Energy experts slam Labour's controversial 'boiler tax' plan and say eye-watering climate change targets are 'unachievable' By JASON GROVES POLITICAL EDITOR Published: 17:03 EST, 21 November 2024 | Updated: 17:26 EST, 21 November 2024 e-mail 68 View comments Ed Miliband has revived controversial plans for a ‘boiler tax’ in a bid to meet Labour’s eye-watering climate change targets. The Energy Secretary has signed off on a proposal to impose swingeing taxes on boiler manufacturers if they fail to meet his targets for installing heat pumps – targets that industry sources have branded ‘unachievable’. A similar plan was scrapped by the Conservative government this year after the sector warned it would add £120 to the cost of a new boiler – leading it to be dubbed the ‘boiler tax’. But Mr Miliband, who toughened Britain’s climate change targets this month, yesterday revived the idea, prompting fears the price of a gas boiler will increase next year. Tory energy spokesman Claire Coutinho, who scrapped the move while in government, condemned the move. She accused ministers of trying to force people to instal heat pumps by driving up the price of gas boilers. ‘Labour have quietly introduced a new tax on boiler companies that don’t sell enough heat pumps,’ she said. ‘It gives Ed Miliband open-ended powers to force heat pumps on people by making the price of gas boilers unaffordable. Ed Miliband (pictured) has revived controversial plans for a ‘boiler tax’ in a bid to meet Labour’s eye-watering climate change targets The Energy Secretary has signed off on a proposal to impose swingeing taxes on boiler manufacturers if they fail to meet his targets for installing heat pumps – targets that industry sources have branded ‘unachievable’ (stock image) Mr Miliband’s department also slipped out new guidance that will allow people to install a heat pump less than a metre from their neighbour’s boundary, despite warnings it will lead to a flood of complaints about noise (stock image) ‘The climate change lobby have been itching to get this on the statute book for years because it uses higher costs to force people to buy heat pumps. We need to put living standards first.’ Industry chiefs say the new targets for installing heat pumps are ‘unachievable’ because of high costs and public scepticism. Mr Miliband’s department acknowledged that a majority of those responding to a consultation on the issue ‘did not support’ the target and that ‘several suggested the target was unachievable’. But a government source said ministers had decided to press ahead regardless and were ‘confident that the target is realistic and achievable’. Mr Miliband’s department also slipped out new guidance that will allow people to install a heat pump less than a metre from their neighbour’s boundary, despite warnings it will lead to a flood of complaints about noise. Current limits on the size of the ugly boxes will also be removed as ministers try to spark a huge increase in installations. And plans to ban the installation of gas boilers in new homes from next year will go ahead. Read More Expert shares 6 tips on how use apps to save cash - saying you could cut up to £140 off energy bills The last government set a target of installing 600,000 heat pumps a year by 2028. But a recent National Audit Office review of the scheme found that, despite heavy subsidies, in its first year in 2022/23 just 18,871 heat pumps were installed, far below the 50,000 target for that year. By contrast, roughly 1.5 million gas boilers were installed, mostly to replace worn-out models. Under the new target, which will come into force from April, at least 6 per cent of all domestic heating installations will have to be heat pumps – equal to around 90,000 new systems. Indicative targets published by the Government suggest this will rise to 10 per cent the following year, 17 per cent the year after and 27 per cent – around 400,000 installations – in 2028. However, the regulations leave Mr Miliband free to raise the targets even higher. Firms that fail to install enough heat pumps will be hit with fines of £500 for every additional gas boiler they sell, rising to £3,000 the following year. Mike Foster, of the Energy and Utilities Alliance, said: ‘The challenge the Government faces is not the lack of supply of heat pumps – you can buy one today if you want – it is the lack of consumer demand. ‘As officials have acknowledged, they cost considerably more to buy than a gas boiler; they cost more to run than a gas boiler and they are more disruptive to fit in the home compared to simply replacing a boiler. 'These things need addressing.’ Sir Keir Starmer yesterday said the Government was right to unilaterally toughen Britain’s climate targets, requiring this country to cut emissions by 81 per cent by 2035. But Tory leader Kemi Badenoch questioned the value of the target – and pointed out the PM had yet to publish a plan to hit it or said what it will cost to achieve. She told MPs that the Government was putting ‘press releases before practicality’. Why the 'boiler tax' is such a heated debate What has Ed Miliband proposed? From next April, boiler manufacturers will have to ensure that heat pumps account for at least 6 per cent of installations. They will be fined £500 for every extra gas boiler over this limit, with the fines rising to £3,000 the following year. The proportion of new heat pumps is also expected to rise the following year to at least 10 per cent. How much will the cost of a new boiler go up? Industry sources said this year that the plans would drive up the average price by up to £120 to cover the cost of paying new fines. The Government yesterday cut the proposed fines from £3,000 to £500 for the first year. But the level of heat pump installations required has risen from 4 per cent to 6 per cent. Why are they doing this? Heating accounts for 40 per cent of all gas use in the UK. Mr Miliband’s target to cut UK emissions by 81 per cent by 2035 will require a big shift away from gas boilers over the next decade. But the boiler industry says the plan will work only if ministers can persuade the public to embrace heat pumps. Otherwise, it will simply push up the cost of gas boilers. How is it going so far? The National Audit Office found that just 18,871 new heat pumps were installed in 2022/23, compared with 1.5million new gas boilers. But last year’s decision to raise the £5,000 installation grant by 50 per cent has led to a surge in interest, with a record 3,223 people applying for a grant in September. Why has take up of heat pumps been so slow? On average they are four times as expensive to install and remain more costly even after a government grant worth £7,500 is taken into account. Critics claim they are also more expensive to run and struggle to produce enough heat in winter, although supporters insist these problems can be overcome with better insulation. Labour Share or comment on this article: Energy experts slam Labour's controversial 'boiler tax' plan and say eye-watering climate change targets are 'unachievable' e-mail Add commentThe European Commission has approved a Romanian state aid measure worth €790 million (approximately RON 3.9 billion ) to address the exceptional costs associated with the closure of four uncompetitive coal mines in the Jiu Valley — Lonea , Lupeni , Livezeni , and Vulcan . This decision aligns with the European Union’s state aid rules and supports Romania’s efforts to phase out coal production by 2032, in accordance with the National Recovery and Resilience Plan and the Territorial Plan for a Just Transition . The beneficiary of this measure is Societatea Complexul Energetic Valea Jiului S.A. , the operator of the four mines and the Paroșeni power plant . The allocated funds will cover social costs for workers affected by the mine closures, as well as safety and environmental rehabilitation measures. This includes securing mine shafts, repairing environmental damage, and reclaiming land for future use. The aid will be allocated for eligible costs incurred between October 1, 2023, and December 31, 2032 . To ensure transparency and compliance, an independent consultant will be appointed to monitor coal extraction, ensuring it is limited to public safety needs, such as preventing spontaneous combustion. Annual reports will be provided to maintain oversight. “This measure will help Romania carry out the necessary safety and rehabilitation work to facilitate mine closures while mitigating the social impact of the transition. It ensures that no one is left behind in the green transition,” said European Commission Vice-President Margrethe Vestager . The European Commission evaluated the measure under Article 4 of Council Decision 2010/787/EU , determining that the aid strictly covers the exceptional costs arising from the mine closures, with no link to current production. 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The announcement of Yiwu Yin's involvement in "Mistaken Identity 3" has generated a buzz in the entertainment industry and among fans of the series. With his track record of delivering memorable performances in various genres, Yin's addition to the cast is sure to elevate the film to new heights.The news of FIFA's decision to compensate Barcelona has been met with mixed reactions from fans and pundits alike. Some have praised the gesture as a positive step towards supporting clubs and players in difficult situations, while others have questioned the fairness and transparency of the compensation process.
