UK businesses urge EU to reduce energy prices

Oluwanifemi Ojo
Oluwanifemi Ojo
European Union

European businesses have urged European Union to lower energy prices and ease policies to stop industries from leaving the country.

This statement was made on Monday, as Brussels prepared plans to accelerate the green economy.

The EU is driving towards Europe’s enhanced attractiveness to companies and industries who may be want to move to United States and China because of lower energy cost and subsidies.

According to Agence France-Presse, EU’s executive arm and European commission plans to meet this week to present plans to reform Europe’s electricity market and green transition.

However, the EU’s main business lobby group, BusinessEurope, said the capital of Belgium, Brussels’ efforts were insufficient and to slow.

The director general of BusinessEurope, Markus Beyrer cautioned, “The risk of de-industrialisation in Europe is real.”

BusinessEurope which represents employers’ associations from 35 countries confirmed that many industries are partially or totally leaving the continent.

It called for more action like cutting taxes on energy and keeping them low to reduce businesses’ bills to minimise the flee of companies feom the continent.

Beyrer said, “Policy-makers should not be fooled by … declining energy prices, they will remain higher than for our main competitors.”

In a recent survey of its members, Beyrer identified harsher regulation as their second-biggest issue, right behind high energy prices.

Beyrer stated, “For 2023 alone, the European Commission plans to table 43 new policy initiatives on top of already 116 pending proposals … an increasing number without a proper impact assessment.”

According to AFP, the director warned “regulatory burden pushes companies and investments away from the continent and harms Europe as a place to do business, he warned.”

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