UK should explore shale gas reserves to encourage business - CIA

01 May 2012 00:01  [Source: ICIS news]

LONDON (ICIS)--The UK should explore its shale gas reserves to encourage business in the region, the Chemicals Industries Association (CIA) said on Tuesday.

CIA Chief Executive Steve Elliott, speaking ahead of a meeting with members of parliament to discuss the results of the trade body’s quarterly survey on business confidence in the sector, said the UK should look at its shale gas reserves from an environmental and social angle, as well as an economic measure to promote business.

“The benefits from exploiting such a resource have been amply demonstrated in the USA,” Elliott said.

Elliott has called on government to pull together an industrial strategy, focusing on manufacturing.

“I know people in government want to have this strategy but for some reason there is a fear about publishing it. I say let’s be brave, proud of our manufacturing and send a signal to investors across the world that we have a strategy to support manufacturers,” said Elliott.

The CIA said the chemical and pharmaceutical industry provides half a million jobs, contributes £70m ($113m, €86m) daily to the UK economy, invests £5bn a year in research and development and is essential for moving to a low carbon economy.

“[The industry makes] the vital components for wind turbine blades, home insulation and lighter automotive parts [and its] the nation’s number one manufacturing exporter,” the trade body added.  

($1 = £0.62, €1 = £0.81)

By: Leigh Stringer
+44 208 652 3214

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