Germany plans to start using renewable power broadly
European countries struggled to find additional energy resources this winter after Russia stopped delivering gas to most of them. Moscow decided as retribution after the EU settled new sanctions on Russia after the latter invaded Ukraine. However, cutting gas hit the Eurozone hard, as well. Most countries depended on Russian gas for manufacturing and household use. Moscow’s actions made it abundantly clear to EU officials that they had better find alternative resources.
On Monday, German Economy Minister Robert Habeck announced that the government had decided to adjust its electricity market design. Germany plans to use renewable power on a larger scale by the end of the decade. This change comes more swiftly than economists anticipated, but it’s also welcome.
Habeck also noted that the country would do most of the necessary work this year. Europe’s biggest economy aims to reduce and eventually wholly replace the amount of fossil fuels used currently. Instead, it will rely on intermittent sources.
Britain plans to revamp its post-Brexit asset management plans
On Monday, U.K. officials released new plans concerning the post-Brexit situation in the country. The government also introduced its new plan for the 11 trillion-pound asset management sector. Britain focuses on liquidity. The country struggled after it distributed substantial funds according to its pension schemes last September. Many citizens received help as the economy went into recession due to the coronavirus pandemic.
However, the government is now trying to bolster liquidity and, with it, the economy. Britain can now write its own regulations as it’s no longer a part of the European Union.
The country’s property funds were suspended in 2016, immediately after the U.K.’s vote to leave the EU. Then the British economy went into lockdown, aiming to hinder the spread of COVID-19 in March 2020. Consequently, many investors decided to pull out of their money. Now the government is trying to regain those investments or attract new ones.