5. On a side note, the energy bill package has the most meaningful reduction on inflation estimates. But this is such a meager intervention when compared to more significant savings that could have been achieved from cutting interest rates on renewables. (see here- neweconomics.org/2023/11/its-...)

4. OBR confirms North Sea oil and gas receipts are set to plummet from £2.7bn today to £0.3bn by 2030-31, reinforcing the fact that the fields are in terminal decline and new licenses won't undo the clear trend.

Thoughts on the Chancellor's big, hugely consequential budget. The fiscal headroom chatter will be put to rest for a couple of years (despite the arbitrariness of these targets) but some key energy and cost of living decisions in the budget. Thoughts below 👇

Some useful diagnosis that sets the context:
❌ Past policy was too short-term
❌ Market signals alone didn’t build resilient supply chains
❌ UK industry has been hamstrung by high energy costs

The latter has captured all the headlines and rightly so as elec prices are highest in UK for industry.

Looks like GB energy is a public finance institution after all! Oh well, that is disappointing. The vision was to have a publicly owned generator of mature tech, now it will offer loans and buy equity. The OG vision deferred to the 2030s or beyond.