Robert Peston

Peston Show, ITV, Rest is Money, Futures for All, Kill Switch (thriller coming soon), Hospice UK, Arsenal, Centrist Dad

[Robert Peston @Peston]

My neurodivergent self is super happy with this review in @thetimes by John Dugdale of my new thriller, The Kill Switch, which will be published on Thursday 16 July: “In this enthralling mash-up of whodunnit, political thriller, sci-fi and psychological novel (Gil is attacked too, with radical effects on his brain), AI is compellingly portrayed as inexorably corrupting the worlds the duo move between: Westminster, business and the media…In the last outing of his neurodivergent alter ego, Robert Peston has cracked it, finding a narrative method that works and a huge topical subject he handles impressively.”

Four great thrillers to read this July

https://t.co/9tz1OGqMG1

[Robert Peston @Peston]

Are the banks making excess profits? Should the Chancellor increase the profits surcharge on banks in the budget?

https://t.co/Fn1kxJYRo9

[Robert Peston @Peston]

Are the banks making excess profits? Should the Chancellor increase the profits surcharge on banks in the budget?

https://t.co/AZKVsxmP0D

[Robert Peston @Peston]

Are the banks making excess profits? Should the Chancellor increase the profits surcharge on banks in the budget?

https://t.co/Iq5YBJBD64

[Robert Peston @Peston]

On tonight’s Peston Show, Martin Lewis predicted how the Chancellor will help those struggling to pay energy bills (see below). He is bound to be right

[Robert Peston @Peston]

On tonight’s Peston Show, Martin Lewis predicted how the Chancellor will help those struggling to pay energy bills (see below). He is bound to be right

[Peston @itvpeston]

“They have to put a support mechanism in place”

Financial Journalist and Broadcaster @MartinSLewis says the warm homes discount could be doubled in next week’s budget alongside the removal of the standing charge on gas bills

#Peston

[Peston @itvpeston]

“They have to put a support mechanism in place”

Financial Journalist and Broadcaster @MartinSLewis says the warm homes discount could be doubled in next week’s budget alongside the removal of the standing charge on gas bills

#Peston

[Robert Peston @Peston]

Peston show has an exclusive interview with the Chancellor tonight, and we also have Martin Lewis analysing Burnham’s plan to abolish energy standing charges. Don’t miss the show, on ITV at 10.45 and YouTube at 9, as per below

[Robert Peston @Peston]

Peston show has an exclusive interview with the Chancellor tonight, and we also have Martin Lewis analysing Burnham’s plan to abolish energy standing charges. Don’t miss the show, on ITV at 10.45 and YouTube at 9, as per below

[Peston @itvpeston]

We are 🅻🅸🆅🅴 at 9PM on YouTube👇

Joining @Peston and @PippaCrerar tonight:

🏛️ @JohnHealey_MP
💷 @MartinSLewis
🌹 @labourlewis
🔵 @GillianKeegan

https://t.co/z3GcP90Npf

#Peston

[Peston @itvpeston]

“We will do what we can to give people a bit of breathing space”

Chancellor @JohnHealey_MP suggests some limited help is on the way to bring down energy bills for people in next week’s budget

#Peston

[Peston @itvpeston]

“It’s not going to actually bring bills down, is it?”

“No”

Chancellor @JohnHealey_MP describes the supply provided by Jackdaw gas field as a ‘small but valuable contribution’, but accepts it won’t impact people’s bills

#Peston

[Peston @itvpeston]

‘So you are implying that you will give approval to Rosebank?’

‘No, I'm setting up here a fund that can be used and developed in the future’

@Peston asks Chancellor @JohnHealey_MP what his plan for an Energy Wealth Fund from both oil and gas revenues means for a future decision on Rosebank oil field

#Peston

[Robert Peston @Peston]

Along  the coast from Aberdeen, at Shell’s plant in St Fergus, where the gas from the just-authorised Jackdaw field will come ashore in a few weeks, I just interviewed the chancellor for tonight’s Peston show  

John Healey said a few things of note.  

