Reliance on imports is paralysing British business

Ministers are under fresh pressure to overhaul energy policy after the International Monetary Fund (IMF) downgraded its forecasts for British economic growth.

The reason why Britain faces the biggest hit of any major economy from the Middle East war, according to the fund, is because so much of its energy supply is sourced from international oil and gas markets, which have been hit by significant price increases.

In the wake of the IMF verdict yesterday, Donald Trump repeated his call for Britain to pump more oil and gas from its own resources.

The US President posted on Truth Social: “Europe is desperate for Energy, and yet the United Kingdom refuses to open North Sea Oil, one of the greatest fields in the World. Tragic!!!

“Aberdeen should be booming. Norway sells its North Sea Oil to the UK at double the price.

“They are making a fortune. The UK, which is better situated on the North Sea for purposes of energy than Norway, should, DRILL, BABY, DRILL!!! It is absolutely crazy that they don’t… AND, NO MORE WINDMILLS!”

The Government has signalled that it is increasingly open to the idea of allowing new exploration in the North Sea (inset), but also insisted it is committed to ramping up the use of renewables and building new nuclear power stations. Paul Nowak, who as head of the Trades Union Congress is a key Labour ally, warned that “gasdependent industries like chemicals, ceramics and glass” would be worst affected by what he called “Trumpflation”. Sam Richards, of the progrowth campaign group Britain Remade, said: “While the events driving the global economic turmoil are beyond our control, they highlight how critical it is that we build far more secure, clean, domestic energy infrastructure.

“No government can deliver growth while business is crippled by the highest industrial energy prices in the developed world.”