UK government unveils energy strategy

12th May 2022 | News

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK’s new energy strategy.

The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production.

Under the government’s new plans, up to 95% of the UK’s electricity could come from low-carbon sources by 2030.

The energy security strategy includes the goal of producing up to 50 gigawatts (GW) of energy through offshore wind farms, which the Department for Business, Energy and Industrial Strategy says would be more than enough to power every home in the UK.

Rain Newton-Smith, Chief Economist at the Confederation of British Industry, said:

‘This strategy sets an ambitious bar for a more resilient, low carbon energy system for the future. Bold words must now be matched by bold actions from the government.

‘The proof will be in the strategy’s delivery, in partnership between business and government. Business believes greater energy independence must go hand in hand with delivering a net-zero, higher growth economy.

‘While it’s welcome this strategy addresses some long-standing challenges, companies are continuing to really struggle with increased wholesale energy costs right now. The Government’s next step should be to provide immediate cashflow support for firms through the Recovery Loan Scheme – and move to cut bills for energy intensive industries to maintain competitiveness.’

Internet links: GOV.UK CBI website

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

Global Association

News

Employment Allowance increased as of April 2022

In the Spring Statement in March, Chancellor Rishi Sunak introduced several new measures to help the public combat the current cost-of-living crisis. One of these measures was the boost to Employment Allowance for UK families and businesses. What is Employment...

Trust Registration – Registrable Express Trusts

UK express trusts and some non-UK trusts in existence on or after 6th October 2020 must be registered with the UK Trust Registration Service (TRS) by 1st September 2022.  On 6th October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive...

Contact

0161 399 0121

York House, 20 York Street, Manchester, M2 3BB

0151 303 3112

Avenue HQ Liverpool, 17 Mann Island, Liverpool L3 1BP

Contact us

© Copyright 2020 Williamson & Croft LLP - Registered No OC402211