UK Debt Tops £3tn, Inflation Rises as Jackdaw Gasfield Approved; Musk Eyes Tesla-SpaceX Merger

Oct 21 – The United Kingdom's total government debt surpassed £3 trillion for the first time on Wednesday, coinciding with a jump in inflation to its highest level in nearly a year and the government's approval of the controversial Jackdaw gasfield in the North Sea, according to The Guardian. Separately, billionaire entrepreneur Elon Musk confirmed he is considering a merger between Tesla and SpaceX, a move that could reshape two of the world's most prominent technology companies.

UK inflation rose in September, driven by higher petrol and diesel prices, BBC News reported. The rise compounds pressure on Prime Minister Andy Burnham's government, which is simultaneously grappling with the financial crisis surrounding Thames Water. Burnham has instructed officials to abandon existing plans for the stricken utility company and present more radical alternatives, The Guardian reported. The options under consideration have not been fully detailed, but the prime minister is said to be open to significant structural changes at the company.

The government's approval of the Jackdaw gasfield, operated by Adura and jointly owned by Shell and Norway's Equinor, drew immediate criticism from environmental campaigners and some Labour MPs, according to The Guardian. The decision was widely anticipated following lobbying by Shell, despite Labour's 2024 election manifesto having committed to a ban on new North Sea drilling licences. Shell described the approval as "an important step in ensuring the UK North Sea can continue to contribute to the country's energy security and economy," adding that long-term energy projects require "a competitive and stable investment environment, alongside timely and predictable regulatory decisions," The Guardian reported. Adura is headquartered in Aberdeen.

On the corporate front, Musk confirmed that special committees within both Tesla and SpaceX have been formed to examine a possible merger of the two companies, BBC News reported. No further details about the timeline or structure of a potential deal were provided. Separately, the UK's audit regulator has begun making inquiries into Manchester City's accounting practices, though no formal investigation has been launched, BBC News reported.

In Nigeria, a two-decade dispute between the Federal Airports Authority of Nigeria and private terminal operator Bi-Courtney has come to an end, with FAAN now beginning to earn revenue from the Murtala Muhammed Airport Terminal 2 in Lagos, Premium Times reported. The agreement ends years of litigation over the domestic terminal, with both parties relinquishing historical claims and accepting revised operational terms, according to Premium Times. Aviation and Aerospace Development Minister Festus Keyamo has been associated with the resolution of the long-running dispute. The settlement marks a significant shift in the management of one of Nigeria's busiest aviation facilities.