First, he kept referring to “oil and gas” revenues going into the new energy wealth fund he is creating.  And since Jackdaw only generates gas, the implication is he expects the energy secretary Miatta Fahnbulleh to soon approve the Rosebank oil field - though she seems to be signaling precisely the opposite. 

Yikes. A bit like the new rules on how long immigrants must live in the UK before qualifying for indefinite leave to remain, the implication is that this is an argument between ministers that awaits adjudication by the PM. 

Second, I asked Healey whether he sees the banks as making excessive profits, which would be the coherent justification for him to increase the surcharge on bank profits - as he is expected to do in the budget next week.  

He said: “You know the banks are the engine of investment in this country. The banks are doing well at the moment and that is good to see. It's good for Britain - and the Budget is where I've got decisions to take across the economy, across the tax system. I will set those out on Wednesday next week.”

Which sounded like he will increase the surcharge but doesn’t have an economic rationale for doing so. 

Also yikes - in this case because credible economics and Labour politics are pulling in opposite directions.  

Finally I asked what he would do to the budget to help with the rising cost of living, especially the soaring price of energy. 

He conceded that the gas from Jackdaw would not bring down what we pay to heat our homes - at its peak it will only represent 3% of our needs - and getting it online is more about security of supply.  

He also cautioned against expecting him to spend vast sums to provide anything like full protection from rising bills.  “Government can't remove those cost pressures, the cost-of-living pressures that people face,” he said. “But…at the budget I will do what I can to give a bit more.”

Which means targeted support for vulnerable groups, not the universal help provided in 2022 by the then Tory government after Putin’s gas shock. 

For Healey, as he told me, the priority is to improve creditors’ and investors’ confidence in the public finances. Doing that while also bringing hope that better times lie soon ahead is a difficult tightrope to walk. 

He may himself be thinking “yikes” as he takes to the budget high wire a week from today.

[Robert Peston @Peston]

And just to remind you of the more economically meaningful trend, debt as a share of national income was circa 30% in 2000 and between 95% and 100% of GDP today

[Robert Peston @Peston]

The UK’s public sector debt has officially surpassed £3 trillion, on a provisional basis. It is striking how rapidly £2 trillion pounds has been added to the national debt. ONS: “Public sector net debt first exceeded £2 trillion in June 2020, during the coronavirus (COVID-19) pandemic, having first exceeded £1 trillion in February 2010 following the global financial crisis.”

[Robert Peston @Peston]

The UK’s public sector debt has officially surpassed £3 trillion, on a provisional basis. It is striking how rapidly £2 trillion pounds has been added to the national debt. ONS: “Public sector net debt first exceeded £2 trillion in June 2020, during the coronavirus (COVID-19) pandemic, having first exceeded £1 trillion in February 2010 following the global financial crisis.”

[Robert Peston @Peston]

Farage accuses ITV of 'snobbery' after racism exposed. New Talking Politics https://t.co/knA8ZdrZti via @YouTube

[Robert Peston @Peston]

Are the UK government’s creditors and other investors too harsh on it? Steph and I chat with the IFS’s Helen Miller in new Rest is Money pod

https://t.co/1VDV32COjk

[Robert Peston @Peston]

Are the UK government’s creditors and other investors too harsh on it? Steph and I chat with the IFS’s Helen Miller in new Rest is Money

https://t.co/GVHWLflzG0

[Robert Peston @Peston]

Are the UK government’s creditors and other investors too harsh on it? Steph and I chat with the IFS’s Helen Miller in new Rest is Money pod

https://t.co/IH82JVdul7

[Robert Peston @Peston]

How will Reform UK respond to 'horrific' sexism and racism exposed by ITV? New Talking Politics https://t.co/9ygLB2VGHQ via @YouTube

[Robert Peston @Peston]

Nigel Farage says Reform’s vetting processes can’t possibly vet for “future comments”. But tonight’s ITV Exposure investigation raises big questions about whether Reform properly vetted for past comments. Read my blog

https://t.co/NaML8sVIRL