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Poorer households could cut their energy bills by a quarter if solar panels were installed on their rooftops, a report has found. However, the upfront costs mean that those who stand to benefit most from decreased energy bills are prevented from getting panels installed, according to the Resolution Foundation thinktank. – Guardian
Rachel Reeves has been warned not to hammer businesses with higher taxes after the Office for Budget Responsibility (OBR) told the Chancellor she was now at risk of breaking her fiscal rules. Rupert Soames, chairman of the Confederation of British Industry (CBI), warned the Chancellor that another raid on the private sector to fix the public finances would create more problems by damaging business investment. – Telegraph
The majority of rich people who backed Labour at the election now regret it, according to a new poll. Two thirds of high net worth individuals (HNWI) who voted for Sir Keir Starmer’s party last July now wish they hadn’t, a survey from wealth manager Saltus has found. Policies that have shattered faith in Labour include changes to inheritance tax, the addition of VAT – at 20pc – to private school fees and an increase in employers’ National Insurance contributions, which has pushed up staffing costs for business owners. - Telegraph
Chevron Corporation, the US oil giant, will make up to 8,000 employees redundant by the end of 2026 to cut costs. The oil producer said it will cut between 15 per cent and 20 per cent of jobs from its global workforce. At the end of 2023, Chevron employed 40,212 people across its operations so 20 per cent would be about 8,000. Those figures do not include about 5,400 employees of Chevron service stations. – The Times