The government has given the go-ahead for a controversial gas drilling project in the idyllic Surrey countryside.
A written statement from Housing Secretary Stuart Andrew confirmed that UK Oil & Gas has been awarded a three-year license to explore a site at Loxley, near Dunsfold.
It even comes after the project was twice rejected by Tory-led Waverley Borough Council, while Jeremy Hunt, the Conservative MP for South West Surrey, has also opposed the move.
UK Oil & Gas, which welcomed the decision, has estimated the site could contain 43 billion cubic meters of gas and the drilling will allow it to determine the extent of the reserves.
5 things to start the day off right
1) The cost of filling up an average car reaches £100 as petrol prices rise: The price of filling a petrol tank is expected to hit £100 for the first time today as the cost of living crisis deepens.
2) Food supply in UK ‘at risk’ after fertilizer factory closed permanently: Britain’s food supply is now “at risk” after rising energy bills led to the permanent closure of one of only two major fertilizer factories, farmers have warned.
3) Sunak pushed for tax cuts to cope with the slowest growth of any major economy: Rishi Sunak has been urged by an influential global think tank to consider tax cuts as his forecasts show Britain will grow at a slower pace than any other major economy in the shadow of the war in Ukraine.
4) Households are spending more than £500m to shut down wind turbines: The cost of shutting down wind turbines rose to a record high last year as Britain’s cable network and storage capacity struggled to keep up with the amount of electricity being generated.
5) Euan Blair valued at £337m after his start-up is valued at more than £1bn: Tony Blair’s son has an estimated paper fortune of $337 million
what happened overnight
Hong Kong shares were up at open trade this morning, with the Hang Seng Index up 0.5 percent.
The Shanghai Composite Index fell 0.1 percent, while the Shenzhen Composite Index on China’s second stock exchange fell 0.2 percent.
Tokyo stocks trended higher, with the benchmark Nikkei 225 index gaining 0.2 percent.
- Company: CMC Markets, Fuller Smith & Turner, ITM Power, Mitie, Norcros (annual result)AVI Global Trust, RWS (intermediate results)British-American Tobacco (Trade Update)
- Business: RICS housing survey (UNITED KINGDOM)act (China)Decision of the European Central Bank (euro area)unemployment claims (US)
https://www.telegraph.co.uk/business/2022/06/09/ftse-100-markets-live-news-tax-fuel-prices-economy/ Gas drilling in Jeremy Hunt’s Surrey constituency gets government approval