Chancellor Philip Hammond has left Britain’s business world “disappointed” by his failure to address the future of UK energy policy during his Autumn Statement on 23 November, according to reports.
As many as 8,000 British businesses from various industries and sectors have backed an open letter to the Department for Business, Energy and Industrial Strategy (BEIS) which argues that “there remains a strong sentiment of confusion amongst the community of business energy professionals”.
Energy consultancy Inenco, the driving force behind the letter to BEIS, has criticised the Chancellor’s failure to address the Government’s ongoing review of the business energy efficiency tax regime – which it claims is causing confusion among businesses.
In the letter, Inenco has also slammed the Government’s recent decision to scrap the Carbon Reduction Commitment and recover its revenue from a rise in the Climate Change Levy.
The group argues that this move will push up energy costs for businesses by as much as 25 per cent before 2020 draws to a close.
The letter also calls for more certainty over rising non-commodity charges, an improved consensus around low carbon investments and the future of the carbon floor price and immediate clarity around future policy direction.
It reads: “Businesses require greater clarity around the future of energy policy and greater consistency to provide them with the confidence to plan for the long term”.