field off the Shetland Isles, a field part owned by Royal Dutch Shell»

* * * * * * *

Il problema è chiaro e semplice.

Il Regno Unito ha ancora nel Mare del Nord molti campi di natural gas lo sfruttamento dei quali concorrerebbe notevolmente a ridurre la bolletta energetica, garantendo nel contempo un costante approvvigionamento svincolato dagli accadimenti esterni.

Si starà a vedere se nel Regno Unito comanda il governo legalmente eletto do Mr Boris Johnson oppure Greenpeace e le varie ngo di contorno.

* * * * * * *


Britain’s fossil fuel dilemma in the spotlight as climate talks near.

– Britain has pledged to hit net zero emissions by 2050

– Energy firms say new output can be part of phased decline

– Activists want halt to new exploration immediately

– Supply crunch sent global oil, gas prices soaring

*

London, Oct 19 (Reuters) – Britain faces a fossil fuel dilemma: it can burnish its green credentials by halting new oil and gas development in the North Sea, yet doing so will leave it more reliant on imported fuel.

How Britain charts a course to achieve net zero emissions by 2050 will be under scrutiny when it hosts the COP26 climate conference in Glasgow, Scotland, starting on Oct. 31.

Navigating that route has already proved challenging.

In June 2019, when Britain enshrined its 2050 net zero target in law, Greenpeace activists steered speedboats towards a BP platform in the North Sea brandishing a “Climate Emergency” banner to try to stop production starting from Vorlich oilfield.

Neither legislation nor activism halted the development. Production from Vorlich started in November 2020.

Oil majors say new production can play a role in managing decline, while campaigners are pressing for an immediate halt to new projects with publicity stunts and legal action.

The government, meanwhile, needs to keep the nation’s lights on as it smoothes over volatile energy markets and juggles competing demands over how to achieve its climate goals.

“If supply goes away and demand doesn’t change, that only has one consequence and that is an escalation in price rises,” BP Chief Executive Bernard Looney said this month.

Britain and other European states have already felt this acutely. Brent crude , a benchmark based on North Sea barrels, is up more than 60% this year, while the price of UK benchmark wholesale gas has risen more than 250%.

The challenge caused by shrinking domestic production and rising fuel imports has been felt across Europe. The European wholesale gas price is up more than 350% this year.

Britain, which could once depend on its own fields for oil and gas to fire up its power stations, fuel its cars and heat its homes, has been a net energy importer since 2005 as output from the North Sea has dwindled.

With the capacity of its gas storage facilities now only enough to last the nation a few days, Britain’s reliance on just-in-time supplies shipped in from Qatar or elsewhere leave it exposed when the market tightens, like now with the surge in demand as economies recover from the COVID-19 pandemic.

                         PRESSURE TO ACT

For activists, the answer is not turning the taps back on but rather reducing domestic fossil fuel consumption.

“We’re calling on Boris Johnson to stop pushing through new oil and gas projects,” said Greenpeace activist Philip Evans, addressing the British prime minister who has been pressing other countries to deepen climate commitments before COP26.

“If the government is worried about keeping the lights on there are things they can be doing to reduce demand,” Evans said, including improvements to home insulation, cleaner public transport and more investment in renewable power generation.

Around 70 scientists and academics sent an open letter published in Britain’s Independent newspaper this week calling on Johnson to stop allowing investment and licensing for new oil and gas fields, saying that “now is the time for bold political action”.

Britain has made progress in some areas. It is the world’s biggest offshore wind power producer – and is expanding this resource rapidly. But that doesn’t power homes on windless days.

Yet, there is rising pressure to act faster to curb fossil fuel use. The International Energy Agency said in a report the world must halt new oil and gas projects to achieve the 2015 Paris climate summit targets that aim to limit global warming to 1.5 degrees Celsius by 2050 compared with pre-industrial levels.

“The purity of the (IEA) report is excellent, but the reality in practice for countries is about ensuring security of supply,” Anne-Marie Trevelyan told Reuters in June when she was still British minister of state for energy and clean growth.

Britain has not committed to ending North Sea exploration, taking a similar approach to Norway but not Denmark, another North Sea producer, which has halted new projects.

Britain has, however, been managing a decline, with production now half its 1999 peak at about 1 million barrels of oil equivalent per day (boepd), or about 1% of global oil demand.

                         SUPPLY SECURITY

Oil and Gas UK (OGUK), an industry association, has committed to making the North Sea an operationally net zero basin by 2050, which means it aims to eliminate, capture or offset any residual emissions from producing oil and gas there.

It said in September that domestic production was cheaper and cleaner than imported gas, given shipping fuel creates emissions and because some other producing nations have poor environmental records.

“Making the most of indigenous resources helps meet UK demand and contain price growth, providing secure supplies with a lower carbon footprint than imports offer,” OGUK said.

Britain’s Oil and Gas Authority said gas extracted from the British North Sea had an average emission intensity of 22 kg carbon dioxide equivalent per barrel of oil equivalent, while imported LNG had an average intensity of 59 kg.

Yet, Greenpeace and other activists say these arguments miss the point: using fossil fuels must stop rather than simply trying to make using them cleaner.

To push for swifter action, they have taken campaigning to the courts.

In one case, Greenpeace sought to have a BP gas field licence scrapped over its emissions via a Scottish court – although the action failed.

In another case, it is seeking to halt development of the Cambo field off the Shetland Isles, a field part owned by Royal Dutch Shell.

“We’ve delivered a 12-foot oil-stained statue of Boris Johnson right to the gates of Downing Street calling him out as a monumental climate failure,” said Greenpeace’s Evans. “They can expect to see a lot more of Greenpeace in the court room.”