Supporting low-carbon growth
The Chancellor unveiled a number of measures designed to support the move to a low-carbon economy.
Green Investment Bank
A major announcement in Budget 2010 is the government's plan to create a Green Investment Bank. The bank will support investment in low-carbon infrastructure projects. It will bring together public and private sector capital, and operate on a commercial basis.
The government will start by investing up to £1 billion from the sale of infrastructure-related assets. It will seek to match this with at least £1 billion of private sector investment.
The Green Investment Bank’s mandate will be to invest in the low-carbon sector. Infrastructure UK will publish a consultation on the establishment of the Green Investment Bank in the summer.
Other measures in support of a low-carbon economy
Other measures announced as part of Budget 2010 include:
• launching UK Finance for Growth to streamline £4 billion of existing financial support for small and medium-sized businesses, which will include support encouraging businesses to commercialise low-carbon technologies
• £60 million for the development of UK port sites to support offshore wind turbine manufacturers looking to locate new facilities in the UK
• halving the rate of company car tax for ultra-low carbon cars
• a commitment to reduce government departments’ carbon emissions by at least 30 per cent by 2020
• a commitment to reform the energy market to provide clean, secure and affordable energy in the long-term
Landfill tax increase
As of 1 April 2014, there will be an £8 per tonne increase in the standard rate of landfill tax, to encourage alternatives to landfill.
For further information, please see:-
http://www.telegraph.co.uk/finance/financetopics/budget/7513817/Budget-2010-Green-bank-welcomed-amid-calls-for-more-capital.html
http://www.guardian.co.uk/uk/2010/mar/24/budget-green-plans-emissions-cut
http://www.direct.gov.uk/en/Nl1/Newsroom/Budget/Budget2010/DG_186643
http://www.cityam.com/news-and-analysis/green-investment-bank-will-invest-renewables |