UK household incomes are on course to collapse by the most since the mid-1970s after Russia’s invasion of Ukraine sent energy prices soaring to new highs, a thinktank has said. The Resolution Foundation said the dramatic increase in global oil and gas prices was forecast to push UK inflation above 8% this spring, causing average incomes across Britain to fall by 4% in the coming financial year – a hit worth £1,000 per household, the biggest annual decline since 1975. – Guardian
The UK tax authority has withdrawn petitions to close down four Liberty Steel companies, giving breathing space to the GFG Alliance metals empire presided over by Sanjeev Gupta. Gupta’s group of metals companies, including steel, aluminium and energy plants, has been struggling for finance for a year since the collapse of its main lender, Greensill Capital. The companies are said to employ as many as 35,000 people around the world. – Guardian
Rolls-Royce’s hopes of building mini nuclear power stations have taken a significant step forward after Kwasi Kwarteng, the Business Secretary, asked government regulators to assess its designs. Rolls-Royce has raised about £500m to develop the Small Modular Reactors (SMR) reactors, which could help reduce Britain’s reliance on electricity generated from fossil fuels.- Guardian
Investors with combined assets of more than $3 trillion have heaped further pressure on Amazon to increase transparency over where and how much tax it pays around the world. Shareholders in the company filed a proposal last year requesting that it disclose global tax practices and risks to investors by reporting in line with a new global tax standard and publishing country-by-country information on its finances. – The Times
A provider of electric vehicle charging points has promised to take steps to improve competition in the market after a regulatory investigation found it arranged exclusive, long-term contracts with motorway service operators. The Competition Markets Authority (CMA), which began an investigation into Gridserve last July, secured legally binding commitments from Gridserve agreeing not to enforce exclusive rights it had agreed with Extra, MOTO or Roadchef, after November 2026. – The Times
