UK government unveils energy strategy

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.

The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production.

Under the government's new plans, up to 95% of the UK's electricity could come from low-carbon sources by 2030.

The energy security strategy includes the goal of producing up to 50 gigawatts (GW) of energy through offshore wind farms, which the Department for Business, Energy and Industrial Strategy says would be more than enough to power every home in the UK.

Rain Newton-Smith, Chief Economist at the Confederation of British Industry, said:

'This strategy sets an ambitious bar for a more resilient, low carbon energy system for the future. Bold words must now be matched by bold actions from the government.

'The proof will be in the strategy's delivery, in partnership between business and government. Business believes greater energy independence must go hand in hand with delivering a net-zero, higher growth economy.

'While it's welcome this strategy addresses some long-standing challenges, companies are continuing to really struggle with increased wholesale energy costs right now. The Government's next step should be to provide immediate cashflow support for firms through the Recovery Loan Scheme – and move to cut bills for energy intensive industries to maintain competitiveness.'

Internet links: GOV.UK CBI website

Contact Us

T: 01604 718866
F: 01604 716880
E: info@phm-accountants.co.uk

Social

Home | Privacy | Site map | Contact us | Accessibility | Disclaimer | Help | Diversity Report

© 2022 Phipps Henson McAllister. All rights reserved.

powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.

Phipps Henson McAllister are registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

Details about our audit registration can be viewed at www.auditregister.org.uk for the UK, under reference number EWC008449569.

This firm is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.