Treasury

The Environmental Audit Committee said Chancellor Philip Hammond has also refused to send another minister in his place

Philip Hammond said money raised from any tax changes would be invested in developing new, greener products and processes

New plans to ensure consumers continue to receive an uninterrupted supply of energy if a supplier goes bust have been published. A Memorandum of Understanding (MoU) has been developed setting out the details of how the Department for Business, Energy & Industrial Strategy (BEIS), Ofgem and the Treasury will work together in such an event. […]

The Treasury’s approach of “consistently favouring” short term priorities over long term sustainability is potentially increasing future costs and harming investor confidence. That’s the conclusion of the Environmental Audit Committee’s (EAC) major investigation, which found the Treasury has “ridden roughshod over other departments’ objectives”, changing and cancelling long-established environmental policies and projects at short notice. […]

Chancellor George Osborne is “calling the shots” when it comes to energy policy. That’s the view of former Energy Secretary Ed Davey who said they have had “quite a few standoffs” and a “big fight” over the Levy Control Framework (LCF), a tool used by government to support the control of costs to consumers arising […]

The Treasury’s Spending Review is to be audited for its environmental impact. The Environmental Audit Committee has commissioned the National Audit Office (NAO) to look into how effective it is as a tool to meet environmental protection and sustainable development objectives. It will focus on whether the Spending Review takes into account the evidence on long term […]

Community green energy schemes have been dealt a major blow as the UK Government plans to cut their tax relief. It was revealed by the Treasury earlier this week during the third reading of the Finance Bill. Community energy is to be excluded from to a list of schemes, including the Enterprise Investment Scheme (EIS), […]

The budget of the Department of Energy and Climate Change (DECC) will be reduced by £70 million for the 2015/16 financial year. Chancellor George Osborne made the announcement yesterday as part of the UK Government’s plans to reduce debt. The Treasury revealed plans to save £3 billion in total across different departments. The Department of Business, […]

The UK Treasury has unveiled a set of reforms to help boost oil and gas exploration in the North Sea. It includes introducing a basin-wide “investment allowance” designed to cut the tax rate for companies investing in the future of the UK Continental Shelf. It is estimated there could be up to 21 billion barrels […]

The developer of a new nuclear power plant in Cumbria has signed an agreement with the Treasury to promote financing for the project. The deal establishes a process to enable access to the UK Guarantee Scheme, which was introduced in 2012 to help developers gain external project finance to cover the upfront costs. The Moorside […]