Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
The government is likely going to be spending a lot of money on getting the nation through this winter. Assuming they borrow the money. How will this or any other interventions impact on Sterling ?
This. There's every chance we're already heading into a full blown currency crisis. Bailing out energy users by borrowing or quantitative easing could turn a very dangerous situation into a catastrophy.
What's the answer then? Let them lose their house? Let them burn furniture first? Die?
Profit cap and windfall tax across all major energy providers.
Are the providers actually making enough of a windfall profit to tax?
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
That’s not true - Hungary for sure aren’t going to be importing Russian oil only by sea, doubt they’ll even adhere to the price cap if Russia refuse to sell below market rate.
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Because we have ended up in the same place as the Americans have.
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
That’s not true - Hungary for sure aren’t going to be importing Russian oil only by sea, doubt they’ll even adhere to the price cap if Russia refuse to sell below market rate.
Any country that signs up to the G7 cap will only be able to get Russian oil exported by sea. You are correct though. I used EU when I should have used G7. I stand corrected
Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.
Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.
"We will continue to stand with Ukraine for as long as it takes," the G7 said.
At their virtual meeting, the finance ministers said the oil price cap plan was "specifically designed" to reduce Russian revenues and its ability to "fund its war of aggression". They also said they wanted to minimise the damaging economic fallout of the conflict, "especially on low and middle-income countries".
In the aftermath of Russia's invasion of Ukraine the price of oil soared and has remained at high levels, meaning Russia has increase its revenues from the fossil fuel despite its export volumes falling.
The EU plans to impose an embargo on Russian crude oil from 5 December. It will apply to crude shipped by tanker and most piped supplies.
China and India - major trading partners for Russia - may not follow G7 policy on Russian oil, analysts say. They have not joined the Western sanctions targeting Russia.
UK Chancellor Nadhim Zahawi said the G7 were "united against this barbaric aggression", adding the price cap would "curtail Putin's capacity to fund his war".
US Treasury Secretary Janet Yellen said a cap would also help fight inflation, which is on the rise in many of the world's economies.
The price cap helps achieve "our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine", she said.
What does the first part of the above actually mean ? By that I mean for the consumer ?
I'm really not sure how this will work. Russia has oil, the G7 have put a cap on its price (which presumably means they won't pay more for Russian oil) and then Russia sells the oil to India and China for the global market rate. In the meantime the G7 have to buy oil on the global market.
What could possibly go wrong?
It strikes me as only symbolic as the cap has been timed to take effect from the point when none of the G7 are buying Russian oil anymore anyway.
It’s not symbolic. EU countries will now only be able to by Russian oil if it is transported by sea and is sold at or below the price cap. There is still need for EU countries to import Russian oil. That dependence is reducing but won’t be completely negated by this winter. If Russia continues to block gas exports via Nord Stream during the winter months then the economies of Germany and Italy in particular will be hit. Unlikely that energy rationing will not be required. Similarly in the U.K. where a large proportion of our energy in imported from Norway who are struggling to produce the hydro generated electricity due to the drought. Very different reasons but quite possibly a similar outcome.
That’s not true - Hungary for sure aren’t going to be importing Russian oil only by sea, doubt they’ll even adhere to the price cap if Russia refuse to sell below market rate.
Any country that signs up to the G7 cap will only be able to get Russian oil exported by sea. You are correct though. I used EU when I should have used G7. I stand corrected
Right, but most of the G7 weren’t buying Russian oil anyway and those that were (Germany & Italy predominantly I think) have weaned themselves off. Hence the timing of this announcement - it’s predominantly symbolic.
Germanys gas stores are currently 90% full. On reaching 95% they can get through winter without needing any extra input. [not that they wouldn't add more of course]
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Because we have ended up in the same place as the Americans have.
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.
democrats in the main tacked to the centre with Biden and won, Labour has tacked a long way back to centre, and could well win in 2024
Just the same disbelief that 350 million Americans end up with their leaders and the UK ends up with Truss. How is it possible we end up with such desperately poor options? Is this how democracy looks for the future?
Because we have ended up in the same place as the Americans have.
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.
democrats in the main tacked to the centre with Biden and won, Labour has tacked a long way back to centre, and could well win in 2024
Exactly my point, the last election wasn't like that.
