Labour is today (Monday) announcing measures to address the
immediate energy crisis facing businesses - with a £600 million
contingency fund to support struggling firms, including
energy-intensive industries.
This fully-funded measure would be paid for through the party’s
plan to fix the broken energy market, which includes a one-off
windfall tax on record North Sea Oil and Gas profits.
New analysis published by the party today has revealed that
nearly one in four businesses say they have been
affected by higher gas prices. In total, over 800,000
businesses report being affected by rising gas prices.
Labour will force a vote in Parliament on support for hard-hit
businesses this Tuesday, calling for the government to scrap
business rates, reduce the debt burden facing firms and create a
£600 million contingency fund.
, Labour’s Shadow
Secretary of State for Business and Industrial Strategy
said:
“Soaring energy bills, a wave of cancellations and crippling
inflation have left British firms unnecessarily on the brink. The
Government has been asleep at the wheel, with British firms,
especially those energy-intensive businesses, paying the
price.
“The Conservative’s ambivalence towards British business is
simply unacceptable. Viable firms risk going to the wall because
of Government failures over the last decade.
“Labour’s plan will help consumers and businesses weather this
crisis, and we will fix the broken energy market to support
British businesses to prosper.”
Ends
Notes to editors
· 22.3%, nearly one in
four non-micro businesses (businesses with more than 10 staff),
say their own production or that of their suppliers had been
affected by wholesale gas price rises at the end of 2021
https://www.ons.gov.uk/businessindustryandtrade/business/businessservices/bulletins/businessinsightsandimpactontheukeconomy/4november2021#wholesale-gas-prices
· Policy briefing on
Labour’s plans to fix the energy market is attached.
