Economic disaster beckons without radical policy changes
London, 27 September – Net Zero Watch has said that negative market reactions to the Government’s mini-budget show that domestic and international investors are highly sceptical about what appears to be half-baked policy proposals.
Investors can see that hardly anything is being done to address the underlying reasons for Britain’s economic and energy cost crisis.
Tax cuts in conjunction with astronomical and indeterminate handouts to energy suppliers announced by the Chancellor Kwasi Kwarteng last week have alarmed financiers because they shift the energy cost burden onto the UK’s debt mountain and future generations. As a result, the pound has crashed against the dollar and market reactions have been highly critical.
Net Zero Watch director, Dr Benny Peiser has warned that the country faces years of inflation and in all likelihood a major economic depression unless the government announces radical energy policy reforms:
The economy looks likely to tank and suffer for years to come because the Government refuses to abandon its suicidal Net Zero targets which are effectively preventing solutions to the catastrophic energy crisis.”
Net Zero Watch recently published a plan to rapidly reduce the energy cost burden and put the economy back on a stable footing, but Dr Peiser has warned that time for action is running short.
Unless the Government introduces a credible plan to bring down the cost of energy significantly and in the short term there is simply no chance for any economic growth plans. Liz Truss and her ministers have to chose between saving the economy and saving Net Zero. There simply isn’t a third way.”
Gordon Hughes and Andrew Montford: Fixing the energy price crisis (pdf)