“The measures announced today provide some welcome support on energy costs for households and businesses, particularly for energy-intensive industries. But many businesses continue to face the same underlying pressures, and the bigger challenge is tackling the structural drivers of energy costs so that competitiveness does not depend on whether a business falls within a particular support scheme. The prize is creating the conditions for sustained growth, with competitive energy costs translating into greater investment, jobs and productivity.
“This Budget starts to set a new direction for energy policy, with further detail about that vision expected in the 10-Year Plan. As government considers potentially significant reforms to the wholesale market and a new framework for controlling policy costs, it will be important to maintain the long-term investability of the sector. Getting that balance right will be critical if we are to lower bills while continuing to attract the scale of private capital needed to build the UK’s energy infrastructure and drive growth and energy transition.”
