Source: Sharecast
China’s installations of wind and solar in May are enough to generate as much electricity as Poland, as the world’s second-biggest economy breaks further records with its rapid buildup of renewable energy infrastructure. China installed 93 GW of solar capacity last month – almost 100 solar panels every second, according to an analysis by Lauri Myllyvirta, a senior fellow at the Asia Society Policy Institute. Wind power installations reached 26 GW, the equivalent of about 5,300 turbines. – Guardian
Rachel Reeves has been warned that tax rises are “paralysing” British businesses, with one in three companies cutting jobs to weather the £25bn National Insurance raid. Shevaun Haviland, head of the British Chambers of Commerce (BCC), will on Thursday tell the Chancellor not to increase taxes on business in the autumn, warning that doing so would damage growth. – Telegraph
The government has been warned that taxing business further may endanger its growth mission after new research showed firms are cutting staff in the wake of the recent £25 billion national insurance increase. In a speech at the British Chambers of Commerce’s annual conference in London on Thursday, Shevaun Haviland, director general of the business lobby group, will press ministers to ease the cost burden on business. – The Times
Household incomes are on course to grow by only £300 by the end of the decade in a “bleak” outlook dominated by rising taxes, higher energy bills and squeezed state benefits, the Resolution Foundation has warned. The think tank has calculated that the average British household will see incomes grow by only 1 per cent between 2025 and 2030, excluding housing costs, while the poorest families suffer a 1 per cent drop in living standards. The UK’s economic disparities are set to widen, with the wealthiest households on course for an equivalent 1 per cent rise in income in the second half of the decade. – The Times