Chancellor Rachel Reeves delivered a historic Autumn Budget speech, being the first female Chancellor to do so in the history of UK politics. Vowing to “restore stability�? to UK finances and “begin a decade of national renewal�?, the Chancellor spoke about tax rises, wages, pensions, housing, and her spending plans for sectors such as defence, education, and clean energy.
Underpinning the Chancellor’s strategy are seven “key pillars�?:
- 1. Restore economic stability
- 2. Increase investment
- 3. Ensure all areas of the UK realise their potential
- 4. Improve employment prospects
- 5. Launch a long-term, modern industrial strategy
- 6. Drive innovation
And, most importantly for us:
- 7. Maximise the growth benefits of our clean energy mission
As the Labour Party takes their seat as the ruling Government for the first time since 2010, they have a particularly sizeable task to face: achieving their Clean Power by 2030 target. This will require significant public and private investment, planning system reform, and deep-rooted stakeholder cooperation.
The Chancellor confirmed a £2bn boost for 11 new green hydrogen projects, £125m to kickstart the creation of GB Energy, and the removal of the 29% investment allowance for oil and gas companies, a move which will ensure fossil fuel developers contribute more fairly to the energy transition. The Chancellor has also promised £70bn through the National Wealth Fund to “invest in the industries of the future�?, and £3.4bn for the Warm Homes Plan for 2025/26 – 2027/28 for heat decarbonisation and energy efficiency.
