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|Title||UK Budget 2017|
|Authors||Energy Institute Knowledge Service team|
The Chancellor of the Exchequer, Philip Hammond, delivered his Spring Budget to Parliament on 8 March 2017. Full details of announcements, supporting documents and information are available from Spring Budget 2017:
Paragraphs of particular interest to energy include:
4.6 Energy and transport taxes
5.5 National productivity investment fund
£270 million will be set aside in 2017-2018 to the Industrial Strategy Challenge Fund (ISCF). The first challenges to receive funding include the following:
Spring Budget 2017: key climate and energy announcements. Simon Evans and Jocelyn Timperley. Carbon Brief. March 8 2017.
Fuel duty will be frozen for the seventh year running, unchanged since the budget on 1st October 2010. It will remain as:
North Sea oil and gas
A new panel of industry experts will be established to investigate how tax incentives can assist sales of North Sea oil and gas fields, helping to keep them productive for longer. The suggestion that tax reliefs due to decommissioning costs will be transferable from the previous owner to the new owner of the oil and gas fields will be considered. A discussion paper will follow and will be presented to the House of Commons.
Budget 2017: Chancellor announces North Sea help. BBC News. March 8 2017.
UK Budget opens review of North Sea tax rules. Andrew Ward and Nathalie Thomas, Financial Times. March 8 2017.
Budget 2017: North Sea oil and gas tax options to be reviewed by a panel of experts. Courtney Goldsmith, City A.M. March 8 2017.
Budget 2017: What do the plans mean for Scotland? Russell Jackson, The Scotsman. March 8 2017.
Chancellor responds positively to Oil & Gas UK Budget Asks Oil & Gas UK. March 8 2017
In 2014, the Wood Review was published. This looked at UKCS oil and gas recovery, specifically looking at how economic recovery could be maximised.
A new carbon price will be set by the UK at the start of the next Parliament in 2021/22 following the country’s exit from the EU Emissions Trading System.
Budget: Hammond moots new carbon tax regime from 2021 and new renewables cost controls. Brendan Coyne, the energyst. March 8 2017.
Government to set carbon price in 2021/22 following exit from EU ETS. David Pratt, Clean Energy. March 8 2017.
Levy control framework
The existing Levy Control Framework has helped to control the costs of low carbon subsidies. This will be replaced by a new set of controls that will be set out later in the year.
Budget 2017: levy control framework to be replaced. Tom Grimwood, Utility Week. March 8 2017.
Solar Tax Hike
Budget 2017: Solar industry facing devastating 800% tax increase. Ian Johnston, Independent. March 8 2017.
Midland’s Engine strategy
Mentioned in paragraph 5.6 of the Budget, the Midland’s Engine Strategy was published on 9 March 2017. Particular points of interest to energy include:
The Budget announces in paragraph 5.3:
Budget 2017 UK: "T-Levels" shake-up for young people's technical training promised by Philip Hammond Lynsey Barber, City A.M. March 8 2017.
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