Evening Update Thursday 17 November 2022

The Monaco government has announced a tariff shield and measures to control energy consumption. The tariff shield will be applied from January 1 , 2023. It will cap the rate of increase in energy prices at 15% for households and small businesses and 35% on the yellow tariff and 45% on the green tariff for large companies and large consumers. Monaco Minister of State Pierre Dartout said that in the absence of the shield consumers would have had to suffer an increase of 75% on average for electricity prices. The cost to the state of the measures is estimated at €30 million. Gas is not concerned by these measures insofar as the national operator, SMEG, has provisioned all purchases for the year 2023.

The Minister of State also announced that it had been decided, in consultation with the Town Hall to replace the ice rink on the Quai Albert Ier by a roller track because it would be more energy efficient. He said that the Société des Bains de Mer is doing the same by replacing the ice rink initially planned for the Place du Casino.

The number of winter accommodation places for homeless people in the Var has been increased. The increase makes it possible to receive all people who ask to be sheltered in the event of freezing temperatures. The additional resources change according to the temperature at night and the demand for places. The Prefect of the Var held a meeting today with staff responsible for the operation of the system.

Over a hundred union members demonstrated in front of the prefecture in Marseille this morning. Members of the Force Ouvriere union were demanding salary increases because of the rising cost of living.

Two investigations have been opened into a widespread scam which involves receiving a phone call or a text claiming to be about a "compte personnel de formation" or professional training account. Fourteen people have been taken into custody on suspicion of involvement in the scam which is thought to have caused a total loss to victims of 8.2 million euros.

Nice Mayor Christian Estrosi has officially opened the Eden Roch residence in the east of the city this morning. He said that it is a "new stage in the urban renewal of the historic district of Saint-Roch" with 1,000 square metres of green spaces. On Saturday 26 November the city will also deliver the large Saint Jean d'Angely tree-lined garden, where the mayor said "a vast area of ​​breathing space and greenery" replaces the 4,380m² of bitumen of the old car park and a degraded space.

 

BUSINESS

The UK chancellor Jeremy Hunt has announced tens of billions of pounds in tax rises and spending cuts in the Autumn Statement. Amongst a wide range of measures, he announced a freeze on income tax thresholds and said that the point at which the highest earners start paying the top rate of tax will be lowered from £150,000 to £125,140. Help with energy bills will be cut back, with typical bills rising from £2,500 a year to £3,000 from April. There will be extra payments for those on means-tested benefits, for pensioner households and for those on disability benefits. The state pension, benefits and tax credits will rise in line with inflation and the National Living Wage will increase. Energy firms will pay an expanded windfall tax of 35%, up from the 25% already levied.

The government acknowledged the UK is already in a recession as its independent forecaster predicted that the economy would contract by 1.4% next year. The Office for Budget Responsibility forecast that GDP would then rise by 1.3%, 2.6%, and 2.7% in the following three years.

A new poll has shown that support for Brexit in the UK has dropped to its lowest level since the referendum in 2016. In the poll by YouGov, 32% of respondents said that it was right to vote leave, while 56% said it was wrong to vote leave.

 

SPORT

Cricket...Australia had a six-wicket victory over England in the opening one-day international in Adelaide. England made 287-9 in their 50 overs. The remaining games in the three-match series take place on Saturday and Tuesday.

Motorsports... The Haas Formula 1 team have signed Nico Hulkenberg to replace Mick Schumacher. Hulkenberg will return to the grid for a full season for the first time since being dropped by Renault in 2019.

 

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