Funding for businesses in the renewables sector
The Chancellor during his Budget 2010 speech referred to the “green bank”. While the measures proposed under this scheme will be welcome in making available funding to businesses in the renewables sector, the mechanisms for doing so are limited.
In addition to this headline scheme, more detailed measures included in the Budget to increase rates of green indirect taxes and the introduction of a new green tax were;
the introduction of a landline tax (physical electronic communication networks) from 1 October 2010 at a rate of 50p per line per month;
increases to landfill taxes and a review of material subject to the lower rate;
increases to rates in relation to climate change levy;
an increase in the aggregates levy rates;
amendments to hydrocarbon oil duty rates; and
an increase of air passenger duty rates for travel on or after 1 November 2010 – including for those who have already booked tickets.
