CBI Urges Next UK Government to Shift Green Levies Off Power Bills
The CBI says shifting renewable subsidy costs to general taxation could cut business electricity bills by up to 20%, according to its report.
- The Confederation of British Industry and Energy UK warned that UK electricity prices are about 45% above the G7 median, urging the government to shift green levies from power bills to general taxation.
- About 2.7 million businesses face high energy costs, with four in 10 companies cutting capital spending to cover bills instead of investing in innovation and expansion.
- CBI chief economist Louise Hellem said, "We need stronger economic growth, and that can't happen while firms are navigating sky-high energy bills." Shifting Renewables Obligation and Feed-in Tariff funding could reduce business bills by 20%.
- Prime Minister Andy Burnham faces pressure to slash business energy costs on "day one" of his premiership, with supporters claiming the changes could unlock an additional £130 billion in economic activity by 2050.
- Separately, Offshore Energies UK Chief Executive Officer David Whitehouse advocates an "all-energy approach that builds on existing industrial strengths," while cross-industry groups urge support for oil and gas production amid growing import reliance.
12 Articles
12 Articles
UK businesses urge new government to cut energy levies and taxes
Britain's new prime minister must slash energy levies paid by businesses to speed up economic growth, a leading employers group and an energy trade body said on Tuesday. With former Manchester mayor Andy Burnham poised to enter Downing Street, the Confederation of British Industry and Energy UK said 40 per…
Andy Burnham told to crack down on sky-high energy costs from day one in office or leave Britain's growth at risk
The next Prime Minister must address sky-high industrial energy prices on their first day in office, leading business voices say. They warned the incoming PM, expected to be Andy Burnham, that high energy costs “continue to damage business investment, reduce our international competitiveness and worsen the cost-of-living crisis”. But a series of steps, including removing certain green charges from all industrial electricity bills, could unlock £…
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