So, now we’ve had Chancellor Jeremy Hunt’s Autumn Statement or ‘budget for growth’ as it has been called. And all the performing monkeys in the House of Comics played their well-rehearsed roles. The Tories clapped and cheered their Chancellor’s supposed economic genius, apparently blissfully unaware that fiscal drag – not increasing tax thresholds in line with inflation – would mean many people paying more in tax than they did before the Chancellor’s ‘generous’ giveaways. Labour, of course, lambasted the statement as an admission of “13 years of economic failure” and warned: “We were told to expect an Autumn Statement for growth. But the economy is now forecast to be £40 billion smaller by 2027 than the Chancellor said back in March.”
The SNP presumably said something along the lines that Scotland’s economy could only grow if the Scots could throw off the oppressive shackles of cruel English colonial rule. At least they probably said something along those lines, I wouldn’t know as I didn’t bother listening. And as for the LibDems, who cares what they said?
However, as these clowns bicker and trade insults from the comfort of their large salaries, much larger expense accounts and enviable pensions, one might wonder if any of them has the slightest clue what is really happening to our country. While our squabbling politicians disagree about almost everything, there is one policy on which they all agree and it is precisely that policy – hitting 2050 Net Zero targets – which is crippling the British economy and making any prospect of economic growth a mirage. Let me give just three examples.
I have written previously on the Daily Sceptic (‘Britain is leading the world in committing economic suicide‘) about our Government’s plan to gift away £500 million of our money to a Chinese company which owns ‘British’ Steel to close down its blast furnaces, reduce the amount and qualities of steel it produces and fire more than 2,000 skilled, well-paid British workers. All this is in order to reduce the steel plant’s CO2 emissions to enable Britain to hit its Net Zero targets. Incidentally, this means that any high quality steel Britain needs in the future will probably come from China where it will be made in the same kind of blast furnaces that are being demolished in Britain.
This is a disaster for the families of the 2,000 steelworkers, a catastrophe for the local community and a serious reduction in Britain’s economic output. However, our Business and Trade Secretary, Kemi Badenoch mysteriously claimed this calamity was a brilliant move by the Government and a huge success for the British economy: “The U.K. Government is backing our steel sector. This proposal will secure a sustainable future for Welsh steel and is expected to save thousands of jobs in the long term.”
More recently we have learnt that the part Chinese-owned energy giant Petroineos is going to close its oil refinery in Grangemouth (Scotland) in spring 2025 because it could no longer compete with overseas rivals. Repurposing the site to just a fuel import and distribution business is likely to result in the loss of about 400 of the current 500 jobs at the Firth of Forth site. As energy costs make up more than half the operating costs of most petrol refineries, we can reasonably assume that Britain’s high energy costs played a major part in the decision to close the refinery. There is a direct relation between a country’s use of expensive and unreliable supposedly renewable energy and its energy costs. The higher the use of renewables, the more expensive the energy. The more a country uses cheap and reliable coal, oil and gas for its energy, the lower its energy costs. Britain has some of the highest energy costs in the world due to our use of expensive and unreliable renewables – around twice energy costs in the U.S. and about four times as expensive as energy in countries like China and India.