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The Future of CRC

by Ian Porter

Today, Tatton MP and Chancellor of the Exchequer George OsborneMP announced the 2016 budget and embedded within this was the future of energy taxation and what is planned to be superseding CRC.

 

Mr Osborne announced that there have been many complaints from the retail industry around the complexity of the Carbon Reduction Commitment and stated that "It's not a commitment, it's a tax". What followed is what many have suspected in recent weeks...

Today, Tatton MP and Chancellor of the Exchequer George OsborneMP announced the 2016 budget and embedded within this was the future of energy taxation and what is planned to be superseding CRC.

Mr Osborne announced that there have been many complaints from the retail industry around the complexity of the Carbon Reduction Commitment and stated that "It's not a commitment, it's a tax". What followed is what many have suspected in recent weeks...

"I can tell the house, we're not going to reform it, instead I have decided to abolish it all together"

To make up for the lost revenue that the CRC currently generates for the UK government, the Climate Change Levy will be increasing in 2019, in percentage increase terms, this is still unclear. Moreover, the most energy intensive industries like 'Steel' will remain completely protected and Mr Osborne has pledged to extend climate change agreements that help many others.

The Energy Secretary and the Chancellor are announcing £730m in further auctions to back the development of renewable technologies and are now inviting bids to help develop the next generation of small modular reactors.

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