energy price cap

Morning Star Exclusive: Lords see their share holdings in fossil fuel firms grow as energy price cap rises and bills soar

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https://morningstaronline.co.uk/article/lords-see-their-share-holdings-fossil-fuel-firms-grow-energy-price-cap-rises-and-bills-soar

 A view of the Chamber of the House of Lords ahead of the State Opening of Parliament at the Palace of Westminster in London, May 13, 2026

PEERS have seen their shares in oil and gas firms soar by tens of thousands since the start of the US war on Iran as the energy price cap jumped today, the Morning Star can reveal.

At least seven lords and one baroness have seen their stock holdings in companies such as Equinor, Chevron and Shell, increase since the war-driven energy shock.

New research from the End Fuel Poverty Coalition (EFPC) shared exclusively with the Star revealed the estimated gains made by peers as households “dread” the next energy bill.

EFPC co-ordinator Simon Francis slammed the lords who “may be leaping at the prospect of increased dividends and share prices” on the backs of “suffering households.”

Among the lords who saw the highest rise in their holdings was former Treasury and Cabinet Office minister Lord Agnew of Oulton.

A Tory peer and board member on GB News’ holding company, Lord Agnew saw his shares in Britain’s largest gas supplier Equinor grow by around £28,000 since the February 28 US-Israeli strikes on Iran which kicked off the war.

Former Tory Treasury minister Lord Sassoon saw shares in Chevron, ConocoPhillips, Occidental Petroleum and Shell grow by a combined value of just under £28,000.

EFPC highlighted other sitting peers holding shares in Shell, including former Hong Kong governor Lord Patten, former Tory home secretary and chancellor Lord Clarke and crossbencher Lord Rees.

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Continues at https://morningstaronline.co.uk/article/lords-see-their-share-holdings-fossil-fuel-firms-grow-energy-price-cap-rises-and-bills-soar

Orcas discuss Donald Trump and the killer apes' concept of democracy. Front Orca warns that Trump is crashing his country's economy and that everything he does he does for the fantastically wealthy.
Orcas discuss Donald Trump and the killer apes’ concept of democracy. Front Orca warns that Trump is crashing his country’s economy and that everything he does he does for the fantastically wealthy.
Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London.
Greenpeace activists display a billboard during a protest outside Shell headquarters on July 27, 2023 in London. (Photo: Handout/Chris J. Ratcliffe for Greenpeace via Getty Images)
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Experienced climbers scale a rock face near the historic Dumbarton castle in Glasgow, releasing a banner that reads “Climate on a Cliff Edge.” One activist, dressed as a globe, symbolically looms near the edge, while another plays the bagpipes on the shores below. | Photo courtesy of Extinction Rebellion and Mark Richards
Continue ReadingMorning Star Exclusive: Lords see their share holdings in fossil fuel firms grow as energy price cap rises and bills soar

Tax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

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Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0
Green Party MP Hannah Spencer by ©House of Commons, CC BY 3.0

Commenting on the new energy price cap announced today by the Regulator Ofgem, that could see a 13% increase in a typical household’s energy prices, Hannah Spencer, Green MP for Gorton and Denton, said:

“Today’s Ofgem price cap announcement will leave so many people even more stressed out and worried about affording their energy bills. Millions of people are already struggling to make ends meet, and it is unacceptable that energy costs continue to shoot up whilst BP’s profits double. 

“We need immediate government intervention. Rachel Reeves needs to step in and freeze the cap before energy bills go up on July 1st. And if she’s wondering how to pay for it, there are some people doing very well out of this crisis. The government should start by taxing every penny of the huge windfall profits oil and gas giants have made since the start of the illegal war on Iran.

“Our energy market is incredibly unfair, built to line the pockets of shareholders whilst working people foot the bill. It’s a damning indictment of rip off Britain that simply keeping our homes warm enough in winter and cool enough in summer has become a luxury very few people can afford. We need urgent action, now.”

Continue ReadingTax every penny of windfall profits oil and gas giants have made since illegal war on Iran, say Greens

Households set to be £400 worse off this tax year, report finds

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https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Money stacked on top of a council tax bill

WORKING-AGE households are set to be an average of £400 worse off in the year ahead amid income squeezes and bill hikes, the Resolution Foundation has warned.

A new report by the think tank estimates that the disposable income of a typical household will fall by 1 per cent, while those across the poorest half of Britain are set for a sharper 2 per cent fall, losing the equivalent of £300.

One contributing factor is council tax rises, with households facing an £80-per-year average increase as rates rise by 5 per cent across most of England, 7 per cent in Wales and 9 per cent in Scotland.

Above-inflation increases in water charges will hit even harder, pushing bills up by an extra £120 on average.

Ofgem’s 6.4 per cent increase in the energy price cap adds another £111 a year on average from this month, although the Resolution Foundation believes that the impact of the change will be limited, with prices expected to fall in July.

Working-age benefits will not keep pace with inflation this year, the think tank warned, with April’s 1.7 per cent boost falling short of the 3.2 per cent consumer prices index rate projected for this year.

Meanwhile, private rents have risen by 9 per cent since the local housing allowance was last set.

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Article continues at https://morningstaronline.co.uk/article/households-set-be-ps400-worse-tax-year-report-finds

Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Keir Starmer, Angela Rayner and Rachel Reeves wear the uniform of the rich and powerful. They have all had clothes bought for them by multi-millionaire Labour donor Lord Alli. CORRECTION: It appears that Rachel Reeves clothing was provided by Juliet Rosenfeld.
Continue ReadingHouseholds set to be £400 worse off this tax year, report finds