British industry has urged the Chancellor to slash electricity prices to boost the economy and the net zero transition.
In an open letter to Rachel Reeves, manufacturers and climate groups such as UK Steel, the Chemical Industries Association, Green Alliance and E3G have urged the government to move policy costs off electricity prices and into general taxation.
The signatories represent a range of organisations across the industrial supply chain, including manufacturers, infrastructure investors, trade bodies, engineers, consultants and climate organisations.
They argue that without urgent action on lowering electricity prices, which are among the highest in Europe, it will have vast economic impacts, as well as hindering the UK’s net zero transition.
Last year UK Steel highlighted how the UK steel industry had been crippled by “high industrial electricity prices”, with domestic steel producers paying as much as 50% more than competitors in France and Germany.
The letter states that “shifting...