Tuesday newspaper round-up: Energy crisis, Porterbrook, Google
Britain is at risk of experiencing a repeat of the sharp increase in energy costs which has fuelled the continuing cost of living crisis because it relies too heavily on gas, according to an expert panel of industry leaders. The Energy Crisis Commission has warned that the UK is still “dangerously underprepared” for another crisis because it continues to rely on gas for its power plants and home heating. – Guardian
The rolling stock firm Porterbrook paid out £80m in dividends to its mainly overseas shareholders last year, accounts show, fuelling further calls for Britain’s trains to be nationalised. The firm’s train leasing arm made profits of £144m in 2023, when the railway was still beset by strikes over frozen pay and passengers faced widespread cancellations and fare rises of almost 6%. – Guardian
Fears of a tax raid in the Budget are deterring investment in Britain, the boss of one of the UK’s biggest construction firms has warned. Expectations of a capital gains tax raid and Labour’s foot-dragging on planning decisions have left the construction industry reluctant to commit to new projects, according to Mark Reynolds, chief executive and chairman of Mace Group. Mr Reynolds, who is also co-chair of the Construction Leadership Council, an industry body, said: “What we are not doing is making growth investments. We are not deciding to proactively invest in our capital plant and equipment, or invest in taking on new jobs. – Telegraph
The owner of Vauxhall will decide the fate of its UK factories “within weeks” amid a row over net zero targets for electric vehicle (EV) sales. Stellantis, the brand’s parent company, warned in June that it would be forced to mothball plants in Ellesmere Port and Luton unless ministers relaxed rules forcing manufacturers to sell a certain proportion of EVs. The company, which also owns Fiat, Citroen and Peugeot, makes electric cars and vans at Ellesmere Port and vans in Luton, employing more than 1,000 workers across both sites. – Telegraph
Google has become the latest artificial intelligence-focused company to strike a nuclear energy deal to meet rising power demand from data centres. The technology giant said it has signed the world’s first corporate agreement to buy energy from multiple small modular reactors, in a move it believes could help spur a nuclear revival in America. – The Times