UK business secretary addresses speculation ahead of Budget
The UK business secretary has apologised for rumours surrounding the upcoming Budget and has pledged to cut energy bills for British companies, reports BritPanorama.
Peter Kyle told Times Radio on Monday that he “understood” the speculation was a distraction in response to concerns about the impact rumours are having on the economy.
“I’m not apologising on behalf of the people who are reporting on the speculation, because that would be absurd,” he said. “What I can apologise for is the fact that there has been so much speculation. I understand that it’s a distraction, but it is speculation and the reporting of such. I’m here to talk about the facts of the economy right now.”
Mr Kyle is also expected to outline plans to reduce the cost of electricity bills by 25 per cent for some 7,000 British companies at a Confederation of British Industry’s (CBI) event on Monday, at which Conservative leader Kemi Badenoch will also speak.
Under the proposals, businesses in a variety of high-growth sectors, including automotive and aerospace, would benefit. An eight-week consultation will determine the companies that are eligible for the initiative.
“It is an incredibly difficult and complicated energy system that we have here,” he told Sky News on Monday. “That is quite extraordinary. It will bring us much more into line with the EU average for costs. It won’t get there entirely, but we’ll start moving in that direction.”
“It’ll make us more competitive so that people can start using and businesses can start using those three great trade deals that we’ve struck in the last year.”
At the CBI event later today, Mr Kyle will also announce plans to boost the number of investments by the state-owned British Business Bank.
According to the government, the proposals will benefit some 180,000 British firms and add £68bn of GVA to the economy over the next five years.
The announcements come two days ahead of the Chancellor’s Autumn Budget.
Last week it was revealed that UK government borrowing had surpassed forecasts in October, with benefits and public sector wages amplifying strains on the public purse.
The approaching Budget and the government’s energy initiatives are positioned against a backdrop of public concern over economic pressures. As the Chancellor prepares to delineate fiscal strategy, these measures aim to foster growth within sectors vital to the UK’s recovery.
