Rachel Reeves has set out her Spending Review in the House of Commons today and the chemical industry reacted to the key announcements. The Chemical Industries Association, Chief Executive, Steve Elliott said:

”We welcome today’s commitment to increased investment in defence, science and technology and carbon capture and storage. Building on the Government’s recent nuclear energy announcements, these are all much-needed confidence-boosting measures for UK industry and for the UK chemical sector as a key building block of our nation’s manufacturing capability. Let’s now do all we can to ensure that UK companies win their fair share of business generated by these medium to long-term investment decisions”.

Steve added: “However, the immediate task in hand is to provide urgent relief from the UK’s long-standing uncompetitive energy costs. Britain’s industrial power prices are 4 or 5 times higher than they are in the US and at a significant premium to the rest of Europe and beyond – with every day bringing more distressing news of site closures, strategic reviews and a loss of highly skilled jobs, often in parts of the country that sorely need them. Enough is enough and we urge the Government to ensure that its forthcoming industrial strategy helps mark the start of the long road back to international competitiveness for not only the UK chemical industry but the country’s wider manufacturing base”.

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