A recent EY survey reveals that high and unstable energy prices are hindering growth for a majority of British companies, with firms highlighting risks to profitability and competitiveness. The UK has the highest industrial energy prices among G7 nations, which exacerbates concerns that the country may fall behind global competitors without government intervention. Industry leaders stress the importance of energy as a strategic asset, while debates arise regarding the impact of green policies and carbon taxes on energy costs. Critics warn that critical sectors like steel and chemicals need urgent action to remain competitive.
A majority of British companies say that rising and unstable energy costs are undermining their growth plans, threatening profitability, competitiveness, and the UK's industrial future.
Energy is clearly no longer just a commodity, it's a competitive and strategic asset. Firms increasingly see energy as central to their long-term viability and investment planning.
The Trades Union Congress and Make UK have warned that sectors such as steel and chemicals are at risk of falling behind global competitors.
Sir Jim Ratcliffe has been one of the most vocal critics, citing high energy prices and high carbon taxes as key reasons for closing Ineos' synthetic ethanol plant.
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