In the press: Electricity, UK tech companies, carbon tax

(IFA Magazine)


More than half of Great Britain’s daily electricity came from wind turbines for the first time on Boxing Day, as the country headed for its “greenest year on record”, due in part to the coronavirus. As Storm Bella arrived, bringing gusts of up to 100mph, wind provided 50.7% of Great Britain’s electricity according to data charting the power generation mix. While wind briefly hit 60% in August, it had not previously sustained such levels for 24 hours. – Guardian

UK technology companies attracted a record $15bn (£11.2bn) in venture capital funding in 2020, including the creation of seven “unicorn” firms valued at more than $1bn. The firms raised more money from VC investors than the rest of Europe combined, according to research by the data provider Dealroom. The $15bn total compares with the previous record of $14.8bn in 2019. – Guardian

Beijing’s regulatory crackdown on China’s biggest technology company Alibaba has triggered a widespread sell-off among the country’s internet giants, with around £150bn wiped off the four top companies since Christmas Eve.Shares in Alibaba fell 8pc in Hong Kong on Monday, the second big drop in as many trading days after an equally-steep decline last Thursday, the prior trading session. – Telegraph

Disruption at ports is inevitable at the end of the transition period for leaving the EU because many companies do not have the paperwork required to move goods across the border, a top Brexit think tank has warned. Katy Hayward, a fellow at UK in a Changing Europe and professor at Queen’s University Belfast, said: “I don’t think we can expect anything other than disruption . . . not least because of people’s unfamiliarity with the rules.” – The Times

Rishi Sunak will unveil a carbon tax next year as he attempts to repair the battered public finances, leading economists have told The Times. The chancellor will announce tax rises next year to help bring the national debt under control after it ballooned above 100 per cent of GDP for the first time since the early 1960s, according to the vast majority of 73 experts contributing to an annual poll. – The Times


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