Comment and recording: UK response to US Inflation Reduction Act

Dr. Andy Palmer, CEO PodPoint and Founder, Palmer Automotive:

“Whatever the UK government announce in the Autumn Statement will not be enough. Successive governments have sat on their hands for too long as other countries have taken the lead on electric vehicles.

“The UK has thus far stuck with an admirable, but deeply naive, defence of the free market when it comes to EV manufacturing and incentives. The hard truth is that we are not operating on a level playing field due to the huge public investments from not only the USA, but also Asia and China.

“For the UK to succeed we need to see ambitious investment and public/private sector co-operation to safeguard the 800,000 jobs associated with our domestic auto industry.”

Nick Winser, Commissioner, National Infrastructure Commission:

“The NIC calculates the UK will need to attract around £40 to £50 billion a year in private investment over the next two decades, up from around £30 to 40 billion per year over the last decade.

“This upfront investment will be required to enable our transition off fossil fuels, reducing household bills for the longer term, as well as delivering improvements to water quality and improving the climate resilience of key networks. Securing that level of investment will require greater policy stability and a visible pipeline of opportunities, reform of the planning system for major projects, and predictable regulatory models.”

Ana Musat, Executive Director, Policy & Engagement, Renewable UK:

“The question is are we unlocking everything that could be unlocked if we had a proper industrial strategy in place? And the answer for now is not really.

“By devising an industrial strategy and looking at where Government can work together with industry to maximise those areas of competitive advantage is going to be really important. The Autumn Statement, if it is to be the response to the Inflation Reduction Act, really should look at that.

“An industrial strategy doesn’t just mean that Government gives money to industry, it’s about having that collaborative model that we have in other sectors and recognising that renewable energy and energy security is really important and one of the key sectors for our economy; lets ensure we have that collaborative model and enable the private investment to come into the areas that we’re best at.”

Dr Chris Case, Chief Technical Officer, Oxford PV:

“The US and EU markets are offering the most attractive and supportive proposition right now for companies such as ourselves, which are seeking to accelerate the clean energy transition by scaling innovative, next generation technologies.

“The UK Government should prioritise subsidies to renewable sources of energy such as solar and wind, instead of fossil fuels or nuclear. There is also a responsibility to educate and drive an attitude change towards renewable energy in the UK.”