Offshore Energies UK says the King’s Speech sets out an ambitious programme for realising the priorities of the new government.
The speech outlines serious proposals for the energy sector and economic growth that will be debated over the coming days and weeks and which come hot on the heels of OEUK’s new blueprint for net zero power.
OEUK has called on the government to now honour its pre-election promises to meet and discuss the way forward so the UK can achieve the homegrown energy transition, set out by the industry’s manifesto.
OEUK represents over 400 organisations involved in energy production from the seas around the Britain’s coast. Its members include gas, oil, wind, hydrogen and carbon capture specialists and a significant supply chain supporting projects across the sector.
The industry remains concerned about the impact of wider proposals for a further windfall tax and an end to new oil and gas licences. The practical details of these proposals alongside improvement to the regulatory and fiscal environment, are fundamental to creating the investment conditions the UK needs to build a secure low carbon energy future.
OEUK Chief Executive David Whitehouse said:
'The King’s Speech proposes important legislation for the UK’s economic growth and energy future. During its general election campaign Labour committed to work with this sector and now they are in government, ministers need to deliver on this promise at the earliest opportunity.
'The proposals to set up GB Energy, a National Wealth Fund, improvements to planning, and a Budget Responsibility Bill are all important developments for the UK economy and our sector’s people.
'Their design and funding will require close consultation with industry which we look forward to contributing to.
'It is significant that the independent Office for Budgetary Responsibility will play a major role in projecting and assessing the economic impact of these policies. This same scrutiny must be applied to the impact of any tax and policy changes on our own sector so jobs, energy security and economic value are protected.
'By working in partnership with the sector, the new government can create the conditions to unlock investment, support our supply chain companies, underpin jobs and grow the economy. The best path to this growth is backing our companies and people here in the UK.'
Source: OEUK
