Bernard Looney ‘proud’ of record at BP despite forfeiting £32m in pay

Bernard Looney has said he is proud of his record at BP just a day after the oil giant’s board said he would forfeit £32m over “serious misconduct”.

In the former chief executive’s first statement since his abrupt resignation in September, Mr Looney said he was “disappointed” with how his dismissal had been handled.

It follows a board meeting at BP on Wednesday at which the company’s 11 non-executive directors voted unanimously to sack Mr Looney and cut short his 12-month notice period after he was found to knowingly mislead the company over his personal relationships with staff.

It means he will lose his entitlement to pay and benefits amounting to a maximum value of £32.4m, including his salary, pension contributions and performance-linked bonuses.

‘Embarrassing’: NSTA criticised for ‘paltry fine’ against Repsol

The North Sea Transition Authority (NSTA) has been criticised for a “paltry fine” against operator Repsol for breaching emissions rules.

Despite the £160,000 penalty being the largest in the UK sector to date, commentators described it as “embarrassing”.

The penalty was announced this week after Repsol breached its flaring and venting consents for the Auk, Halley and Fulmar fields.

“You have to ask if the NSTA are actually being serious here,” said consultant Paul Brindley.

“£160,000 is pocket money to Repsol – it should be x 100 minimum as that is the only thing the Oil Companies understand – hard cash”.

Interest rates: Too early to speculate about cut, says Bank boss

It is "too early" to speculate about when UK interest rates will be cut, according to the governor of the Bank of England.

Andrew Bailey spoke after the Bank voted to hold interest rates for a third time at 5.25% - a 15-year high.

On Wednesday, the US Federal Reserve signalled that rates were at or close to a peak and could fall next year.

But in contrast, Mr Bailey said it was not possible to "definitively" say the same for the UK.

The Bank has lifted interest rates 14 times since December 2021 to cool soaring inflation, which measures the pace at which prices are rising.

In the UK, this has been fuelled by higher energy and food costs following Russia's invasion of Ukraine.

Millions borrowing to pay essential bills at Christmas, charities warn

Millions of people are borrowing to pay essential bills at Christmas, charities warn, with energy debts a key concern as prices are set to rise again.

Citizens Advice said it was seeing more people falling behind on energy bills as winter began, owing an average of £1,841 to their supplier.

The government said its cost-of-living payments were easing the burden.

Charities say some families face paying off loans, adding to the financial strain as they cut back on basics.

The Joseph Rowntree Foundation, which campaigns on social issues, said a third of those it surveyed said they still had loans to pay off, which had originally been taken out to cover the costs of food, housing costs, energy bills or council tax.

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