UK inflation jumps to 3.5% on rising motor fuels costs; UK approves Jackdaw gasfield – business live

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Petrol and diesel costs rise the most in four years Here’s a handy explainer from our energy correspondent Jillian Ambrose about what the decision means exactly. About four years and six energy secretaries after it was given the green light, the Jackdaw gasfield has been given consent to begin production 150 miles east of Aberdeen. Jackdaw’s approval is a win for UK energy security, but it is not a quick fix for the cost-of-living crisis. The field is likely to provide around 6% of domestic gas production, yet only around 2% of total demand. Britain remains exposed to global energy prices, meaning households should not expect cheaper bills this winter. For investors, the decision removes regulatory uncertainty for Shell and Equinor and is encouraging for North Sea investment. However, we think the bigger catalyst could be next week’s budget, particularly whether the government reforms the windfall tax to encourage further investment. Continue reading...

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