Businesses demand reduction in energy costs - CBI and Energy UK call on new government to remove some tariffs, reduce bills by 20%
Leading business and energy sector organisations in the UK have called on the new government to take urgent measures to reduce energy costs for companies, arguing that high prices are holding back investment and economic growth.
As former Manchester mayor Andy Burnham prepares to take over as prime minister, the Confederation of British Industry (CBI) and Energy UK have released a report which says that around 40% of businesses have reduced investment due to high energy costs. According to the report, the price of electricity for British businesses is around 45% higher than the average for G7 countries.
The two organizations propose removing some of the fees currently paid by businesses to finance renewable energy schemes. They say these costs could be covered through general taxes or through a special energy transition fund, financed by the public or private sector.
The report also recommends removing the climate change levy from electricity bills for non-household entities. According to estimates by the CBI and Energy UK, implementing these measures could reduce energy costs for businesses by up to 20%, improving the competitiveness of the British economy and encouraging new investment.
The CBI's chief economist, Louise Hellem, said Britain could not deliver stronger economic growth, lower the cost of living or better fund public services if companies continued to face such high energy bills. Meanwhile, the British Trades Union Congress has proposed raising tax on bank profits, with the aim of using the extra revenue to reduce energy bills for most households.
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