Thursday newspaper round-up: Orsted, drought conditions, HSBC, uninsurable homes
By Michele Maatouk
Date: Thursday 08 May 2025
(Sharecast News) - The world's biggest wind power developer has cancelled plans for one of the UK's largest offshore windfarms, in a significant blow to the government's green energy targets. The Danish wind power company Ørsted said the Hornsea 4 project no longer made economic sense because of soaring costs in the industry's global supply chain, after it won a government contract last year. - Guardian
Crops are already failing in England because of drought conditions this spring, farmers have said. People should start to ration their water use, the Environment Agency said, as water companies prepare for a summer of drought. The government has also asked the water CEOs to do more to avert water shortages, and the EA said hosepipe bans are on the horizon if a significant amount of rain does not fall. - Guardian
HSBC is facing the prospect of a major desk shortage at its new City of London headquarters after forcing staff back into the office three days a week. Senior managers at the lender are predicting a shortfall of up to 7,700 desks when workers move into the bank's new offices near St Paul's Cathedral in 2027. - Telegraph
Tens of thousands of uninsurable homes risk being built on flood plains across the UK under Angela Rayner's housing blitz, experts have warned. The Association for British Insurers (ABI) said the Government's efforts to build 1.5m homes over the next five years could include houses built in some of the UK's highest-risk areas. - Telegraph
The largest oil and gas producer in the North Sea has blamed government policy as it prepares to cut 250 jobs. Harbour Energy criticised the "punitive" fiscal regime in oil and gas and the slow pace of progress on carbon capture projects. - The Times
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