UK's Net Zero Initiative Threatens Industry, Economy

Santanders new report warns that Britains Net Zero initiative, coupled with rising electricity prices, is endangering UK industry and making the economy vulnerable. Past governments reduction of North Sea oil and gas capabilities, aimed at easing the shift to green energy, has left consumers and businesses grappling with higher costs. UK industries now face electricity prices fifty percent higher than in Germany and France, and four times more expensive than in the US, threatening competitiveness and accelerating deindustrialization. The report suggests flaws in the strategy to cut energy costs by solely shifting to solar and wind power, as these sources are less reliable and require backup. Despite renewables accounting for over half of UK electricity production, bills havent decreased due to high development costs. The combined output of energy-intensive sectors fell by one-third between 2021 and 2024, and the governments measures to cut energy costs only shift higher electricity costs to other consumers or taxpayers. The UKs increasing reliance on the service sector for economic growth, coupled with high industrial electricity costs, threatens the industrial sectors future, potentially leading to job losses and slower economic growth.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.