British Prime Minister Liz Truss had ended the ban on fracking as Europe battles with surging energy costs amid the Russian invasion of Ukraine, causing outrage among environmental groups.
Since taking office, Truss has begun a new push for higher fossil fuel production, with an established goal of becoming a net exporter by 2040. The move is one that stands in stark contrast to the Boris Johnson government, which embraced green energy policies that have made much of Europe almost entirely dependent on Russian energy.
In addition to increasing fossil fuel production, Truss’ government cancelled a rise in the corporate tax rate and slashed basic income tax to 19%.
Her government has also begun discussions on setting up special economic zones in multiple regions to encourage imports and exports independent of the European Union.
“We will get Britain moving by cementing our status as the best place in the world to do business,” said Truss in an article for the Daily Mail.
“For too long, politicians have fought over how to slice up the economic pie,” she explained. “We will focus instead on growing the pie to the benefit of families and businesses.”
“People know better than any government what to do with their hard-earned money,” Truss continued. “And so we have set out our clear plan to deliver £45 billion of tax cuts in what will be the biggest tax-cutting package for generations.”
As Europe continues to struggle with mounting energy prices brought on by sanctions of Russian energy, Truss has moved to introduce a new round of oil and gas leases for the North Sea and lifted its moratorium on the production of shale gas.
In addition to Britain’s renewed embrace of fossil fuels, Truss introduced a proposal to limit the annual cost of electricity for a typical household to £2,500 for the next two years.
“Our energy scheme will save the typical household £1,000 a year on their bills and roughly halve the cost of business energy bills,” she wrote. “We believe people should be in control of their lives and keep more of the money they earn.”
“We will get Britain moving by cementing our status as the best place in the world to do business. We are putting our money where our mouth is in encouraging businesses to invest, create jobs and grow,” Truss wrote. “We have followed through on our promise to suspend the corporation tax rise, with the result that our attractiveness to businesses will remain unbeatable.”