UK 'hasn't invested enough' in domestic energy says Johnson
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Boris Johnson battled to justify his decision not to impose a windfall tax on energy companies amid the rising cost of living crisis. The Prime Minister claimed a windfall tax should be avoided to encourage energy companies to invest in domestic, sustainable energy sources for the UK. Sky News quizzed Boris Johnson: “The boss of BP says a windfall tax wouldn’t dissuade them from investing in the UK, doesn’t that blow a hole in your main claim about windfall taxes – won’t you now consider it?”
“They don’t want a windfall tax,” argued Boris Johnson, “and there’s a good reason for that.”
The Prime Minister remained adamant that his decision against an urgent windfall tax on energy companies was the right move to tackle the long-term impact of rising energy prices.
He continued: “That is because it would stop investment in new technology and in the new green power we need.
“The problem we’ve got is that this is an incredible country, incredible economy, fifth biggest in the world, but we’re mainlining energy from France.”
The Prime Minister added: “We haven’t invested enough in our own domestic energy.
“We need these big energy companies to step up to the plate and put their money into a sustainable solution.”
The Tory leader argued investment in sustainable energy sources within the UK was vital to control the rocketing energy prices impacting Europe.
He added: “More green energy to help keep costs down.”
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The Prime Minister continued to advocate for the encouragement of investment into energy over the taxation of powerful energy corporations.
Mr Johnson said“That is a much much better solution than clobbering them and dissuading them, stopping them from making that investment.
“We need those companies to be investing now so that the power supply is going to keep the costs down.”
Boris Johnson asserted domestic energy production and storage would stabilise and reduce energy costs across the nation.
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The UK has suffered a sharp rise in energy costs following the April price cap increase.
Ofgem, the Government energy regulator, increased the price cap to an annual total of £1,971.
The Prime Minister blamed the failure of energy companies to invest in domestic green energy sources which have left the UK vulnerable to severe price fluctuations as the nation relies on international resources.
In their 2019 manifesto, the Conservatives promised significant investment in “clean energy solutions and green infrastructure” to establish greater energy price stability and reduce carbon emissions.
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