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Sunday newspaper round-up: Energy bill freeze, Iceland, National Grid

(Sharecast News) - Lizz Truss declined in an interview with BBC One to rule out freezing energy bills in some form if she were elected, vowing to take action within a week if she were. Truss, who is widely expected to come out on top in the Tory leadership contest, vowed she would reveal her plans to ease the pain from soaring energy prices and expanding energy supply within seven days after entering Number 10. A plan to restart economic growth through tax cuts would be forthcoming within a month from assuming office. Labour leader, Sir Keir Starmer, has proposed keeping the cap in place throughout the winter, putting the cost to the Treasury at £29bn. - The Sunday Telegraph Iceland boss Richard Walker called for a price cap on energy, arguing in an interview that otherwise "it might just be easier to mothball shops or temporarily close them because the energy costs are just completely unsustainable." The grocer had been especially hard hit because due to its need to store food in fridges and freezers. Higher energy bills recently led the frozen-foods chain to put off new store openings after his energy bill jumped by £20m, more than doubling the total. - The Financial Mail on Sunday

Campaigners have taken aim at what they said was energy regulator Ofgem's needlessly blocking construction of a giant cable linking the Orkney islands to the British mainland. That proposal, from SEE, could help reduce the country's dependence on foreign supplies because the green energy projects across the islands regularly produce more energy than they can actually use. Instead, the surplus could be delivered to the UK's National Grid. - The Financial Mail on Sunday

Moderna is preparing to bring to market a six-in-one jab capable of protecting people against Cobid-19 strains, flu and respiratory syncytial virus by winter 2025. The announcement by Moderna's UK boss, Darius Hughes, was made ahead of the scheduled launch, on Monday, of the biotechnology outfit's new bivalent vaccine, which protects against both the original coronavirus strain and Omicron. Moderna also pledged investment for a new manufacturing plant and research centre in the UK with links to universities with access to its platform. - The Sunday Times

Prospective PM Lizz Truss believes it is fair to give priority to national insurance cuts which benefit high-earners 250 times more than the poor. In remarks to BBC One, Truss said it was wrong to analyse all economic policy through the lens of redistribution. According to Truss, growing the economy was more important than reducing inequality. She also pledged immediate help over energy bills, but chose not to provide specifics. Details of her policies would only be given should she defeat Rishi Sunak and become the next Tory leader. - Guardian

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Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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