Ex-MI6 boss warns Labour’s Net Zero push will hand control of energy to China amid claims targets can only be hit with components from Beijing

Labour’s Net Zero initiative will give China control over Britain’s energy supply as the country relies on components made exclusively by companies controlled by Beijing, a former MI chief warned today.

Sir Richard Dearlove warned that the entire Chinese industry was ‘accountable to the leadership of the Communist Party’ after Rachel Reeves visited the Far East to boost relations and trade.

Ms Reeves met Vice President Han Zheng and Deputy Prime Minister He Lifeng in the first high-level economic meeting between Britain and China since 2019.

Revealing deals worth £600m over the next five years, she said she ‘Common ground has been found in areas such as financial services, trade, investments and the climate.’

Diplomats have also courted China’s wind industry. According to the Times, Geraldine McCafferty, deputy head of the British Embassy in Beijing, told a conference last October that Britain “welcomes Chinese capital to enter the UK offshore wind energy market, and that the government is in talks with leading Chinese wind energy companies.” about investing in production or assembly plants in Great Britain.

However, Sir Richard, who headed MI6 from 1999 to 2004, told the newspaper: ‘The fact is that every Chinese industry is accountable to the leadership of the Communist Party.

“If the command is ”jump” the answer should be ”how high”, they have no options to say no. That’s the difficulty behind the scenes.’

Ms Reeves met Vice President Han Zheng and Deputy Prime Minister He Lifeng (pictured) during the first high-level economic meeting between Britain and China since 2019.

Unveiling deals worth £600m over the next five years, she said these represented ‘common ground in areas such as financial services, trade, investment and the climate’.

It came as the The Tories said the chancellor had “returned with virtually nothing” from her trip to Beijing, which she continued despite fresh concerns about her economic plans.

Ms Reeves’ trip to China amid turmoil in the UK market was in the “national interest”, a senior Cabinet minister said this morning.

When asked on BBC Breakfast whether the Chancellor was right to make the trip, Cabinet Office minister Pat McFadden said: ‘Absolutely.’

He added: ‘I think the people who say she shouldn’t have gone are wrong and making a big mistake.

‘It is absolutely right that the Chancellor of the Exchequer, the leading economic voice in Britain, should be beating the drum for British business and investment in the UK.

“It was in the national interest for the Chancellor to go to China, and that is why it is absolutely right that she went.”

The pound also fell further against the US dollar this morning

Yields on 10-year government bonds – a key way the government borrows money – rose again this morning

Britain took another hit on markets today after ministers were warned they must find ‘ruthless’ spending cuts.

Government borrowing costs rose further in early trade as the pound lost more ground against the dollar.

The grim signs came as companies blamed Rachel Reeves’ massive budget tax bust for crushing economic growth.

CBI chief Rupert Soames said “confidence” has been “hurt” by the Chancellor and businesses will have to raise prices and cut jobs.

Analysts warn that Ms Reeves – who is returning from a trade trip to China – will have to tear up her spending plans as a result of the backlash.

Finance Minister Darren Jones has written to colleagues outlining the urgent need for efficiency improvements.

Keir Starmer will give a speech this morning in which he will emphasize that the massive deployment of AI could save taxpayers enormous amounts of money.