In the next election for me it will be the least bad. I know my local MP, who is Labour, but I will probably end up telling her she gets my vote because of her personal qualities, not because of her party, this has been cemented in for me by Kier Starmer coming out with the frankly ridiculous slogan 'make brexit work'. He won't be able to make leave work anyway, nobody can do it, but there may be underlying messages and principles from Labour that I might agree with. I will check out all of the local candidates at local hustings, and see how they do when I get the chance to interrogate them in person, it is what I always do. Maybe I will be bowled over by the Green Party candidate.
In the next election for me it will be the least bad. I know my local MP, who is Labour, but I will probably end up telling her she gets my vote because of her personal qualities, not because of her party, this has been cemented in for me by Kier Starmer coming out with the frankly ridiculous slogan 'make brexit work'. He won't be able to make leave work anyway, nobody can do it, but there may be underlying messages and principles from Labour that I might agree with. I will check out all of the local candidates at local hustings, and see how they do when I get the chance to interrogate them in person, it is what I always do. Maybe I will be bowled over by the Green Party candidate.
There is an overriding consideration you might consider. Vote for the person or party that is most likely to beat the Tory. I think that’s more important than anything else at the next GE.
In the next election for me it will be the least bad. I know my local MP, who is Labour, but I will probably end up telling her she gets my vote because of her personal qualities, not because of her party, this has been cemented in for me by Kier Starmer coming out with the frankly ridiculous slogan 'make brexit work'. He won't be able to make leave work anyway, nobody can do it, but there may be underlying messages and principles from Labour that I might agree with. I will check out all of the local candidates at local hustings, and see how they do when I get the chance to interrogate them in person, it is what I always do. Maybe I will be bowled over by the Green Party candidate.
There is an overriding consideration you might consider. Vote for the person or party that is most likely to beat the Tory. I think that’s more important than anything else at the next GE.
You are absolutely right. However if a Tory wins in my constituency it will be amazing. I live in the People's Republic of Lewisham and keeping them out isn't an issue here. However your advice is certainly applicable elsewhere.
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
Liz Truss on Kuenessberg seems to be laying the ground for the re-entry of the magic money tree into British politics.
When asked what she would do if Putin turns off the gas supplies this winter , she wouldn't answer and blustered as usual. Her long term ambition seems to increase our use of fossil fuels, by fracking and opening up more oil/gas fields in the North Sea, she did mention renewables but they appear to be less of a priority to her.
The chart showing how much high earners would benefit from a NI reduction, in comparison with those on those lowest salaries, shows just who she wants to help.
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
I've always liked him as a comedian, but he has gone down in my estimation if what he said about being far right wing is true.
Liz Truss on Kuenessberg seems to be laying the ground for the re-entry of the magic money tree into British politics.
When asked what she would do if Putin turns off the gas supplies this winter , she wouldn't answer and blustered as usual. Her long term ambition seems to increase our use of fossil fuels, by fracking and opening up more oil/gas fields in the North Sea, she did mention renewables but they appear to be less of a priority to her.
The chart showing how much high earners would benefit from a NI reduction, in comparison with those on those lowest salaries, shows just who she wants to help.
Maybe she realises that she needs to focus on getting us through the short term. Whilst I agree that we need a long term plan for renewables, we need to exploit what we can now to get us through the next few years, because this is how long this crisis is going to last. I read last week that Germany had pushed a bill through to get coal production going again.
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
I've always liked him as a comedian, but he has gone down in my estimation if what he said about being far right wing is true.
He was joking, he took it a bit far though because I wasn’t 100% either.
Two things. Firstly I actually thought she performed better than I expected. She has no dynamism so she falls back on being measured and saying nothing. I doubt any of us thought she would set out her energy crisis plans on tv on a Sunday morning. This is planned as a keynote speech once elected. I can understand that. It’s unsatisfactory for us to be told that we need to wait another week but to be expected. I also don’t think she actually fully knows what she’s going to do yet. She perhaps has the bones but no flesh. That will become clearer once the treasury show her the books. Her announced tax plans are meaningless in terms of the crisis. Anyone knows that they are insignificant. It’s always been a dog whistle “Tory cutting tax” soundbite. She’s going to be our next Prime Minister. I’m not hopeful she’s up to the job. Is anybody ? Will she last until the next GE ? She’s in the unenviable position of being a new Tory PM that doesn’t have the support of even half her parliamentary party. Boris returned in 2023/24. It’s being suggested in some quarters. Personally I don’t think so but with the economic cards stacked against her I can’t see her winning a GE as things stands. Will the Tories have that or will they want “winner Boris” ?
