'We need action now': UK steel boss slams govt for failure to control fuel prices

Britain’s top steel manufacturer, on Friday, slammed the Boris Johnson administration for its failure to halt soaring energy prices in the country. Speaking in the aftermath of the Energy-Intensive Industries meet with the country's Business Secretary Kwasi Kwarteng, entrepreneur Gareth Stace said that the UK “cannot wait till Christmas or beyond or even a few weeks. Furthermore, he asserted, “We need action now, it needs to be swift, decisive action.” Earlier this week, Johnson told reporters that this year’s festive season would be “considerably better” than last year, suggesting the possibility of the country's revival from the ongoing crisis. 

Prices of gas, specifically the Russian imports, have surged 250 per cent since January this year. Speaking to BBC News, Stace said that although Kwarteng listened to the problems of the industries, he failed to provide an immediate solution for it. Comparing the UK administration to other European Countries, the steel boss said that other countries including France and Spain have ramped up efforts to support their industries. Meanwhile, Kwarteng’s office said that it would work with the businesses and access the options proposed by them during the meeting. 

"We recognise the recent increase in global gas prices will be a cause of concern for businesses in the UK. We are in regular contact with Ofgem and business groups to explore ways to manage the impact of rising global prices."

Possible Solution?

Recently, the administration touted renewable energy as its only long-term solution. The UK's Secretary of State for Business, Energy and Industrial strategy Kwasi Kwarteng said that getting “gas off the grid” was the only solution to bring down its prices. He further emphasised that increased investments in alternative energy options could enhance the UK's standing in green technologies and bolster its energy security. 

"The Business Secretary also spoke about the issue of high global gas prices. He reiterated the government’s commitment to continue investment in renewable energy projects and getting unreliable gas off our grid as the only long-term solution to bringing down costs for consumers and strengthening Britain’s energy security, whilst boosting the country’s competitive advantage in green technologies," Kwarteng was quoted as saying by Sputnik.

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