Market Loop - UK sets out energy independence plan

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8th April 2022

Bite-sized business news from the UK and beyond

Good morning This week Forbes magazine published its annual list of the world’s billionaires. Reflecting the economic turmoil of recent months, this year’s honour roll has 87 fewer members than in 2021, the biggest drop since 2009. The 2,668 billionaires listed, worth $12.7tr combined, have $400bn less than they did last year.

Today's stories

Going nuclear: UK sets out energy independence plan
Zucks bucks: Meta explores digital coins for Facebook and Instagram users

ENERGY
UK sets out energy independence plan

What’s going on?
Yesterday the government released its much anticipated energy plan with the aim of reducing the country’s reliance on fossil fuels from overseas.

Why is this important?

Soaring oil and gas prices and the war in Ukraine have brought energy security to the forefront for Western governments.

Last month the UK, US and EU announced plans to reduce the level of Russian oil and gas they import in response to the invasion of Ukraine.

Unlike the EU, the UK is much less reliant on Russian energy but the knock on effects of reducing global supply have sent energy prices higher with the energy price cap rising by 54% last week.

Against this backdrop the government has published its plan to make the UK energy independent which it believes will help make energy bills more affordable.

At the heart of the strategy nuclear power, which currently generates 16% of UK electricity. But the government wants to increase this by speeding up the construction of nuclear power plants from one per decade to one per year.

Wind, hydrogen and solar power generation will also be boosted in a push for 95% of the UK’s electricity to come from domestic low-carbon energy sources by 2030.

That means that there’ll still be a place for oil and gas with more drilling projects in the North Sea.

Zooming out

In publishing the plan the government admitted that years of ‘policy fudges, decision-dodging and short-term thinking’ had resulted in the UK’s dependence on foreign fossil fuels. But not everyone agrees with the path to energy independence.

Critics argue that the government’s plan overlooks investment in building insulation which they say could improve energy efficiency and immediately lower bills and carbon emissions.

The focus on nuclear power is also controversial. Renewable energy campaigners believe that solar and wind are safer, cheaper, faster and greener to use.

Other stories to keep you in the loop

UK gender pay gap: women paid 90p for £1 earned by men
Chancellor defends wife in row over non-dom status
Primark gets new website - but will not allow customers to buy clothes online
Chelsea FC sale: Bidders given extra time to table final offers for club
Tesco staff to see pay rise to £10.10 an hour
Shell writes down up to $5bn from offloading Russian assets

SOCIAL MEDIA
Meta explores digital coins for Facebook and Instagram users

Meta, owner of Facebook, Instagram and WhatsApp, is reportedly working on virtual coins for its users in a bid to diversify revenue streams as popularity of its main products falls.

Nicknamed ‘Zucks bucks’ the coins are unlikely to be a cryptocurrency, like Bitcoin, which is based on blockchain technology. Meta already shelved Diem its own version of crypto earlier this year after running into issues with US regulators.

“Instead, Meta is leaning towards introducing in-app tokens that would be centrally controlled by the company, similar to those used in gaming apps such as the Robux currency in popular children’s game Roblox,” according to the Financial Times. Roblox earns revenue from in-app currencies by selling them directly to users.

Meta generates $118bn in advertising which relies on its billions of users spending time on its apps. But in recent years there have been signs that Facebook and Instagram’s popularity is waning with competition from new apps like TikTok.

A virtual coin could be one of the ways Meta could attract and retain users and grow revenue.

Stat of the day

Around a third of marriages end in divorce with 103,592 couples divorcing in England and Wales in 2020

Interesting links from around the web

How one expert thinks the global energy crisis will end
The entry-level workers earning six-figure salaries
4 tips for A+ virtual communication

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Market Loop - UK sets out energy independence plan

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