Business
Big Oil’s war windfall
Top North Sea drillers see £73bn share price bonanza from Iran war.
29 March 2026
The TUC has called for a targeted emergency package to protect at-risk manufacturers like chemicals, ceramics and glass from the effects of Trump’s illegal war, saying ‘Trump’s war must not put jobs in critical industries at risk’.
As ‘Trumpflation’ sends gas and energy prices soaring, the TUC argues that urgent support is needed to protect energy-intensive sectors from the economic damage of the war – which could have impacts for thousands of jobs.
The call comes after the OECD warns the UK faces the biggest hit to growth from the Middle East war of all G20 economies.
Immediate support should be focused on the most-at risk businesses to protect key UK manufacturing sectors, the TUC says.
Gas-intensive businesses are the most immediately exposed in the current energy crisis. The union body is therefore calling for a temporary targeted gas price cap to stabilise the price of gas for critical industries. This would target sectors where gas accounts for at least 70% of energy demand (like ceramics), or at least 70% of raw materials.
As the effects of the war flow through to higher electricity prices for industry, the TUC is also calling for the government to urgently speed up its energy price support scheme (the British Industrial Competitiveness Scheme – BICS) and make sure it reaches the manufacturing sites that need it the most.
Many manufacturers (beyond those in gas-intensive industries) were already struggling before the crisis hit, and are now in even more need of support.
Support must also go beyond the immediate crisis, the TUC argues, because the UK has been at the ‘mercy of global gas markets for too long’.
With an unstable President in the White House, and increasing volatility across the globe, British households and businesses cannot afford to be ‘lurching from crisis to crisis’, it warns.
Alongside immediate-term support, the UK desperately needs structural change and investment so that industry doesn’t bear the brunt of future gas price spikes. This will also mean there is less need for government to step in during each crisis.
‘The war in Iran has highlighted vulnerabilities in the UK energy market that have been evident for some time and have not been addressed, the more that action is delayed the greater the risk of rapid deindustrialisation.
‘This now requires, urgent, efficient, and substantive action to bring down the cost of energy for industry as the clock is now approaching midnight for many companies.
‘This must start with the immediate implementation of the British Industrial Competitiveness Scheme to all manufacturers otherwise we could face a rapid unravelling of British industry.’
STEPHEN PHIPSON
Chief executive of Make UK
The TUC is calling for government to de-link electricity prices from gas – to move the UK from being a price-taker to a price-maker, radically increase UK gas storage capacity and accelerate investment in energy efficiency and electrification upgrades.
These proposals to reform the UK’s energy system and market design and to upgrade UK industry will reduce the UK’s industrial vulnerability to external crises, boost long-term resilience of our domestic industries and help protect goods job for the long run.
Fixing the foundations of our energy market would support not just gas-intensive industries, but wider manufacturing like steel, metal and paper.
‘Already struggling before the war, Trumpflation has sent gas prices soaring – further piling the pressure on some of Britain’s key industries like chemicals, ceramics and glass.
‘Trump’s war must not put jobs in critical industries at risk.
‘The government should urgently bring forward a temporary targeted gas price cap, to stabilise the price of gas for critical industries and protect UK manufacturing, and speed up the energy price support scheme making sure it reaches crucial sectors.
‘Smart government action can stop us lurching from crisis to crisis. The UK has been at the mercy of global gas markets for too long.
‘Now is the time to fix the foundations, reducing the UK’s vulnerability to global gas price shocks, boosting resilience of key industries, and protecting good jobs for the long run.’
PAUL NOWAK
TUC General Secretary
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