The Government has spurned a chance to secure thousands of jobs and billions of pounds in North East investment leaving jobs in energy and manufacturing industries dangerously exposed.
Investors in sectors as varied as carbon capture and storage (CCS), offshore wind and solar have been at pains to point out the damaging effects of government policy as support for key technologies has been axed.
Mark Stephenson, Head of Public Affairs for Invicta Public Affairs said:
“The government has recently cut support for carbon capture and storage as well as a range of renewables technologies. Not only will this push up bills and stifle investment in renewables, it will endanger jobs in energy intensive industries in areas such as the North East.”
“CCS for example could lower industrial emissions by as much as 90% and support many thousands of jobs. Offshore we have the opportunity to invest in wind farms such as Dogger Bank but policy uncertainty has now cost the North East and Humber over £2bn in investment and over 70,000 jobs owing to the downsizing of investment pipelines.
“The Government must understand that there are areas of the country which want and need energy as well as development, the North East is one of those areas.
“Unfortunately 2015 saw the brutal reality of what happens when uncertainty in government policy and poor market conditions collide. It is a huge injustice to those who lost jobs at the likes of SSI that these lessons haven’t been learned.
“It is not just energy generators which are set to suffer. Businesses across a range of sectors rely on local investment to grow and create job opportunities. Our manufacturers, transport and logistics businesses including our two biggest ports on the Tees and Tyne stand to gain hugely if the government can plan further ahead and provide sufficient policy stability that investors aren’t pushed out of the UK market.
“It is important now that the government looks ahead and takes action to reassure investors and employment in these key areas of our economy.”