Cameron calls for global response to rising energy prices

On Thursday 17 May prime minister David Cameron said the UK must work with its global partners to confront challenges in the energy sector that jeopardise economic growth. Cameron argued there needed to be international recognition of "the risks to the recovery from rising and volatile energy prices", and countries "must work together to ensure our energy security". Responding to Cameron's speech, business lobbyist the CBI said providing certainty on energy policies was one of several "short-term wins" the government urgently needs to deliver to help businesses grow and create jobs.
Following the prime minister's statement the energy and climate change secretary Ed Davey said on Friday 18 May that every step the UK takes towards a low-carbon economy reduces our dependence on fossil fuels. He was commenting on a report produced by Oxford Economics about the UK's sensitivity to oil and gas price shocks, and cited the effect that last year's Arab Spring had on increasing household energy bills. Davey said shifting to alternative fuels will ensure the UK's economy "does not become hostage to far-flung events and to the volatility of market forces". While Davey acknowledged the high upfront cost of building low-carbon plant, he said the gains were "greater" and "lasting".
Number 10     CBI     DECC

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