UK – Chancellor’s Budget Statement

​29 October 2018: In his Budget Statement speech, the Chancellor covered much ground. However in his speech there was no mention of energy (although sustainability and recycling were touched upon) other than a review of the taxation regime for the North Sea oil and gas fields.

However, our subsequent reading of the HM Treasury Red Book publication which provides the detail behind the Budget did reveal some initiatives which may be of relevance to our clients, in particular those with high energy usage where a fund will be established to promote energy efficiency which, as our clients would know, is an area where we have focussed on in recent years. Smaller energy users may also have a similar fund and this will be the subject of consultation over the forthcoming year.