Fears of a three-day workweek if gas runs out in the UK have prompted Rishi to call for action.
Fears that a gas shortage may return the UK to the horrors of the 1970s have prompted ministers to take swift action.
Business executives are concerned that if the winter turns out to be exceptionally cold, Britain may run out of gas this year. Sir Jim Ratcliffe, a billionaire industrialist, predicted that the energy crisis will continue months, with skyrocketing prices and concerns about a supply deficit.
While government authorities claim the National Grid’s Gas Winter Outlook looks “strong” for the months ahead, companies are bracing for the worst.
Sir Jim warned that running out of gas was a serious possibility, adding, “In which case you shut down industry.”
He encouraged the government to intervene and resolve the issue, claiming that if there was a shortage, it would be their fault.
ITV quoted Sir Jim as saying: “That’s a critical issue for the UK’s energy supply; you’ll need some storage, and we only have 10 days.
“Ten days’ storage is pathetic for a country as significant as the United Kingdom; on the continent, they have 40 or 50 days’ storage.”
He went on to say that gas was “a very vital and important requirement for the UK economy,” and that “they need to ensure that the UK economy cannot be held hostage because we haven’t well organized our gas position.”
The entrepreneur stated: “When we had the ‘Beast From The East’ four years ago, we were on the verge of running out of gas in the United Kingdom.
“If we had run out of gas, it would have been a nightmare for the elderly who would have been unable to heat their homes, as well as for industry, which would have been forced to shut down. But we were only a few days away from making that point.” His warning will serve as a sobering reminder of the 1970s, when most of the United Kingdom was subjected to widespread blackouts.
A political feud between then-Prime Minister Edward Heath and the National Union of Mineworkers resulted in a series of miner strikes, disrupting the UK’s gas supply substantially.
Many enterprises were forced to close due to the coal shortage, and their electrical usage was limited to three days per week.
Ordinary families, meanwhile, were told to only heat one room per day and turn off non-essential lights.
Sir Keir Starmer, the Labour Party’s leader, stated. “Brinkwire News Summary.”