Treasury chucks extra £100m at marine technology

Chancellor George Osbourne and Danny Alexander, Chief Secretary to the Treasury, have announced renewables in Scotland will gain an extra £100 million of funding. George Osbourne said: “Today the UK […]

Register now!

By Tom Gibson

Chancellor George Osbourne and Danny Alexander, Chief Secretary to the Treasury, have announced renewables in Scotland will gain an extra £100 million of funding.

George Osbourne said: “Today the UK Government is making sure that it gives certainty to the renewable sector in Scotland by providing an additional £100 million in funding. The UK Coalition Government is committed to creating jobs across Scotland – particularly in the green energy sector. It shows how serious the UK Government is in its support for Scotland’s green future.”

The money is additional to the existing budget and spending plans of the Scottish Government. The agreement reached between the UK and Scottish Governments will allow the Scottish Government to access and spend half of the Scottish Fossil Fuel Levy fund, currently around £200 million.

Gaynor Hartnell, Chief Executive of the Renewable Energy Association, said: “The release of Levy surplus money for renewables in Scotland is a welcome step. Each year tens of millions of levy surplus is generated south of the border, but this goes straight into treasury coffers. If this could be netted off against any overspend on Feed-in Tariffs – perhaps in a way which helps the poorest with their electricity bills – Government could potentially allow a successful policy to flourish.”