CBI director Rain Newton-Smith has warned that high energy costs are hindering UK businesses, describing them as an “anchor” on economic ambition. She highlighted that UK companies pay 50% more for energy than those in France and Germany and four times more than firms in the US and Canada. Newton-Smith revealed that 40% of UK businesses are delaying investments due to these costs, which are compounded by an estimated £24bn annual burden from government-imposed taxes and wage increases. She urged the government to address the issue, emphasizing that energy costs are not just a financial concern but also impact jobs, investment, and economic security. The CBI suggests removing policy costs from electricity bills and prioritizing low-carbon energy solutions. The government responded by reaffirming its commitment to clean energy initiatives aimed at reducing reliance on volatile fossil fuel markets.
— new from Sky News
