Stuart Machin, who runs the retail giant, said Government-imposed levies now accounted for more than half of his company’s energy costs and had “nothing to do with the price of oil or gas”.
“Over the last few years the ‘policy costs’ on our energy bill have skyrocketed,” Machin wrote on LinkedIn.
“These are the tariffs that [the Government] place on our bills to fund their policies, and have nothing to do with the price of oil or gas. They now make up over half our bill. It’s just not sustainable for UK businesses.”
The comments came as the OECD said Britain faced the biggest hit from surging oil and gas prices out of any major economy.
Inflation will surge more sharply than in other developed nations and wipe half a percentage point off UK growth this year, according to its forecast.
The UK is particularly exposed because of its heavy reliance on imported energy. Oil prices have risen from $70 per barrel a month ago to around $100 today, while natural gas prices have nearly doubled since the start of the war in Iran.
The OECD’s forecast is a blow to the Government, which before the start of the conflict in the Gulf had hoped that cost-of-living pressures would ease this year.
Rachel Reeves, the Chancellor, said the UK had not started the war but that it would have “an impact on our country”. She insisted Labour had “the right economic plan”.
Machin’s frustration with Government policy stems from green energy levies added to the wholesale price of energy....<<<Read More>>>....
