How the Energy Security Bill will benefit the British economy

The record rise in global energy prices has led to a huge increase in the cost of living and running businesses in the UK. Committing to a greener, more affordable future is vital for the next generation. The Energy Security Bill, introduced on 6 July 2022, promises to deliver a cleaner, greener, cheaper and more secure energy system. This will benefit consumers and support the UK economy.

Offering huge benefits to the economy, the strategy will attract private investment, re-industrialise our economy and create jobs. It aims to drive an unprecedented £100bn of private sector investment into new British industries including offshore wind, and support around 480,000 clean jobs by the end of the decade. Unleashing competition in onshore electricity networks will also invite new parties into the market, and find innovative ways to deliver network solutions.

The Energy Security Bill outlines an ambitious package of measures that will reform our energy system by leveraging investment in clean technologies and building a homegrown energy system. Offering huge benefits to the economy, the strategy will attract private investment, re-industrialise our economy and create jobs.

The Bill establishes a new funding model to attract a wider range of private investment into nuclear power projects, cutting the cost of financing projects and reducing the cost to consumers. Facilitating the safe, and cost-effective clean-up of the UK’s nuclear sites, will ensure the UK is a responsible nuclear state, embracing the safe, clean, affordable new generation of nuclear reactors.

Supporting the deployment of low carbon technologies and seizing the global market share in these technologies, will give businesses the certainty they need as the energy sector transforms. It will also help to attract new private capital into the UK which will create jobs and re-industrialise parts of the country.