Five energy trade associations representing more than 750 companies have written a joint letter to the Chancellor Jeremy Hunt warning him that the competitiveness of the UK as a clean energy investment destination is at “severe risk“ unless he takes key steps in the Spring Budget to secure green growth.
In the letter, the chief executives of RenewableUK, Energy UK, the Nuclear Industry Association, Scottish Renewables and Solar Energy UK warn him that: “Despite our industry’s commitment to the low carbon energy transition, we are concerned that there is no clear government plan to deliver green economic growth and continue attracting clean energy investment into the UK.”
It highlights a “perfect storm“ of inflation, unfavourable exchange rates and the rising costs of raw materials and labour which are pushing up prices across all parts of the economy - including clean power sector where the cost of energy has increased by 20% globally in the past year.
