21 September 2023

IOM3 responds to Prime Minister’s speech

Yesterday’s (21 September) Prime Minister's speech rolls back previous government commitments, undermining confidence and dismantling the certainty required by industry to justify investment in the UK.

The use of negative rhetoric, repeating phrases of ‘sacrifice’, ‘unacceptable costs’ and ‘burdens on families’, also risks undermining public confidence in measures to reach net-zero. This is especially problematic when those measures are in many cases likely to save people money in the longer term.

IOM3 welcomes the commitment in the Prime Minister’s speech to ‘embrace with even greater enthusiasm, the incredible opportunities of green industry’ and to take the steps to create ‘hundreds of thousands of good, well-paid jobs right across the country’.

In addition, the Prime Minister’s subsequent confirmation that the UK remains committed to meeting its net-zero goals is reassuring. However, this can only be realised with buy-in, action and commitment from all actors including government, industry, and the public. A stable policy framework and consistent direction of travel is essential for businesses to have the confidence to invest and for individuals to act.

Acting now and transitioning without delay to a low carbon society has been shown time and time again to be an economic opportunity that will unlock high quality jobs across the country, from the Stern Review in 2006 to Chris Skidmore’s independent review in March 2023. The government’s response to the latter agreed ‘net zero is the growth opportunity of the 21st century’ and to achieve the major economic opportunities ‘decisive action is needed’ as other countries are moving quickly ‘we must do the same’.

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