Energy boss and Government adviser Greg Jackson has become the latest leading business figure to urge Labour to move faster to unleash growth. The chief executive of Octopus Energy this weekend told Ministers to get on with reforms to deliver cheaper energy for all, saying: 'We need to see action.'. He said companies had 'heard positive words on reform' and now needed to see the action plan, adding: 'Businesses move fast, and in today's world we need to see Government move fast too.'.
Jackson's words will carry added weight as he is a member of the Government's Industrial Strategy Advisory Council. His comments come after Octopus overtook British Gas as the UK's biggest energy supplier. Business leaders are becoming increasingly frustrated with Chancellor Rachel Reeves's flailing growth agenda, which is targeting long-term reforms and projects such as a third runway at Heathrow, but shows little sign of delivering shorter term benefits.
Wake up call: Boss Greg Jackson with Chancellor Rachel Reeves. Official figures confirmed last week that the economy has stagnated since Labour took power in July, with gross domestic product – a measure of economic activity – growing by just 0.1 per cent in the last three months of the year. The Office for Budget Responsibility, Britain's fiscal watchdog, is preparing to downgrade its growth outlook, blowing a hole in Reeves's plan to balance the books.
Jackson's demand is for an overhaul of the energy system with the introduction of local pricing, meaning those living near wind farms – for example – could be offered cheaper power. That would mean Scotland going from being the most expensive electricity market in Europe to the cheapest, he argued. It would also do away with the practice of wind farms being turned off on windy days due to an oversupply of electricity, meaning cheaper bills for all, Jackson said.
'Speed matters because every month these things are not done is another month we're overpaying,' he said, adding: 'When it comes to wider economic growth: every business in the UK needs energy. For a lot of them it's a large part of their costs. The more we can push energy costs down the more every business in the UK will benefit, as well as households, and that will help drive growth.'. Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
