Today’s Budget threw up a couple of surprise titbits the way of the green sector, as the Chancellor announced a £2bn green investment bank fund for low carbon projects including, particularly, offshore wind farm investment. Wind farms alone can look forward to £16 million worth of investment, helping to boost the UK’s renewable energy production.
As part of the Chancellor’s speech he set out to prove that Labour’s policy of supporting the economy through recession using public money was the right course of action to take. In proving his point, he mentioned Nissan’s decision to produce the LEAF here and Ford’s investment into cleaner engine development- both decisions supported by Government money.
Additionally Mr Darling announced that a 3 pence increase in fuel duty would be staggered: 1p in April, 1p in October and 1p in January. That news will comes as relief to many motorists and businesses as fuel prices are already nearing the record high of summer 2008- despite suppressed wholesale oil prices.
He also announced a £100 million investment into local roads and £285 million pay for improvements in the motorway network in England, which will also support projects to extend ‘hard shoulder running’. Much of this money is expected to be ploughed into road repairs as the investment is much influenced by the impact the harsh winter. Nothing was said about how much of this money would be used to build new roads- something that many green groups will decry.
To support the development of these offshore wind farms, the Chancellor announced a £60m fund to develop ports looking to host manufacturers of offshore wind turbines.
Much of the Budget stuck to plans announced in the pre-Budget, with the Chancellor announcing that he had no further announcements on VAT, income tax or national insurance. Equally road taxes increases will go ahead as planned, meaning the new showroom taxes will be introduced on April 1, along with the additional penny on fuel duty.
Not everyone is satisfied with the Budget however, the British Vehicle Rental and Leasing Association (BVRLA) was critical:“This was more of a pre-election statement than a Budget and there was precious little for road users to get encouraged about,” BVRLA chief executive, John Lewis said.
TheGreenCarWebsite.co.uk will bring you further news as details emerge.
