Thursday newspaper roundup: Windfarms, Sunak, Putin/rouble, UK rates
New offshore windfarms will be strangled by government red tape, costing UK billpayers £1.5bn a year, an analysis has found. The latest government auction for new offshore windfarms, due to be completed in September, could result in few projects making it through Treasury rules, according to the Energy and Climate Intelligence Unit (ECIU), a non-profit organisation. - The Guardian
Britons will feel better off next year, Rishi Sunak has said as he pledged to tame inflation by maintaining “discipline” on public spending and tax. In an interview with The Times, the prime minister said that he “passionately believes” that he can bring down inflation and revive economic growth. He said that he was “really optimistic” about the future and “confident” that inflation would fall enough to ease the cost of living crisis next year. - The Times
Vladimir Putin is to meet with key finance officials as the Kremlin considers forcing companies to buy roubles with foreign earnings to prop up Russia’s falling currency. The Russian president will discuss proposals with the country’s finance ministry as it finalises the plans, which are expected require businesses bringing in Western cash to sell it in exchange for the rouble. - The Telegraph
The Bank of England is poised to increase interest rates to 6% by the end of this year, despite inflation falling to its lowest level since February 2022, money markets believe. Investors are betting that borrowing costs are on course to hit their highest level since January 2001 as the central bank tries to control inflation. Higher interest rate expectations in the City have been triggered by underlying price pressures resisting tighter monetary policy. - The Times
Rishi Sunak has pledged to stick to the pension triple lock despite signs the guarantee to older people will cost the Treasury an extra £10bn next year – £2.5bn more than estimated in the spring budget. The prime minister insisted he was comfortable with pensioners receiving the full annual uplift. The state pension costs the taxpayer £124bn this year and is on course to rise by a further 8% in April, according to the latest economic data. - The Guardian