Here are the stories making the business headlines across Scotland and the UK this morning.

North Sea licences to be sped up in race for more oil and gas

Regulators are preparing to slash red tape in the North Sea in a bid to speed up the development of oil and gas wells, as part of Liz Truss’ dash for new energy supplies.

The Telegraph says the North Sea Transition Authority (NSTA) is considering cutting the application period for its upcoming new licensing round to a minimum of 90 days, compared to typical rounds of roughly 120 days.

Companies hoping to drill for oil and gas in the North Sea must apply for a licence, with 100 new areas of sea set to be put up for bidding. Securing a licence does not necessarily mean a company can or will drill there.

The North Sea Transition Authority (NSTA) is also trying to identify areas that can be developed quickly as they have known reserves and are close to existing pipes and rigs, which it will try to licence ahead of others.

Truss wants more migrants to tackle labour shortage

Liz Truss is facing her first cabinet row as she prepares to increase immigration to boost economic growth.

The Times reports that the Prime Minister is pushing for wide-ranging reform of Britain’s visa system to tackle acute labour shortages and attract the best talent from across the world.

In the coming weeks she intends to raise the cap on seasonal agricultural workers and make changes to the shortage occupations list, which will allow key sectors to recruit more overseas staff.

It has also been suggested that she could ease the English-language requirement in some sectors to enable more foreign workers to qualify for visas.

Stoneywood Mill was 'crippled by gas costs'

Ageing plant machinery powering a centuries-old Aberdeen paper mill “absolutely contributed” to its owners’ financial straits, administrators have said.

A potential sale of Stoneywood Mill fell through only hours before hundreds of its workers were made redundant on Thursday.

Bosses have revealed they have been forced to pay cash prices for gas to power the plant.

Financial struggles had left them unable to negotiate a fixed contract, according to the Press & Journal.

Gordon Brown to publish 'blueprint' for UK future

A blueprint for the future of the UK being drawn up by Gordon Brown will be both a “safer” and “more radical” alternative to Scottish independence, the Labour conference will be told.

Ian Murray, shadow Scottish secretary, will tell the gathering in Liverpool that the former prime minister’s proposals are “nearing completion” and will be launched “in coming months”.

It comes after Sir Keir Starmer, the Labour leader, asked Brown to lead a special commission to look at the future of the UK.

The Times reports that it includes proposals to scrap the House of Lords.

Interest rates 'scare off first-time buyers'

Record house prices and surging mortgage rates have started to take their toll on would-be first-time buyers, with fewer now looking to get on the housing ladder.

The number of people trying to buy their first home rose in the pandemic as the availability of cheap mortgages amid record-low interest rates acted to mitigate ever-increasing house prices.

However, as interest rates have risen so has the cost of mortgages, and the property portal Rightmove estimates that there has been an 8% drop in the number of first-time buyers looking for a home this month.

Retailers fear tough winter amid cost of living crisis

The squeeze on retailers is set to tighten before Christmas in what is traditionally the industry’s “golden quarter” for sales.

Retailers in the middle of the market are likely to be hit the hardest as shoppers reduce their spending, analysts have told The Times. The experts expect the value and luxury ends of the sector to fare better in the cost of living crisis.

The warning comes as the data consultancy Springboard predicts today that footfall will continue falling until December, wiping out all the gains that were made this year

Tumbling gas prices to trim bill for energy intervention

Britain's energy bills freeze could prove much less costly than feared by early next year, as City forecasters predict that gas prices will plunge this winter following a successful scramble across Europe to fill reserves.

A halving in gas prices in the coming months would push average household bills below the £2,500 limit set by the Government’s Energy Price Guarantee, slashing the cost of the intervention, according to estimates by Deutsche Bank.

The Chancellor said on Friday that the overall cost of supporting households and businesses for the next six months could be £60bn.

However, The Telegraph says wholesale gas prices have plunged from record highs in recent weeks after promises of more intervention on energy in Europe and successful efforts to fill storage before the winter.

Italy's far right on course to win election

Far-right leader Giorgia Meloni has claimed victory in Italy's election, and is on course to become the country's first female prime minister.

Ms Meloni is widely expected to form Italy's most right-wing government since World War Two.

The BBC said that will alarm much of Europe as Italy is the EU's third-biggest economy.

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