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  • Writer's picturePhillip Ullmann

Autumn Statement - The Energy Conundrum


As I look at the specific measures the coming Autumn Statement will tackle, one of the standouts is how the Government plans to address high energy costs.

Last week the Bank of England laid much of the blame for its massive interest rate hike on rising energy prices - a decision with dire consequences for millions of homeowners. In my view, this was entirely the wrong solution to the problem - one that is likely to prove fatal to those in fuel poverty who find high-interest rates have made them even poorer. I want to see the Government instead focus on supply-side issues - for example, the fact that we can produce locally at least half the gas we need in this country. If we as a people own these assets, how can we allow a company, foreign or domestic, to kill our fellow citizens? What chance do poor aging pensioners have this Winter when January’s Siberian winds roll in? And all this is happening on our watch. I feel a sense of shame. If we own such a vital strategic asset surely this should play a central role in our energy policy. We should never see energy companies controlled by foreign state actors, profiting from trading our gas overseas and leaving needy British people out in the cold.

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