Soaring Energy Costs Have Stripped £30bn from the UK Economy
How long can UK leaders go on ignoring ‘Britain’s energy‑cost problem’, asks this article. Trying to run in effect two parallel electricity grids, one with variable renewables and the other with fuel burning power plants, is ruinously expensive and demands massive amounts of new transmission lines and subsea cables, plus endless subsidies, constraint payments and pointless expenses like carbon capture and storage. But that’s inevitable with the present ‘net zero’ policies which can make no difference worth mentioning to the climate.
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The latest UK Economic Outlook warns that energy‑intensive sectors — including steel, chemicals, glass and ceramics — have sharply lagged behind the rest of the economy since 2019, a period in which UK electricity prices climbed far above those in comparable European markets, says British Utilities.
EY’s analysis shows that while the broader economy expanded by more than 6% between 2019 and 2025, output across these heavy‑industry sectors fell by 8%. Had they simply matched overall economic growth, UK GDP would have been roughly £30bn higher last year.
The report arrives at a moment of renewed instability, with the Middle East crisis and energy market disruption linked to the Iran conflict pushing oil and gas prices higher.
EY has now revised its 2026 UK growth forecast down from 1.3% to 0.8%, citing the direct impact of elevated wholesale energy costs on inflation, business overheads and consumer demand. Treasury data released today shows first‑quarter growth at just 0.6%.
. . .
The findings strengthen Labour’s case for decoupling electricity prices from gas and accelerating investment in home‑grown clean energy. [Talkshop comment – the same ‘investment’ that drives the high costs?].
Ministers have increasingly framed renewables, nuclear and grid upgrades not only as climate measures but as essential tools for economic resilience after repeated global fossil‑fuel shocks.
EY’s assessment suggests the economic risks of failing to address Britain’s energy‑cost problem are becoming increasingly difficult for policymakers to ignore.
Full article here.
Source: https://tallbloke.wordpress.com/2026/05/17/soaring-energy-costs-have-stripped-30bn-from-the-uk-economy/
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