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Autumn Statement: dash for gas will damage growth

5th December 2012

Andrew Raingold, Executive Director of the Aldersgate Group, told the Guardian: “If the Chancellor’s Autumn statement is intended to heal the UK economy, the gas strategy is a route that will lead us straight back to economic decline". David Kennedy, the Chief Executive of the Committee on Climate Change, stated that the scenario for building 40 new gas plants was "completely incompatible" with climate change targets.

According to Mr Raingold, such a strategy “undermines investment and jobs, and will raise the capital cost of renewing our energy infrastructure: a cost that will be passed straight onto the bills of businesses and consumers. Businesses have repeatedly warned the Chancellor about the economic cost of locking the UK into high imported fossil fuel dependency: rising and volatile energy prices, serious concerns about security of supply, and a missed opportunity to build up UK supply chains. Already households are paying £70 per year directly to Qatar for imported gas – money we could be keeping in the UK economy by investing in renewables on our soil."

Osborne