Response to the Autumn Statement 2023
The annual Autumn Statement is when the UK Government updates Parliament on the state of the economy and may announce tax and spending decisions. This year’s statement was presented by Chancellor of the Exchequer, Jeremy Hunt on 22 November 2023.
Esin Serin, Policy Fellow at the Grantham Research Institute on Climate Change and the Environment, said:
“The Autumn Statement’s tinkering around the edges on net zero support will not have repaired investor confidence after months of Government backsliding on climate policies. If this is the Government’s “fuller” response to President Biden’s Inflation Reduction Act it doesn’t cut it.
“The UK needs a long-term growth strategy with net zero at its core if it is to remain a serious player in the global green race. The £960mn earmarked for green manufacturing industries alongside other supply-side measures announced today is important, but falls short on ambition and scale if the UK is to ensure it isn’t just deploying but also maximising economic and social benefits from green technologies.
“Permanent full expensing, higher maximum prices under the Contracts for Differences (CfD) and compensation to residents near new power projects will be crucial to help the UK secure the investment it urgently needs into net-zero infrastructure. But questions need answering on who will ultimately pay to ensure the costs and benefits of net zero are distributed fairly across society.”