Neville's Breakfast
Well-known member
It is true.
The UK could withdraw from the global gas/energy market and, if it did so, prices would plummet. It would mean that the UK would have to become self-sufficient in its energy needs, and it would signal a drastic change in the UK's position at the vanguard of advocating the value/importance of global markets and that there is no alternative to them.
Our next PM thinks she's resurrecting Thatcher. She doesn't quite realise that Thatcher switched taxes, rather than cut them. Thatcher switched them from 'progressive' taxes on labour (ie so the rich pay) to consumption taxes (ie so the poor pay). Bizarrely, our next PM is proposing to do the opposite that Thatcher did, which is to cut VAT (the tax on the poor), rather than to raise it, which is what Thatcher did.
Self sufficiency in electricity would require a big increase in generation capacity that could only come from a combination of renewables and nuclear. We are not there yet and by the time we are who knows what the pricing will look like. Self sufficiency in gas is possible but not desirable as it is a fossil fuel. For oil; not possible hence the move to electric cars although this then moves the goalposts on electricity generation self sufficiency and is not without significant environmental consequences in rare metals for production and supply chains in unfriendly countries like China (80 % of rare metal production) and with the associated battery requirements-production and recycling.
There is a documentary on iplayer (I think) about the environmental effects of lithium extraction in South America.
On China and rare metals this is worth a read;
https://fortune.com/2022/07/22/china-rare-earths-monopoly-lynas-pensana-iluka-us-supply/amp/