Brexit: UK car industry weighs in as debate heats up
Brexit, Brexit, and more Brexit. The first thing to point out is that it’s nearly over. On Friday morning Britain will either have left the EU or will still be in it. Until then, we’ve got some more hypothetical articles to get through.
This morning, Bloomberg carries a piece exploring the impact Brexit could have on the aviation sector.
Chillingly, the author warns that travelling to Heathrow could start to feel a lot more like JFK, with long queues at arrivals taking the place of the speedy EU lines.
That said, there shouldn’t be too much impact on train and boat trips to the continent, while a weak post-Brexit pound could make holiday’s cheaper as tourism operators look to encourage Brits to holiday somewhere other than Skegness.
Getting to Europe from the UK will be harder though, with discounted airfares likely to be more difficult to get hold of as UK air carriers like EasyJet will have to renegotiate their bilateral agreements with the EU. And that’s to say nothing about the impact it
will on phone roaming charges.
Elsewhere, investor George Soros, who made a billion dollars betting against the pound during Black Wednesday in 1992, has warned of “serious consequences” for Britain if the country leaves the EU.
Business Green have an interview with CBI’s Paul Drechsler. In stark tones, he warns that Brexit would devastate the beleaguered UK renewables sector.
Dreschler added that EU membership was vital for international collaboration on trade and the environment. He warns that Brexit would put renewables “back in the operating theatre”.
The UK car industry has also come forcibly for Remain, with bosses at Toyota UK, Vauxhall, Jaguar Land Rover and BMW warning of significant job losses and potential factory closures if Brexit goes ahead.
The markets seem less concerned about the result of the referendum, with yesterday’s favourable polls for the Remain campaign leading to robust performances on both sides of the Atlantic.
China looks to dramatically expand wind power
Leaving the UK to one side for a moment, a new study has found that China is on course to generate more than a quarter of its electricity from wind power by 2030.
The country is fast becoming a leader in renewable energy and in the next 14 years more new generating capacity, predominantly clean energy, will come on line in China than in the whole of the US.
One of the authors of the research, published in Nature Energy, Valerie Karplus, toldthe Guardian that “China is now the world’s wind energy leader by a fairly large margin”. Karplus added that Beijing is looking to increase its wind capacity by a factor of between three and five by 2030.
The Financial Times looks at the Chinese wind turbine manufacturer Goldwind, which is looking to expand its operations further after overtaking Danish company last year as the largest supplier of turbines in the world.
BP approves investment in Egypt gas field
BP has approved investment in the first phase of developing a large offshore gas field in Egypt, just 15 months after it announced its first discovery.
Reuters report that BP have said the Atoll field will produce its first gas in 2018, and is set to pump 300 million cubic feet a day to the Egyptian market.
The British oil major is competing is a fiercely competitive market as oil companies from across the world look to tap the Mediterranean’s largely unutilised fossil fuel reserves.
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