UK Chancellor Jeremy Hunt has pointed to clean energy technology as a key industry to help drive the country’s economic growth.
In a speech at Bloomberg, Hunt described his vision for how the tech sector can help bring long-term prosperity to the UK.
He called for businesses in key growth sectors such as green industries, digital technology and advanced manufacturing to increase their investment in the UK.
In particular, he noted recent growth in the UK’s green and clean energy sector.
“The UK is a world leader here, with the largest offshore wind farm in the world,” he stated.
“I want the world’s tech entrepreneurs, life science innovators and green tech companies to come to the UK because it offers the best possible place to make their visions happen.”
Responding to the Chancellor’s speech, RenewableUK’s Executive Director of Policy Ana Musat said: “To create the economic optimism and momentum which the Chancellor is seeking, we need a clear plan focusing on green growth.
He added: “As a first step the Chancellor should use the Spring Budget to announce a reform to our capital allowances regime to avoid Britain losing out in the global race for investment. The US Inflation Reduction Act offers $216bn in tax credits to companies investing in clean energy and transport.
“Even if we can’t match their tax breaks, we need to compensate for this with an attractive policy and regulatory environment: planning reform to enable quick deployment, reducing disruptions to electricity markets through sudden policy changes like the imposition of the Electricity Generator Levy, as well as investment in key infrastructure including ports and the transmission grid.”