THE BG ENERGY SOLUTIONS QUICK-GUIDE TO THE AUTUMN BUDGET

THE BG ENERGY SOLUTIONS QUICK-GUIDE TO THE AUTUMN BUDGET

Today (November 25th 2015), Chancellor George Osborne delivered his Autumn Statement to the House of Commons. 

In it, there was big news for the Department of Energy and Climate Change (DECC) which will see its budget will be reduced by 22% by 2019-20. This will be delivered through efficiencies in corporate services and reducing the cost of contracts.

DECC’s settlement will include…

  • Doubling DECC’s innovation programme to £500 million over 5 years, which will strengthen the future security of supply, reduce the costs of decarbonisation and boost industrial and research capabilities.
  • Funding for an ambitious nuclear research programme that will revive the UK’s nuclear expertise.
  • £1.7 billion share of the government’s £5.8 billion International Climate Fund, which will help the poorest and most vulnerable countries decarbonise and adapt to the effects of climate change.
  • Resource savings of 22% by 2019-20 delivered through efficiencies in corporate services and reducing the cost of contracts.

Long-term investment

  • The government’s doubling of investment in DECC’s innovation programme will help position the UK as an international leader in small modular nuclear reactors, and deliver commitments on seed funding for promising new renewable energy technologies and smart grids.
  • The government will provide £295 million over 5 years to improve the energy efficiency of schools, hospitals and other public sector buildings. Separately, over £300 million of funding for up to 200 heat networks will generate enough heat to support the equivalent of over 400,000 homes and leverage up to £2 billion of private capital investment.

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