The Autumn budget is around the corner, taking place on 28th October with Chancellor John Healey facing huge debt and economic pressures, mainly centred on energy costs.
It’s Burnham and Healey’s first budget together has large implications for the energy industry and companies are having their say on what they need.
EVs
The electrification (particularly EV) industry is in a very turbulent time at the moment, following HGVs trying to switch to electric, charger ports migrating and more. However, the sector is largely not happy with the government’s support.
Tom Rowlands, Managing Director, Global EV Solutions at Corpay, said: “You can order the vehicles, you can install the chargers but if the grid connection isn’t there, on time and at a price that works, none of it moves. That is one of the least visible but most important parts of the EV transition and it is encouraging to see Great British Grid focused on speeding up connections and increasing investment in the electricity network.
“If Great British Grid can genuinely make that process faster and more predictable, it would address a real commercial constraint.”
North Sea future
Meanwhile, the North Sea is facing huge uncertainty – Jackdaw has been approved, strike after strike is being threatened and oil production is falling.
George Morrison, CEO, Aquaterrra Energy said: “This Budget needs to provide some much-needed clarity on the future of the North Sea. The industry has spent too long dealing with uncertainty, from the Energy Profits Levy to ongoing questions around major projects such as Jackdaw and Rosebank. Major projects should not become high-profile will-they-won’t-they stories that leave businesses guessing where policy is heading and an investable market needs to be boringly predictable.
“If the government fails to make clear decisions now, the industry will be forced to make its own, and the opportunity to shape the North Sea’s future could quickly slip away. ”
The Energy Profits Levy is a temporary tax on the extraordinary profits of oil and gas companies operating in the UK and the UK Continental Shelf. However, industry bodies are saying it causes more uncertainty than benefit.
Investing for the future
Bill Main, Deputy Managing Director, Balmoral Group said: “What we need from this Budget is a more competitive and predictable environment for investment. Protecting existing capital investment incentives and avoiding further increases in business taxes would be a good start. In the North Sea, a clear path away from the Energy Profits Levy towards a more sustainable tax regime is essential to restoring investor confidence.
“Investment decisions are made with the next five or ten years in mind and government policy needs to reflect that. Without greater certainty, we risk seeing investment that could support British businesses and the wider economy go elsewhere.”
With the energy and sustainability industries covering such a large breadth of sectors, we can be certain that Healey won’t cover all of them.
Instead, companies are hoping he brings support to those that are struggling the most.
Richard Caten, CEO at consultants Ardent, said: “The transition to renewable energy is no longer an environmental debate; it is a global competition for investment, skills and industrial growth. The sector is ready to invest billions, but the forthcoming Budget will determine whether the UK captures that opportunity or cedes it to countries offering clearer signals, faster delivery and stability.
“Our challenge to Government is simple: match the sector’s ambition. The private sector is ready to invest; Government must create the conditions for that investment to succeed, and secure the UK’s share of mobile global capital and position the UK as a global clean energy superpower.”
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