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Tuesday newspaper round-up: EU suppliers, National Grid, discounters

(Sharecast News) - A publicly owned electricity generation firm could save Britons nearly £21bn a year, according to new analysis that bolsters Labour's case to launch a national energy company if the party gains power. Thinktank Common Wealth has calculated that the cost of generating electricity to power homes and businesses could be reduced by £20.8bn or £252 per household a year under state ownership, according to a report seen by the Guardian. - Guardian Business leaders say frayed relations with the EU are costing the British economy, as suppliers in the bloc grow more cautious about doing business with post-Brexit Britain. Adding to the pressure on Rishi Sunak's government as bosses warn that the UK is falling behind its peers, the manufacturers' group Make UK called for an urgent reset of political and trading relationships with the EU. - Guardian

National Grid has told an emergency coal power station to start warming up as the country braces for a cold snap on Tuesday. The West Burton A plant near Retford in Nottinghamshire will be placed on standby to meet demand if energy use surges as temperatures drop. The plant is one of three that were due to close in September 2022 but have been kept online in case needed amid concern about energy security this winter. They have been warmed up several times so far this winter, but not yet used. - Telegraph

The government's plan to overhaul the rules for the insurance industry could increase the annual probability of a life company failing by about 20 per cent, the governor of the Bank of England has warned. The Bank's estimate of the higher risk, which was disclosed by Andrew Bailey in a letter to MPs on the Commons treasury select committee, could reignite tensions between the Bank and the government over ministers' plans to loosen the regulations governing insurers. They have already clashed about the reforms. - The Times

Consumers increasingly turned to discount retailers last month as their spending on utility bills soared. Household spending in discount stores grew by 5.5 per cent in February as shoppers sought cheaper goods, according to Barclaycard data. The growth in spending in value outlets has picked up from 4.2 per cent in January. - The Times

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Friday newspaper round-up: Barclays, BP, JPMorgan
(Sharecast News) - The UK government will "wait and see" whether tariffs announced by Donald Trump "actually come to pass", a senior minister said. The US president announced what he called "reciprocal tariffs" on all other countries on Thursday evening, claiming it was "fair to all". But it was unclear how this would apply to the UK, especially as Trump suggested his policy regarded VAT as a tariff. - Guardian
Thursday newspaper round-up: Solar panels, OBR, Chevron
(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
Wednesday newspaper round-up: British economy, Heathrow, FOS
(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian

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