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Home | Chancellor unveils plans to shift the UK’s energy landscape.

Posted 1 day ago | 2 minute read

Chancellor unveils plans to shift the UK’s energy landscape.

In a speech at Siemens Healthineers in Oxfordshire on 29 January Chancellor Rachel Reeves said “I am determined to make Britain the best place in the world to invest […] That ambition demands action.”

“There is no trade-off between economic growth and net zero […] Quite the opposite. Net zero is the industrial opportunity of the 21st century, and Britain must lead the way.” To support this the government will publish a refreshed Carbon Budget Delivery Plan later this year, which alongside the Spending Review, will set out our plans to deliver Carbon Budget 6.

A modern industrial strategy to “unlock investment” in crucial sectors like automotives and aerospace, will be published in Spring 2025, but the government will be moving forward with it ahead of this.

Reeves also announced the designation of new Marine Protected Areas in North Yorkshire and East Anglia. These regions are already home to the development and operation of offshore wind farms like Hornsea, Tesside and the East Anglia Array.

Noting that “investment in the right technology can help us deliver both our growth and our clean energy missions,” Reeves also noted two further investments by the National Wealth Fund––a £65M investment for Connected Kerb, to expand their electric vehicle charging network across the UK; and a £28M equity investment in Cornish Metals, which provides the raw materials to be used in solar panels, wind turbines and electric vehicles.

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