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Energy UK responds to Labour’s Green Prosperity Plan policy briefing

In response to the Labour Party’s Green Prosperity Plan policy briefing, Emma Pinchbeck, CEO Energy UK said:

“It is always concerning to see any perceived rollback of ambition for clean technologies and investment into the energy transition – as this is very much the future of our sector in the UK. The vast majority of the investment needed for Net Zero will come from private businesses, but to make such commitments here in the UK when returns come over years and decades, business needs to know that politicians won’t pull the rug from under them.

“The exact figure is not the issue here, it’s the signal it sends. Whilst industry understands that upcoming elections mean shifting policies and priorities, we are facing competition from other markets for investment into things like clean technologies, renewables and grid infrastructure – particularly following the gas crisis – so our industry is looking for certainty and unfortunately, that’s the opposite of what they’ve been getting over the last few months from Westminster.  

“Labour’s spending plans are a signal to the market. The party has been engaging constructively with business over recent months, but retaining the confidence of the market is dependent on not making U-turns that damage the UK’s investability.”