Thames Water has requested a £228 annual increase in average water bills to fund much-needed investments, despite efforts by Ofwat to prevent bill hikes. The company argues that the proposed spending cuts are untenable and could hinder its turnaround plan. Equinor, a Norwegian oil company, has also warned that it may reconsider UK investments if taxes on the sector increase. Meanwhile, Polestar has replaced its CEO as it faces challenges in the electric vehicle market.
The GMB union has criticized the water industry’s push for bill increases, calling it “balderdash,” and arguing that shareholders should bear the investment costs. Equinor’s concerns over tax hikes echo worries within the oil industry, with Labour’s plans to increase taxes on oil companies raising uncertainty. In the automotive sector, Hyundai and Xpeng are adjusting their strategies to cater to changing consumer demands, with a focus on hybrids and affordable electric cars.
Amid concerns about fuel poverty and energy debt, Energy UK has called for government support to address the growing financial burden on households, particularly as winter approaches. The FCA has launched an investigation into insurers over concerns about the life insurance market’s effectiveness. These developments highlight the challenges facing various industries as they navigate regulatory changes and shifting consumer preferences in an increasingly uncertain economic landscape.
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