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
I've always liked him as a comedian, but he has gone down in my estimation if what he said about being far right wing is true.
Two things. Firstly I actually thought she performed better than I expected. She has no dynamism so she falls back on being measured and saying nothing. I doubt any of us thought she would set out her energy crisis plans on tv on a Sunday morning. This is planned as a keynote speech once elected. I can understand that. It’s unsatisfactory for us to be told that we need to wait another week but to be expected. I also don’t think she actually fully knows what she’s going to do yet. She perhaps has the bones but no flesh. That will become clearer once the treasury show her the books. Her announced tax plans are meaningless in terms of the crisis. Anyone knows that they are insignificant. It’s always been a dog whistle “Tory cutting tax” soundbite. She’s going to be our next Prime Minister. I’m not hopeful she’s up to the job. Is anybody ? Will she last until the next GE ? She’s in the unenviable position of being a new Tory PM that doesn’t have the support of even half her parliamentary party. Boris returned in 2023/24. It’s being suggested in some quarters. Personally I don’t think so but with the economic cards stacked against her I can’t see her winning a GE as things stands. Will the Tories have that or will they want “winner Boris” ?
I strongly suspect that anyone who is up to the job is far too sensible to want to do it. This just leaves us with narcissists or the utterly bland.
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
I've always liked him as a comedian, but he has gone down in my estimation if what he said about being far right wing is true.
Liz Truss on Kuenessberg seems to be laying the ground for the re-entry of the magic money tree into British politics.
When asked what she would do if Putin turns off the gas supplies this winter , she wouldn't answer and blustered as usual. Her long term ambition seems to increase our use of fossil fuels, by fracking and opening up more oil/gas fields in the North Sea, she did mention renewables but they appear to be less of a priority to her.
The chart showing how much high earners would benefit from a NI reduction, in comparison with those on those lowest salaries, shows just who she wants to help.
Maybe she realises that she needs to focus on getting us through the short term. Whilst I agree that we need a long term plan for renewables, we need to exploit what we can now to get us through the next few years, because this is how long this crisis is going to last. I read last week that Germany had pushed a bill through to get coal production going again.
She wasn't talking about the short term - she completely avoided the question. Fracking and opening up new oil/gas fields will take many years and won't help this winter, they are also not going to help the Climate Emergency which is happening right now.
So far the Sunday Morning programme has in my view been crap, leaving aside Truss herself. Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
I've always liked him as a comedian, but he has gone down in my estimation if what he said about being far right wing is true.
Comments
The two options are decided by the extreams of the (main stream) political spectrum. British politics became more extreme once both parties changed the rules on choosing their leaders.
On reaching 95% they can get through winter without needing any extra input. [not that they wouldn't add more of course]
Article from last week
https://www.reuters.com/business/energy/germanys-gas-storage-facilities-filling-up-faster-than-planned-econ-minister-2022-08-28/
Still no sign of the HoC reopening to save the majority of us from this shite?
I know my local MP, who is Labour, but I will probably end up telling her she gets my vote because of her personal qualities, not because of her party, this has been cemented in for me by Kier Starmer coming out with the frankly ridiculous slogan 'make brexit work'.
He won't be able to make leave work anyway, nobody can do it, but there may be underlying messages and principles from Labour that I might agree with.
I will check out all of the local candidates at local hustings, and see how they do when I get the chance to interrogate them in person, it is what I always do. Maybe I will be bowled over by the Green Party candidate.
However your advice is certainly applicable elsewhere.
Is that comedian bloke being ironic and sarcastic or is he the right wing extremist he says he is?
The chart showing how much high earners would benefit from a NI reduction, in comparison with those on those lowest salaries, shows just who she wants to help.
I strongly suspect that anyone who is up to the job is far too sensible to want to do it. This just leaves us with narcissists or the utterly bland.