US Executives Warn UK’s High Energy Costs Deter Investment

US business leaders and diplomats warned UK Labour officials on February 3, 2026, that soaring energy prices are undermining Britain’s appeal for American investment. At a BritishAmerican Business conference in London, executives from 3M, Amazon, and Honeywell cited uncompetitive electricity costs—50% higher than in France or Germany and up to four times those in the US—as a key deterrent. 3M UK head Sophia Oliphant said the case for UK manufacturing “has become weaker and weaker,” noting the firm reduced its UK plants from 14 to three. US Embassy economic diplomat Jennifer Bachus urged greater North Sea oil and gas exploitation, while BP’s Louise Kingham called for reform of the windfall tax, saying a new fiscal regime is “sitting on a shelf ready to go.” Labour trade adviser Varun Chandra acknowledged shortcomings but asked for “patience” as the government pursues economic stability and industrial policy reforms.