The Confederation of British Industry’s (CBI) Director-General Tony Danker praised Sunak for defusing the mini-budget crisis of former leader Liz Truss but said the prime minister must respond to green investment subsidies in the United States and the European Union.
The CBI estimated British businesses were set to lose 4.3 billion pounds ($5.3 billion) of European market share by 2030.
Other countries were ahead of Britain in rolling out support for investments in areas such as heat pumps, insulation, building retro-fits, electric vehicle charging infrastructure and carbon capture and storage, Danker said.
“We have just been spectacularly overlapped and overtaken on green growth,” he said in a speech on Monday.
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