Panic has gripped the nation – and is leading politicians to make flawed decisions.
The Chancellor is damned if he yields to backbenchers’ demands for bailouts – and damned if he doesn’t.
Essentially, the Solvency 2 regulations make it difficult for our pensions and insurance firms to invest in long-term, secure, fixed assets in the UK.
I thought it would be useful to pass on some phrases that have fallen into disuse, but might be needed again if the authorities don’t get their act together.
The Shadow International Trade Secretary adds that “what we need is a proper plan…they need to make responsible decisions in a strategic way.”
Kwarteng acknowledges it is “a critical situation. I’m speaking to industry all the time. Gas prices have quadrupled this year, that’s having an impact.”
“It would not be a solution to this crisis,” says Reynolds, “which is down to Government policy and poor decisions being made.”
The Business Secretary also pledged the price cap will stay as “it offers consumers the protection we need against very high upswings in the price.”
Extending carbon pricing would serve as a constant pressure on emissions. But it won’t be enough on its own.
He says that road haulage interests are trying to revive the pre-Brexit economy – but that the Government will stand firm for higher wages.
It is surprising that the nuclear industry remains without a seat around the table at COP26. They deserve to be an integral part of the negotiation.
The Business Secretary needs to review the mesh of subsidies, regulations, penalty taxes and import arrangements that passes for an energy policy.
For all the focus elsewhere, the most important domestic department for the next two years will be the Department of Health.
The only way the circle of net zero can be squared with reliable, carbon-free and cheap supply is by embracing home-grown nuclear power.
Large-scale power projects would also strengthen the Anglo-American alliance and make a big contribution to ‘levelling up’.