Chancellor's speech to Labour Conference: comment

"Restoring hope might be the overarching theme of this year’s Labour Party conference, but the news that diesel prices have reached a record-high today [1] provided a sobering reminder of the challenges facing the government ahead of the budget on October 28th.

"As we’ve seen with the fallout of the war in Iran, one of the biggest challenges facing UK manufacturers, and a key obstacle to delivering on the government’s promise to reindustrialise Britain, is our continued exposure to volatile fossil fuel markets. While any additional output from the North Sea would simply be too low to bring down prices, renewables are already helping to cut prices and improve economic resilience – with wind cutting wholesale prices by a third last year. [2]

"Like all infrastructure, renewables require upfront investment, but with the net zero economy already supporting over 1.1 million full-time jobs across every corner of the country, that investment isn't just helping to build a more resilient economy, it’s also creating the kinds of well-paid, highly skilled jobs the Chancellor championed today."