Protection for UK green manufacturers as Downing Street prepares for big green policy launch By Proactive Investors
Stock Markets 2 hours ago (Mar 29, 2023 10:41)
© Reuters. Protection for UK green manufacturers as Downing Street prepares for big green policy launch
Proactive Investors – As part of a package of responses to the US and European green energy measures, Downing Street will tomorrow announce new grants for households to improve their homes energy efficiency, taxes on imports made in polluting factories and on small nuclear reactors.
Thursday’s ‘Green Day’ or ‘Energy Security Day’ will see prime minister Rishi Sunak and energy minister Grant Shapps announce a new energy strategy after the high court ruling last year that the current plan proposed by Boris Johnson is unlawful.
It is being billed as the UK’s response to Joe Biden’s Inflation Reduction Act, which has led to some UK companies prioritising the US over the UK for investment. The European Union unveiled its response last month, including cutting red tape, investing in skills, boosting trade and providing general funding for green projects.
As part of the announcement, Shapps will launch a consultation on a new system of “carbon border taxes” to protect UK manufacturers from being undercut by countries with weak environmental rules, the Times reported.
Similar to a plan being implemented by the EU, it would impose a charge on some imports from countries with less stringent climate policies.
Sunak has promised more details on the government’s support for Small Modular Reactors (SMRs), where Rolls-Royce Holdings PLC (LSE:LON:RR.) is seen as the leading potential supplier, with a strong hint that SMRs will be at the forefront of the UK’s new energy strategy.
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Protection for UK green manufacturers as Downing Street prepares for big green policy launch
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