The UK yesterday challenged the accepted logic over global warming and climate change by agreeing to issue hundreds of new licenses for exploration and drilling for oil and gas in the North Sea.

It had been agreed that for countries to meet zero carbon targets by their agreed time that existing supplies should be mothballed, and a greater concentration would be given to sustainable sources of power.

Rishi Sunak, who had already invited the ire of the environmental lobby by pushing back against the Mayor of London’s plan to extend the ultra-low-emissions-zone around London, has been accused of a “desperate vote-winning policy” to kick-start the Government’s campaign to win the next General Election for which they are trailing far behind the Opposition the opinion polls.

Data released yesterday showed that consumer lending rose to a five-year high last month. However, while this would be a sign of a growing economy in normal circumstances, it appears that rather than buying new cars or consumer goods, households are borrowing to supplement their funding of household budgets in the face of a continuing cost-of-living crisis.

The continued hiking of rates by the Bank of England, coupled with continued high inflation, is seeing monthly payments on loans, overdrafts and credit cards reach their highest level in a generation.

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