Business leaders have called on whoever becomes the new prime minister to scrap the energy price cap, as part of a series of measures designed to boost the UK economy.
The Confederation of British Industry (CBI) has today (22 July) published a manifesto today, which calls on whoever replaces out-going prime minister, Theresa May to “act fast” and show the “UK remains a trusted place to do business”.
The results of the Conservative leadership contest are expected to be announced tomorrow (23 July) and the new prime minister is due to take over formally on Wednesday afternoon, after May’s final appearance at prime minister’s questions.
The CBI manifesto calls on the new administration to remove the energy price cap, which was introduced under May and reinstate the “market forces that can best deliver value and service for consumers”.
The report also recommends onshore wind be allowed to compete in energy auctions, which follows similar comments made by CBI last month at the opening session of the Business, Energy and Industrial Strategy (BEIS) committee’s inquiry into financing green infrastructure.
It also calls on the next government to complete a strategy and investment plan by the end of the year for improving energy efficiency and to fast-track the deployment of more electric vehicle recharging infrastructure around the country.
“Our new prime minister has a real chance to inject a new lease of life into the UK economy and show the world we are open for investment,” said CBI director general, Carolyn Fairbairn.
“He should take a transformative approach to making the country more competitive, innovative and inclusive. We urge the next prime minister to act fast to get the economy back on track.”