Latest crisis is yet another reminder that reset in industrial policy is needed, including a more strategic one for energy
The cost of energy for British business was a crisis even before the Iran war sent prices higher: the UK already had the highest electricity prices for industry among G7 countries. Now comes the next whack. How big will it be?
Projections from the energy consultancy Cornwall Insight are steep for electricity and gas. For the former, it thinks increases of 10-30% are on the cards; for the latter 25-80%. The ranges are wide because, unlike with households, there are no price caps for businesses. Contracts are a negotiation, more or less, between supplier and customer.
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