McDermott Comment | Will Rishi Sunak Reinstate A Separate Department For Energy?
Shah Jahan Khandokar, a partner at law firm McDermott Will & Emery, said:
“Assuming Sunak stands behind his earlier commitment to reinstate a separate Department of Energy, it would make sense to rethink how the UK is to achieve energy independence in an affordable manner. What is required, is a focus on incentivising energy investment in the country on a major scale, similar to the US’ recent Inflation Reduction Act, rather than a blind commitment to subsidising energy bills, the cost of which is ultimately passed on to the taxpayer. Whether or not such a policy would reduce inflation in the short-term is questionable, however, the Treasury’s deficit would almost certainly be reduced.”