Civils contractors today welcomed the UK Government’s announcement that businesses will have their gas and electricity costs capped until March 2023 but said that more must be done to unleash growth to secure the economy.
The Department for Business, Innovation and Skills (BEIS) has announced that electricity prices for UK businesses will be capped at £211 per megawatt hour, and gas prices are to be capped at £75 per MWH.
Commenting, Director of Operations for the Civil Engineering Contractors Association (CECA) Marie-Claude Hemming said: “This is welcome news for all UK businesses, and CECA members will be relieved at the certainty capping energy costs will bring over this winter.
“After a summer hiatus dominated by the Conservative Party leadership contest and more recently, the period of national mourning occasioned by the death of HM Queen Elizabeth II, it is vital that the new Government moves swiftly to implement such policies to stave off the threats of rising inflation and looming recession.
“We believe that if the new administration is to successfully unleash economic growth, it must not only adopt such fire-fighting measures as an energy cap for businesses and consumers but must redouble its efforts to get spades in the ground in infrastructure projects up and down the country.
“Harnessing investment in infrastructure is the best means of delivering a better future for businesses and communities in all parts of the UK.
“We look forward with interest to the planned ‘fiscal event’ planned by the new Chancellor later this week, and call on the new Prime Minister Liz Truss to go for growth through expediting infrastructure schemes, so that CECA members can play their role in creating a resilient and prosperous UK plc in the months and years ahead.”
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