Source · Select Committees · Business and Trade Committee
Recommendation 24
24
Not Addressed
Paragraph: 126
If additional support is not forthcoming, high electricity prices will continue to have a pernicious...
Recommendation
If additional support is not forthcoming, high electricity prices will continue to have a pernicious effect on the UK steel industry, resulting in long-term decline and future crises. The Government should set out, following a consultation with industry, what support it will offer beyond the current compensation scheme to reduce the cost of electricity for UK steel producers and bring them in line with those of their competitors. At a minimum, the price disparity should be brought down to within £1/MWh of the total cost faced by key competitors in France and Germany and the Government should track any disparity going forward to ensure it does not widen again.
Government response summary AI-generated
The government's response was entirely unrelated to the recommendation, instead discussing the International Accounting Standards Board's project on supply chain finance.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
126
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
43. We recognise this is a worrying time for businesses facing pressures due to the significant increases in global gas prices, and the subsequent increases in electricity prices. Extensive engagement with industry continues across Government at both a ministerial and official level.
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