Day: October 12, 2020

Johnson’s plan to power all UK homes via offshore wind ‘will need £50bn’

Boris Johnson has unveiled a bold new vision for offshore wind to power every home in the UK by 2030. However analysts say that would require almost £50bn in investment and the equivalent of one turbine to be installed every weekday for the whole of the next decade.

The huge investment, calculated by Aurora Energy Research, an Oxford-based consultancy, would increase the UK’s offshore wind power capacity by four times what it is today, to reach 40GW by 2030.

The wind energy industry has become one of the country’s most prized industrial success stories. In the past 10 years the capacity of the UK’s offshore turbines has grown from 1GW to almost 10GW at the start of 2020, and building costs have been driven down by almost two-thirds.

The government’s new plan has emerged as central to Britain’s aim to “build back better” after the coronavirus crisis towards its 2050

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Billionaire Issa brothers head up business sector Queens Birthday honours

Two billionaire brothers from Blackburn have been made CBEs a week after clinching a £6.8bn deal to buy the Asda supermarket chain from Walmart.

Mohsin and Zuber Issa were among a number of business bosses on the Queen’s Birthday Honours list.

GlaxoSmithkline chief executive Emma Walmsley was made a dame for services to the pharmaceutical industry.

The drugs firm is one of about 20 that is part of a global race to develop a coronavirus vaccine.

The billionaire Issa brothers started their business 20 years ago with one rented petrol station and grew it into a network of nearly 6,000 forecourts across 10 countries.

It was announced last week that the Issa brothers and private equity firm TDR Capital would take a majority stake in Asda.

Walmart said that, under the new owners, Asda will invest £1bn in the supermarket over the next three years.

Drugs race

A number

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