UK Labour Party Reveals Great British Energy Plans

UK Labour Party Reveals Great British Energy Plans
'We will set up Great British Energy within the first year of a Labour government'.

In a conference speech in Liverpool this week, Keir Starmer, the leader of the UK Labour party, revealed that Labour would set up a publicly owned energy company within the first 12 months of a Labour government.

“We will set up Great British Energy within the first year of a Labour government,” Starmer said in the speech.

“A new company that takes advantage of the opportunities in clean British power and because it’s right for jobs, because it’s right for growth, because it’s right for energy independence,” Starmer added.

“Yes conference, Great British Energy will be publicly owned. None of this will be easy – it won’t be like flicking a switch. It will mean tough battles on issues like planning and regulation,” Starmer went on to say.

Despite the UK Government’s energy price guarantee and $431 (GBP 400) bill support, energy bills are still set to increase from October 1 and bill payers could still pay on average $255 (GBP 237) more for energy over the three coldest months than they did last year, comparison service Uswitch.com outlined in new research sent to Rigzone this week.

A fifth of households will only be able to cope with rising bills this winter by cutting back their energy use, according to the research, which revealed that the rising cost of energy has led to nearly nine in ten (86 percent) making at least one change around their home to prepare for winter.

The Conservative party currently governs the UK with a working majority of 71, the UK parliament website shows. There are 357 Conservative members of parliament (MPs) to 199 Labour MPs, the site points out.

Conservative Liz Truss became the new UK Prime Minister on September 6, replacing Conservative Boris Johnson, after winning a Conservative leadership bid. Following Truss’ victory, Jacob Rees-Mogg was appointed as the UK’s new Secretary of State for Business, Energy and Industrial Strategy.

To contact the author, email andreas.exarheas@rigzone.com


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