Weekly Market View – w/c 6th February, 2023
Weekly Market View – w/c 30th January, 2023
Weekly Market View – w/c 23rd January, 2023
Department for Business, Energy and Industrial Strategy (BEIS) Update
The Prime Minister has announced that the Department of Business, Energy and Industrial Strategy (BEIS) will be divided into four new departments.
The changes, according to 10 Downing Street, will guarantee that the Government has the necessary personnel and expertise to focus on delivering Rishi Sunak’s five promises, which are to halve inflation, boost the economy, reduce debt, shorten waiting lists, and stop the boats.
Here are the four new departments that were created as a result of the restructuring:
– a Department for Science, Innovation and Technology, tasked with driving innovation that will create new and better paid jobs.
– a Department for Energy Security and Net Zero, which will focus on securing long-term energy supplies and reducing bills.
– a Department for Business and Trade, which will champion free trade and promote investment.
– a refocused Department for Culture, Media and Sport, which will help develop the UK as a global leader in the creative arts.
Grant Shapps, the department’s first Secretary of State, is in charge of leading the new Department for Energy Security and Net-Zero.
Jeremy Pocklington has also been chosen by Sunak to serve as Permanent Secretary. He is leaving his position as Permanent Secretary at the Department of Levelling Up, Housing, and Communities.
A Government statement indicates that the new Department has been tasked with “securing our long-term energy supply, bringing down bills and halving inflation”.
At this stage, there is little information on how the Department will accomplish this.
The language in the last clause, however, suggests that Sunak might be paying attention to the warnings issued by Chris Skidmore MP through his Net-Zero Review, which found that the UK Government’s current strategy is neither adequate to deliver steep enough emissions cuts nor well-designed to reap and share the social and economic benefits of the transition.
By the end of March, the UK government must legally revise its flagship Net-Zero Strategy.
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