2014 Autumn Statement: In Brief

As Chancellor George Osborne presented the Autumn Statement yesterday about the state of the economy, here are the key points to emerge relating to our sectors:

Fuel duty to remain frozen

The freeze is set to last until the election in May 2015. The fuel duty on unleaded petrol and diesel will remain at 57.95 pence per litre.

Investment in the North Sea oil and gas sector

Tax measures have been set in place to encourage investment in this sector. The supplementary charge on oil’s profit is set to be reduced from 32% to 30%.

Flood defence spending plans

£2.3bn of funding to be allocated for more than 1,400 new flood defence projects.

Jobs to be created

Proposed an average of 1,000 jobs to be created each day. 10 times as many jobs will be created in green energy as opposed to fossil fuels.

The Autumn Statement has engulfed criticism from a range of sources pro green companies. According to Edie net ‘Osborne has a track-record of sidelining debates on clean energy, fracking and the low-carbon economy. And it was just a couple of months ago that Prime Minister David Cameron made no mention of these green issues in his final conference speech, other than to announce that the UK is ‘leading, not following, on climate change’. (Sourced: edie.net)