The UK’s Tank Storage Association (TSA) has submitted its contribution to the UK government committee inquiry on economic growth after the COVID-19 pandemic ends.
The House of Commons Business, Energy and Industrial Strategy (BEIS) Committee has opened the Post-Pandemic Economic Growth inquiry to investigate opportunities for resetting the UK economy after the COVID-19 pandemic. This includes sustainable, climate-friendly growth to decarbonise the economy, how to reduce inequality and regional economic imbalances, and whether the current industrial strategy is still relevant. It will accept submissions until 17 July and then consider the evidence.
Like most other industries, bulk liquid storage has been affected by the COVID-19 pandemic, in this case by increasing demand for petroleum storage and decreasing demand for oil. In its submission, the TSA highlighted the importance of bulk liquid storage terminals in responding to market fluctuations, thus improving the flexibility of the supply chain. The association called for a strategy that protects the bulk liquid storage sector and its economic and strategic value, as well as emphasising its potential to support the UK’s decarbonisation targets.
‘The bulk liquid storage sector is the pulse of our day-to-day life, providing the critical link in the transportation system for liquid products, from transport and heating fuels, to chemicals and food-grade products. Our submission to the inquiry highlights the vast and strategic advantages of the industry and associated logistics in unlocking opportunities and argues that time is of the essence. Now is the time to work together to unleash potential, drive recovery and enable solutions for change,’ says Peter Davidson, TSA Executive Director.
