While we were all flapping about lockdowns, the UK’s entire system of regulating the prices of utilities was fatally undermined last month. The Competition and Markets Authority over-ruled Ofwat, the water regulator, and awarded higher returns to Anglian, Yorkshire, Northumbrian and Bristol water companies.
Exxon’s profits leave BP and Shell in the shade
For virtue-signalling portfolio managers loath to touch the black stuff, it’s been tough to watch.