Accountancy firm slams Tory policies
The government has sentenced Britain’s renewable energy industry to “death by a thousand cuts”, according to EY. The auditor’s remarks come after the UK dropped out of its renewable energy league table for the first time.
EY’s Renewable Energy Country Attractiveness Index was launched 12 years ago and lists 40 countries in the world on their renewable energy prospects. The UK has featured prominently in the past – with EY praising the government’s support from 2000 to 2003.
But now Chile has overtaken the UK, bumping us to 11th place.
Investors and consumers in the UK have been left “confused” by “a wave of policies reducing or removing various forms of support for renewable energy projects”, EY’s report said.
It criticised the government’s undermining of a formerly strong British industry and said the Conservatives’ claims that it is saving money are under examination.
“Government justifications on the basis of cost are under scrutiny, with onshore wind and solar being touted as among the UK’s cheapest energy sources,” it said.
The report added: “At best this may be misguided short-term politics obstructing long-term policy. At worst, however, it’s policy-making in a vacuum, with no rationale or clear intent.”
EY suggested now may be a good time for the British renewables industry to “establish itself at the forefront of unsubsidized renewables in Europe” which “won’t be easy”.