North Sea exploration boost for oil and gas sector

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 […]

Cash pledge for nuclear power plant in Cumbria

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 […]

Another £100m “thrown” at the Green Deal

An extra £100 million is going towards the Government’s household energy efficiency scheme, Green Deal. The Treasury has opened the purse strings to fund a new phase of the Green Deal Home Improvement Fund. It will be open to applications from householders by the end of November. A gold rush on the first fund, which […]

Whisky distillery tots up backing for green power

The Macallan whisky distillery in Speyside, Scotland has won backing for its green energy project. Today it was announced the Green Investment Bank and John Laing are investing £26 million, while the Treasury is guaranteeing £48 million of debt raised from the bond market. Due to be ready in 2016, the new biomass Combined Heat […]

Treasury: “We can’t cut VAT on recycled products”

The Treasury has crushed hopes the UK could slash the amount of VAT tax on recycled products. Last week MPs put forward the idea as a way to reduce wasting useful resources like metals. They found in a report only a fraction of British rubbish is being recycled. A Treasury spokesperson said: “EU VAT agreements […]

UK unveils new guide to investing in energy infrastructure

A new guide which provides domestic and international investors with an insight into opportunities available in the UK, including investing in energy projects, has been launched. Produced by UK Trade & Investment (UKTI) and the Treasury, it sets out the reasons why Britain is a great place to invest, highlighting the nation’s regulatory regime, planning […]

Hold steady! Government keeps fourth carbon budget

The Government will not water down targets to cut emissions for 2023-27. A review of the Fourth Carbon Budget was announced by Chancellor George Osborne and some feared he would weaken it. But today Energy Secretary Ed Davey announced it will stay put at 1,950 million tonnes of CO2 equivalent (MtCO2), that’s a 50% cut […]

Ineos gets £230m Treasury loan to import US shale gas

The operator of Grangemouth refinery in Scotland has been promised a £230 million loan guarantee from the UK Treasury to import US shale gas. International owner Ineos said the guarantee will help it raise money for building a new gas terminal to import and store ethane. It means by 2016 the UK business – which […]

Treasury gives oil and gas tax regime the once-over

The UK Treasury is casting an eye over its tax regime for oil and gas to encourage more development in the North Sea while stopping firms flocking to other cheaper locations. Yesterday it brought out a call for evidence to kick-start 12 weeks of talks with industry. Estimates suggest there’s between 11 and 21 billion […]

Oil and gas chiefs to hold tax talks with Treasury

Leading figures from the North Sea oil and gas industry are to meet the Financial Secretary to the Treasury today to talk about future tax treatment for the sector. Chancellor George Osborne pledged to review the tax regime during his Budget speech earlier this year “to make sure it is fit for the purpose of […]