Latest news with #ConfederationforBritishIndustry
Yahoo
5 days ago
- Business
- Yahoo
Scrap net zero costs from energy bills, bosses urge Miliband
Bosses have urged Ed Miliband to scrap net zero costs from energy bills as Britain's businesses suffer the highest electricity prices in the world. Rain Newton-Smith, the director general of the Confederation for British Industry (CBI), will warn in a speech that the levies act as 'an anchor' on the UK's ambition as businesses also contend with high taxes and labour costs. The plea from the head of Britain's biggest lobby group comes ahead of the Government's publication of its long-awaited industrial strategy. In a speech at the trade body's national business dinner on Thursday, Ms Newton Smith will say: 'Bringing more renewables too fast on to the grid without storage can push electricity prices up. And the cost of building the network is immense. That is being felt by bill-payers across the country. 'But UK firms cannot carry their part of that without hitting our ability to compete. That's why we're calling on government to remove policy costs from electricity bills.' British companies pay the highest electricity prices of anywhere in the developed world, according to government figures. The cost of power for industrial businesses is now about 50pc more expensive than in Germany and France, and four times as expensive as in the US. Businesses have blamed green levies for contributing to the growing cost of bills, which have been imposed to help meet Mr Miliband's target of decarbonising the electricity grid by 2030. Sir Jim Ratcliffe, the chief executive of Ineos, has previously warned that soaring energy costs and the race to hit net zero targets has put the UK's multibillion-pound chemicals industry at risk of 'extinction'. Earlier this year, Ineos shut down a synthetic ethanol centre at Grangemouth in Falkirk, Scotland, resulting in 80 job losses. The chemicals company said that high energy costs in the UK meant the plant was losing money. Ms Newton Smith will add that survey data from the CBI showed that almost 90pc of UK businesses had reported an increase in their energy bills over the past three years. The trade body also found that four in 10 businesses surveyed said they were cutting back on investment owing to the high costs of energy. Ms Newton Smith will say: 'Nowhere is that more urgent than our energy-intensive industries. From metals to chemicals, these are bedrock industries. Foundations of our economic security. But right now they are bearing the heaviest load. One minerals firm told us their UK energy bill is up to 450pc higher than in the US.' The CBI's push to scrap net zero levies marks a shift in tone from Ms Newton Smith. The CBI boss is known for her green credentials and previously worked at Barclays where she was responsible for the bank's environmental and sustainability policies. Her speech comes as ministers are preparing to unveil their industrial strategy for Britain, with Sir Keir Starmer and Rachel Reeves, the Chancellor, under pressure to help businesses with their energy bills. Ms Newton Smith's call to scrap net zero costs from energy bills comes after she met with the Chancellor on Tuesday to make a last ditch plea for removal of the levy ahead of the publication of the Government's industrial strategy. The CBI boss will argue there is an urgent need for the UK to achieve energy competitiveness in order to deliver economic security. She will say: 'This Government has already shown it can put prosperity over politics on the world stage. Well now it must do the same for energy at home. Because this isn't about culture wars. It's about common sense.' Scrapping net zero costs from bills would instantly slash the electricity price paid by manufacturers by about a quarter, according to analysis by Make UK. However, the proposal to remove net zero levies is expensive and is estimated to cost the Treasury £3.8bn. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Metro
20-05-2025
- Business
- Metro
Readers are split over Starmer's new EU deal
Do you agree with our readers? Have your say on these MetroTalk topics and more in the comments. It's unsurprising that, as Sir Keir Starmer puts in place an agreement with the EU in hope of repairing some of the damage caused by Brexit, the usual Brexiteers and profiteers are moaning. Opposition members such as Andrew Griffith and Kemi Badenoch bemoan us 'handing control back to the EU' as they peddle the same old lies relied upon to get us out in the first place. Anyone can see how badly Brexit has gone for us. Costs for imports and exports went up, as well as paperwork for companies handling the shipping of products coming in and out of the country – leading to long queues at ports. Then there is the increased wait time for travellers as passport control saw stricter measures for British citizens. Matthew, Birmingham What was the point of Brexit if a clown like Starmer gives all our freedoms in laws, fishing and monies to the EU, which cannot even stop illegal immigrants? What a joke this government is. James Bradshaw, via email To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The Confederation for British Industry, the British Meat Processors As sociation and the British Retail Consortium welcome Starmer's new EU deal as being good for business. However, Boris Johnson, Nigel Farage and Kemi Badenoch have the opposite opinion. So do these career politicians know more than those organisations about the potential impact of the deal on British business? I doubt it. They like to prolong the myth that Britain is somehow beholden to the EU, when in fact every trade negotiation involves give and take, benefits and obligations. David Hancock, Sheffield So the EU insists our standards have to be as exemplary as theirs? Like putting horse meat in burgers? Like German car manufacturers illegally building over-polluting diesel cars? And how about the illegally felled wood trees from Ukraine? High standards indeed! Roll on the next election when we can get Nige in and rip up Starmer's attempt to cosy up to that corrupt, unelected organisation, and save our fishing waters. Fred, Hampshire A much better deal is possible, one that would eliminate unnecessary bureaucracy, nurture our society, and maximise opportunity for all. That deal would be to rejoin the EU. More Trending It has always been the best possible option – by refusing to even consider it as a possibility, Starmer is selling our future down the river. Brexit has failed. The more we reverse its effects, the more we see positive results. It is abundantly clear that, nearly a decade after the previous vote, we need a referendum on rejoining the EU. Helen Shaw, Liverpool Once again we are told we will be betraying Brexit. Can I repeat the same old question? Name a benefit – without the proven lie about the Covid vaccine, or trade deals with Australia and New Zealand. If you listen carefully, you can still hear them laughing. Mick, West Midlands MORE: The Metro daily cartoon by Guy Venables MORE: Manchester United vs Tottenham odds: Spurs can emerge victorious in Europa League final of colossal consequences MORE: From spicy margs to dirty martinis – Abercrombie's new graphic tees are a summer vibe and start at just £22
