There has recently been more pressure on the government from large firms when it comes to long-term energy plans in the UK. If the government does not provide clarity over their energy plans, then a lot of larger cooperations could take their investments elsewhere. There have already been reports of organizations looking into other markets such as the EU or the US where there is a lot more clarity over energy plans and the overall economic state.
Big UK companies have criticised the UK government’s energy policy as there is a lack of investment for businesses mentioned in it.
This puts more pressure on Chancellor Jeremy Hunt to announce pro-business measures in his budget next week.
Companies believe that investments in energy are being held back by uncertainty and planning difficulties.
Due to this, the UK lack attractiveness for businesses compared to other countries such as the US. Especially for energy companies, Shell has already considered moving its primary stock market from London to New York.
Bigger business investors are uncertain about what the UK's long-term energy plan is which is leading them to avoid committing to investing in the UK market until they know this is going to be a good idea.
Companies need to know what the short, medium and long-term plans concerning energy and net zero are before they invest in the UK. Other countries in the EU have been able to give large businesses a lot more clarity over their energy and overall finical situation which is going to push a lot of investors to go there instead of the UK.
Businesses facing issues due to the energy crisis.
Ofgem is currently looking into the issues non-domestic energy customers have faced since the energy crisis began.
The energy regulator has reported that a number of businesses have issued reports of consumer harm in the market. Although the affordability of energy is a government issue, during this time many businesses have reported being mistreated within the energy industry during such hard times.
This going to further push investors and business owners from wanting to start-up businesses in the UK.
This shows the further impact the energy crisis is going to have on the UK’s economy if the government don’t set out long-term plans to solve the UK’s energy security.
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