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Energy can account for as much as a third of the outgoings of these firms, leaving them highly vulnerable to the recent spikes in electricity and gas prices.Ī government source told The Independent that BEIS (Department for Business, Energy, and Industrial Strategy) had submitted proposals to Mr Sunak’s department – but details were not immediately clear. The renewed drive to engage with industry came after The Independent revealed last week that factories in these sectors could shut down production lines within weeks if there was no government aid to ease pressures from rising energy costs.
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It followed a string of bilateral meetings with representatives of ceramics, steel, glass and chemicals industries throughout Monday. The cabinet minister made a formal request to Rishi Sunak’s department for support to energy intensive industries on Monday amid growing calls for emergency assistance and warnings over job losses. Last month fresh details of plans emerged to force Chinese energy giant, CGN to give up its 20 per cent stake in the Sizewell C nuclear plant in Suffolk.Ĭoncerns over whether a failure to secure financial aid will push sensitive suppliers to the wall will add to pressure on the Treasury, after Kwasi Kwarteng, the business secretary, presented a plan to the department for assistance for industries worst-affected by soaring energy prices. The government is looking to push China out of key nuclear power projects over security concerns. The review pledged to “strengthen the resilience of our critical supply chains” so that the UK can engage with China “with confidence”. This could breach some departmental procurement rules and the government’s aims laid out in its Integrated Review. Such products are used in a range of high security environments, including nuclear reactors, laboratories, ships and submarines.īritain would be forced to seek many of these inputs from overseas if these domestic companies fail, according to industry and government sources. Without fresh funds factories could be forced to halt production of critical inputs such as high-tech ceramic coatings, steel components and bespoke glassware, according to government and industry sources. The UK could be forced to rely on other nations for key nuclear and defence components unless ministers offer heavy industry an energy bailout, The Independent has learnt. The business department has submitted proposals to use public funds to support heavy industry, but it’s unclear if the Treasury will back them.