What will Great British Energy do?

In a move reminiscent of Boris Johnson's "take back control" mantra from the Brexit referendum, Sir Keir Starmer has proposed the establishment of a state-owned company, Great British Energy (GB Energy). Announced in September 2022, this initiative aims to address concerns over foreign ownership in the UK energy sector, with Starmer emphasizing the need for "British power for British people." The proposal marks a strategic shift from a more radical plan for wholesale renationalization of the energy sector. The primary objective of GB Energy is to unblock private investment in the UK’s energy system, which has been criticized for being dominated by foreign entities from countries such as Sweden, France, and China. By creating a national energy company, Starmer hopes to foster a more competitive and secure energy landscape that prioritizes domestic interests. This initiative is seen as a response to growing public sentiment regarding energy independence and security. As the UK grapples with various economic challenges, including £200 billion in quantitative-easing losses, the establishment of GB Energy could provide a framework for addressing these issues without resorting to tax increases. The government is under pressure to find innovative solutions to stimulate the economy while managing public expectations. In addition to energy policy, the broader socio-political landscape in Britain is evolving, with discussions around housing, immigration, and the rise of extreme right movements gaining traction. These issues reflect a complex interplay of public sentiment and government policy, underscoring the need for comprehensive strategies to address the nation’s challenges.