The clear part is that Ed Miliband's energy security and net zero department will create transitional energy certificates for limited oil and gas drilling in areas that are part of an existing field or adjacent to a licensed field. The idea is to keep those sites economically viable for longer by using existing rigs and pipelines. The approach sounds sensibly practical.
This partnership is a major vote of confidence in UK leadership in defence, data and AI technology and as an ideal location for companies to invest and expand. By harnessing the power of AI, we will boost the effectiveness of our armed forces, ensuring they have the tools they need to keep the British people safe. The work will unlock billions of pounds of investment into UK innovation, creating hundreds of skilled UK jobs and making defence the leading edge of innovation in Nato.
The most eye-catching project involves the US company X-Energy working with Centrica, the owner of British Gas, to build up to 12 advanced modular reactors (AMRs) in Hartlepool. AMRs, part of a group of reactor designs known as Generation IV, use cutting-edge cooling systems and fuel. The government claims the Hartlepool project could power 1.5m homes, create up to 2,500 jobs and deliver a 40bn economic boost, including 12bn for the north-east.
Reality check: At the end of July Lutnick posted to X that "the Trump Economy has officially arrived," citing a strong GDP report. Since then, a combination of weak jobs data and hot inflation reports has painted a very different picture of an economy struggling to grow. Just Thursday, the Consumer Price Index showed inflation rising for a fourth consecutive month, while initial jobless claims were the highest in years.
Liberty Speciality Steel has collapsed into administration after a winding-up petition in the High Court, placing one of the UK's most strategically important steelmaking businesses under government control. The South Yorkshire-based company, which employs around 1,450 people, will now be managed by special officials appointed by the Government's Official Receiver. Liberty Speciality Steel supplies high-grade steel products to critical sectors including aerospace, defence, power generation, oil and gas, and rail.
