Ukrainian-born millionaire Temerko slammed the announcement as “a big mistake.”

“We have a lot of serious problems in the energy sector in Britain. We have oil and gas production issues, we have a lack of electricity capacity, National Grid’s infrastructure and capability is like that of the 1980s and is not in the 21st century – it’s not fit for purpose. It’s creating a massive problem and we have the potential for lots of black outs.”

“We import 50% of our gas from overseas already, if the government want this to work it needs to double gas production in the UK or build 12-15 LNG terminals across the country. This will cost around £70 billion or more.”

“And where are they going to get investment from? Investors from India and China are practical and cynical and why will they invest when there are all these changes. The only way is to increase tax by 70-80% or stop financing the NHS. The speech was a bad signal and negative.”