The Financial Times reports that Oxford PV, Britain’s most exciting solar power company, which has developed the most efficient photoelectric cells in the world, is set to leave the UK, as the company says that Britain is the “least attractive” market in which to locate its new factory and that it is more likely to list in New York or Hong Kong.
So here we have a BRITISH company, born out of a BRITISH university, with literally the BEST technology in the world, and yet they are planning to move abroad to list and to manufacture their products. Why? Because while the US and the EU are championing their domestic manufacturing sector and are offering huge financial incentives to companies, the UK – led by the useless Sunak and Hunt – is refusing to do the same.
What is even more sickening is that this very week the Times reports that the International Energy Agency has calculated that “more money will be ploughed into solar power than oil production for the first time this year as clean energy investment extends its lead over fossil fuels”. The same organisation also estimates that solar energy will become the world’s biggest source of electricity by the middle of this century. Globally, between 2021 and 2022, the amount of electricity created by solar power increased 23.6% – rising faster than any other source. Even in Britain – not the world’s sunniest country – solar power is becoming increasingly popular. The trade body Solar Energy UK expects a record 225,000 installations this year.
So just as solar power is exploding in popularity, we are going to lose this amazing British company. We will lose jobs (both direct in the company itself, and indirect in the supply chain) and money (income taxes, corporation tax, VAT, etc) – so far from the government saving money by not offering any state aid it will, instead, lose money. We will also lose export revenues and we will have to import solar panels from abroad. And the irony is that this is a company producing photovoltaic solar cells, exactly the sort of ‘green’ technology and product that the government claims to support! Indeed, the government wants a fivefold increase in solar power production by 2035 – but it will all be done with IMPORTED solar panels rather than UK-made ones, directly as a result of their refusal to offer this BRITISH company the same level of support as it can get from FOREIGN governments! You really couldn’t make it up.