In the world of football, there are few sensations quite like the signing of a young, talented player for a staggering price tag. Back in the summer of 2017, Barcelona made headlines around the world when they signed Philippe Coutinho from Liverpool for a mind-boggling transfer fee of 140 million euros. Fast forward to the present day, and the footballing world finds itself captivated once again by another young star, Kylian Mbappé. While the circumstances surrounding their transfers are different, there are undeniable parallels between the two situations.
Overall, the incident serves as a valuable lesson in the power of words and the importance of thoughtful communication in conveying information to the public. By acknowledging and addressing critiques such as those raised by Hu Xijin, we can strive towards more accurate, empathetic, and transparent discourse in addressing issues that affect our communities.
SAN DIEGO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it is investigating whether Sezzle Inc. (“Sezzle” or the “Company”) (NASDAQ: SEZL) complied with federal securities laws. The Firm’s investigation focuses on whether the Company violated the federal securities laws and issued false and/or misleading statements and/or failed to disclose information required to be disclosed to investors. Investors who purchased Sezzle securities and those with information about the allegations are encouraged to obtain additional information and assist the Firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or at investors@dicellolevitt.com . No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. Investigation Details: Sezzle is a technology-enabled payments company that offers flexible financing option to consumers and merchants through a ‘Buy Now, Pay Later’ service. Approximately 52% of Sezzle’s revenue for the third quarter of fiscal year 2024 came from “transaction income,” which includes, among other things, merchant processing fees and consumer fees. In the same period, Sezzle derived 33% of its revenue from its two “subscription” offerings. On December 18, 2024, Hindenburg Research published a critical research report titled “ Sezzle: A Failing ‘Buy Now, Pay Later’ Platform Playing Short Term Tricks As Insiders Cash Out Via Stock Sales And Margin Loans ,” alleging, among other things, that it found “ Sezzle is borrowing expensive capital to make extremely risky loans through a struggling platform that is rapidly losing customers and merchants ” and, at the same time, “ insiders are selling stock or cashing out through a massive margin loan .” According to the report, Hindenburg Research claims that “Sezzle borrows at a 12.65% interest rate to lend to extremely high-risk consumers” with bad credit despite its merchant and customer base declining by 51% and 20% since 2021. The report further states that Sezzle is actively “boosting its near-term subscription numbers” by “enrolling users into recurring monthly subscriptions without their awareness.” After extensive research, Hindenburg Research has concluded that Sezzle’s optimistic revenue numbers are obtained using short-term strategies to give the Company’s insiders an opportunity to cash out over $71 million in stock. In response to the Hindenburg Research report, shares of Sezzle plunged to trade as low as $225 per share on December 18, 2024, falling more than 28% (or more than $90) from its close on December 17, 2024. About DiCello Levitt: At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients. DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal , in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com . Attorney Advertising. Prior results do not guarantee a similar outcome. Media Contact Amy Coker 4747 Executive Drive, Suite 240 San Diego, CA 92121 619-963-2426 investors@dicellolevitt.com
Set in a mystical world filled with legendary creatures and ancient magic, Fabled Beast Palru has been shrouded in mystery since its initial announcement. Developed by a team of industry veterans known for their innovative gameplay mechanics and immersive storytelling, the game has generated significant buzz in the gaming community.Meanwhile, in the club football scene, it was a year of dominance for two powerhouse teams – Barcelona and AC Milan. Barcelona, under the guidance of their visionary coach Frank Rijkaard, showcased a brand of football that mesmerized fans worldwide. Spearheaded by the likes of Ronaldinho, Deco, and Samuel Eto'o, the Catalan giants played with flair, creativity, and attacking prowess. Their scintillating performances not only dazzled spectators but also delivered silverware, including the UEFA Champions League trophy, as they reigned supreme in European football.Title: "The Wall Tumbles as the Crowd Pushes! Is Mbappe the Most Overrated Player? No, He Just Needs to Step Out of His Comfort Zone"