Government set to announce renewables review
Chancellor George Osborne will use today’s Emergency Budget to launch a review of renewables subsidies, according to media sources. The Financial Times reported on Wednesday 8 July that Osborne would express a desire to, in the longer term, reduce the amount that consumers were paying through their energy bills for green policies, and that this would impact on plans for the setting of the Levy Control Framework into the next decade. One official was quoted as saying that “in the longer term, we will take this budget down”. Osborne is also expected to abolish the coalition government’s commitment to increasing the proportion of tax from environmental levies.