Energy jobs, tax & spending up as energy efficiency can cut bills
New figures published today show that the energy sector in the UK is currently investing £13.1 billion each year in new infrastructure. At the same time Powering the UK – a new publication for Energy UK – reveals that properly insulting home can result in halving domestic energy bills.
Powering the UK 2014 sets out the contribution the energy industry makes to the national economy bringing with the sector as a whole paying £5.7 billion in tax and supporting around 680K jobs nationally, expanding often outside the London and the southeast. The report also shows that energy is the second most productive sector in the UK economy well ahead of areas like professional and scientific services or construction and only just being outpaced by mining and quarrying. The report also shows how Britain has become a worldwide leading in consumer switching coming in just behind Australia, New Zealand and Ireland.
Key figures include:
|Tax paid||£5.7 billion|
|Value added to the UK economy||
- the equivalent of 6 percent of national GDP
|Investment in infrastructure||£13.1 billion
- £500 for every household
|Jobs in energy & its supply chain||
- that’s one in every forty-four jobs
|Economic impact for each employee||£187,000|
Powering the UK 2014 - all figures for 2013
Angela Knight, chief executive of Energy UK said:
“The energy sector is a huge contributor to the UK economy. Its total economic impact was £96 billion – that’s six per cent of total UK GDP. And energy firms supported some 680,000 jobs across the economy – one in forty-four of all jobs in the UK are linked to energy in some way. The sector also invested £13.1 billion in generation, transmission and distribution.
“The UK has one of the most open and vibrant energy markets in the world. And, at home, latest switching numbers show that over the last year about three and a half million customers have shopped around for a new supplier.
“The energy industry can meet its share of targets but deciding on the priority ranking of the so-called energy trilemma of affordability, security of supply and decarbonisation is something policy makers need to address right now. An honest debate about what we put first and how much we can bear to pay needs urgently to be had.”
Mrs Knight also highlighted: the need to address crucial questions of security of supply - brought into even sharper focus with the fires at Didcot B power station on Sunday. The report points out that energy efficiency measures can significantly reduce domestic gas and electricity bills - average annual spending for households in the top three energy efficiency bands is less than half that of households in the least efficient homes (£917 pa versus £2,153 pa respectively).
Notes for editors
- Powering the UK is produced annually for Energy UK by EY
- This year’s figures cover 2013
- A copy of the report is available at www.energy-uk.org.uk/poweringtheuk