The United Kingdom paid up to 1.1 billion ($1.4 billion) in extra energy costs in 2022 due to the impact of the country's exit from the European Union on the economy, Energy UK, the country's largest energy trade association, said on Monday
MOSCOW (Pakistan Point News / Sputnik - 15th May, 2023) The United Kingdom paid up to 1.1 billion ($1.4 billion) in extra energy costs in 2022 due to the impact of the country's exit from the European Union on the economy, Energy UK, the country's largest energy trade association, said on Monday.
"According to our analysis, across all sectors, the cost of greater carbon prices in the UK in 2022 was around �700m; the majority of this (�480m) is in power generation. This, coupled with the additional costs associated with the loss of the integrated market ... means that the post-Brexit trade arrangements relating to UK electricity created over �800m of additional costs in 2022, with a worst-case scenario at around �1.1bn in additional costs borne by consumers and electricity producers," the association said in a report.
These additional costs show that the system for regulating emissions within the EU had been important for the UK energy sector and the wider economy, Energy UK added.
Earlier this year, media reported that Brexit is costing the UK economy over $120 billion a year.
In 2016, 51.8% of UK voters voted to end the country's membership in the EU, compared to 48.1% who voted to remain in the union. On January 31, 2020, the country finally left the bloc after 47 years of membership. A transition period lasted until December 31, 2021, during which the UK was no longer a member of the union, but remained a member of the EU's single market and customs union. London and Brussels managed to negotiate a trade and cooperation agreement during this period.
