According to reports in British media, opposition Labour party announced that it would create a GBP 600 million contingency fund to support struggling firms, including energy intensive industries and force a vote on the issue in Parliament. This fully-funded measure would be paid for through the party’s plan to fix the broken energy market, which includes a one-off windfall tax on record North Sea oil and gas profits. Labour party’s Shadow Business Secretary Mr Jonathan Reynolds said “"Soaring energy bills, a wave of cancellations and crippling inflation have left British firms unnecessarily on the brink. The govt has been asleep at the wheel, with British firms, especially those energy-intensive businesses, paying the price. The Conservative's ambivalence towards British business is simply unacceptable".Community Steelworkers’ Union National Officer Mr Alun Davies said “The British steel industry is the backbone of the UK economy, providing quality jobs, supporting communities and supporting key industries. We’re pleased to see Labour acting to reduce energy prices, and hope the Government follows suit to give energy intensive industries the breathing space they so desperately need."GMB Union General Secretary Mr Gary Smith said “Labour’s announcement is welcome news and may help protect thousands of jobs in energy intensive companies. We will only get proper control over prices and security of energy supply if we create and support domestic industries that bring home green jobs - a move that would create skilled work for the people of our country. If you want to tackle fuel poverty, a good start is creating well-paid, skilled jobs.”A UK Steel report last month that warned how the UK’s disproportionately high electricity prices have cost UK steelmakers an extra GBP 90million this year and GB 345million over the last six years, the equivalent of almost two years' capital investment in the sector. On average, British producers are paying 61% more than German firms and 51% more than French for electricity
According to reports in British media, opposition Labour party announced that it would create a GBP 600 million contingency fund to support struggling firms, including energy intensive industries and force a vote on the issue in Parliament. This fully-funded measure would be paid for through the party’s plan to fix the broken energy market, which includes a one-off windfall tax on record North Sea oil and gas profits. Labour party’s Shadow Business Secretary Mr Jonathan Reynolds said “"Soaring energy bills, a wave of cancellations and crippling inflation have left British firms unnecessarily on the brink. The govt has been asleep at the wheel, with British firms, especially those energy-intensive businesses, paying the price. The Conservative's ambivalence towards British business is simply unacceptable".Community Steelworkers’ Union National Officer Mr Alun Davies said “The British steel industry is the backbone of the UK economy, providing quality jobs, supporting communities and supporting key industries. We’re pleased to see Labour acting to reduce energy prices, and hope the Government follows suit to give energy intensive industries the breathing space they so desperately need."GMB Union General Secretary Mr Gary Smith said “Labour’s announcement is welcome news and may help protect thousands of jobs in energy intensive companies. We will only get proper control over prices and security of energy supply if we create and support domestic industries that bring home green jobs - a move that would create skilled work for the people of our country. If you want to tackle fuel poverty, a good start is creating well-paid, skilled jobs.”A UK Steel report last month that warned how the UK’s disproportionately high electricity prices have cost UK steelmakers an extra GBP 90million this year and GB 345million over the last six years, the equivalent of almost two years' capital investment in the sector. On average, British producers are paying 61% more than German firms and 51% more than French for electricity
