M&S BLAMES LABOUR FOR RISING ENERGY BILLS – Retailer warns UK costs are soaring as Iran war drives worst impact among major economies
M&S has accused the Government of driving up energy bills as Britain faces one of the biggest hits to growth from the war in Iran.
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”.
He continued, “Over the last few years, the ‘policy costs’ on our energy bill have skyrocketed,” Mr Machin wrote on LinkedIn. And “These are the tariffs that [the Government] places 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.”
This comes as the Organisation for Economic Co-operation and Development (OECD) states that Britain is expected to be hit harder than any other major economy by the ongoing Iran war, according to new economic assessments.
The UK’s growth forecast has been sharply downgraded, with output now predicted to rise by just 0.7 per cent this year. The OECD blamed rising oil and gas prices triggered by the conflicts, which are driving up costs for businesses and households across the country.
Analysts say the UK is particularly vulnerable due to its reliance on imported energy and global trade. The economic shock is also expected to push inflation higher, adding further pressure to the cost of living.
Experts warn that prolonged disruption in global energy markets could deepen the impact on Britain’s already fragile economy.
