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Just next month, the UK is set to lose about 10 per cent of its generation capacity as coal- and oil-fired power stations close to meet environmental targets.
Many of Britain's neighbours may find this rather amusing. Britain, the only big west European country that could have joined the oil producers' club OPEC, the country that used to lecture the world about energy liberalisation, is heading towards South African-style power cuts, with homes and factories plunged intermittently into third-world darkness.
Britain currently has around 15 per cent of spare generating capacity but that will fall to below 5 per cent within the next three years. “People have been asking ‘where’s the new nuclear, where’s the clean coal, where’s the carbon capture’. It’s not there and it won’t be there this side of 2020.”
In the U.K., which -- unlike Greece -- isn’t part of the euro area and can devalue if it wishes, there’s growing pressure to do so. A letter recently circulated to some 3,000 influential figures proposed deliberately weakening the British pound to boost exports and hence economic growth. Debasing currencies in this way is promoted as an alternative to sovereign default, as well as to other methods of increasing competitiveness, such as cutting nominal wages.
"The facts are stark. By 2025, if current policy is unchanged, there will be a dramatic gap on our targets to reduce CO2 emissions; we will become heavily dependent on gas; and at the same time move from being 80/90% self-reliant in gas to 80/90% dependent on foreign imports, mostly from the Middle East and Africa and Russia. These facts put the replacement of nuclear power stations, a big push on renewables and a step-change on energy efficiency, engaging both business and consumers, back on the agenda with a vengeance." - Rt Hon Tony Blair, Prime Minister, speaking at CBI Dinner, 16 May 2006
Blair was appointed as the Quartet's Envoy to the Middle East on January 27, 2007, the same day he retired as Prime Minster. It came about through the lobbying of former President George W. Bush and Beckett believes at the time it was an "honorific" position, devoid of meaningful responsibility, adding "now that Obama is in charge he is being pressured to be more active".
It is believed that Blair has amassed a personal fortune in excess of £20 million since leaving office, mainly through middle east contacts established through his envoy position. In 2009 he made in excess of £5million advising the governments of Kuwait and the United Arab Emirates and is also an ambassador of investment bank JP Morgan in the Middle East.
Originally posted by epsilon69
Sounds like Peak Oil is the culprit for this. Britain used to be an net energy exporter during the Thatcher years because of the oil discoveries in the North Sea.
Now that the oil there is depleting Britain finds itself needing to import energy. This is wrecking havoc on the British economy.