Jacob Rees-Mogg has said British industry is being destroyed by Net Zero policies, predicting the car industry will soon follow British Steel.
Speaking on GB News Jacob Rees-Mogg said: “British industry seems to be in a state of terminal decline. Today, it has emerged the government is considering renationalising British Steel as it will soon close its blast furnace, putting many of its 4500 employees’ livelihoods at risk.
“The move would be a reaction to a dispute between the government and the Chinese owners, which have demanded a £600 million investment to keep the company afloat.
“But partial or full nationalisation does not solve the problems that our industry faces, which really boil down to one issue: energy.
“When we left the European Union, we were meant to take back control. But in the end, we've given up control voluntarily.
“The National Grid relies on wind and solar energy, with gas power stations only being fired up when the renewable resources are insufficient. This unreliable demand and lower capacity utilisation makes the gas supply less efficient, so more expensive.
“These extra costs inevitably are passed on to you, the consumer and businesses.
“Indeed, wind is so unreliable that we can't use turbines when it's too windy either, owing to a lack of storage and transport capacity. This has cost consumers a billion pounds so far this year.
“Labour, intends, wants to make this worse by decarbonising the grid by 2030 despite having no means of stopping blackouts when the sun doesn't shine and the wind doesn't blow.
“But there are broader Net Zero policies that have made the production of steel unfeasible. Our carbon budgets and the terrible emissions trading scheme, but increasingly difficult standards, costs and regulations on steel, making this mean the final product is uncompetitive and too costly.
“Not only did British Steel once employ a quarter of a million people, now down to a few thousand, but steel is critical for national security.
“Net Zero is destroying British industry. Steel is going now, and the car industry will follow shortly. And this is always the case with the green agenda, you the taxpayer, will have to foot the bill as the nation becomes cold and poor.”
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