The UK Steel Industrial Association and the manufacturer 7Steel – formerly Celsa Steel UK – together with other industrial companies are calling for lower energy prices. Otherwise, the UK risks missing out on the boom of the environmentally friendly industry, Kallanish notes in a joint letter.
A coalition of manufacturers, investors, and climate change groups have called on Rachel Reeves, the finance minister, to lower electricity prices to boost economic growth, boost electrification, and secure Britain's place in the global green economy. The company hopes to achieve this by shifting policy costs from electricity prices to general taxation, which will reduce business electricity costs by up to 15% and household bills by up to 3.70 pounds per year.($492).
The coalition says high electricity prices continue to undermine Britain's competitiveness, as businesses pay significantly more for electricity than their European counterparts, some of which have already excluded policy costs from energy bills. This is a topic that UK Steel constantly discusses in its campaign.
This suggests that by transferring policy costs to the general taxation system, the government can recover costs more gradually, while these costs are disproportionately high, which negatively affects electricity consumers, including low-income households and businesses that struggle to withstand international competition. This change is also fully consistent with the government's growth mission, as it will enhance the global competitiveness of British industry and free up capital to invest in energy efficient and low carbon technologies.
The coalition also calls for targeted assistance to companies to support the electrification of industry.
"This is a critical moment. Without urgent action, the UK risks weakening its economic resilience and losing thousands of good jobs and billions of investments in an environmentally friendly industry," the document says.
According to forecasts, the global market for environmentally friendly production will reach 2.6 trillion dollars by 2030.
Carrie Bone United Kingdom
kallanish.com
