2020 budget and the energy sector
13 March 2020
There was mixed feelings from the energy sector on Wednesday when The Chancellor Rishi Sunak announced his 2020 budget.
No further legislation comes as a very welcome sight for suppliers, who have seen a lot of demanding changes over the last few years. However as of April 2022, in a bid to achieve more cleaner and efficient energy use, there will be a rise on the gas levy which will consequently help towards the government’s plan to reach net zero by 2050. It was also announced that £800m of funds will be invested to develop electric vehicles (EV) and carbon capture technology.
It is clear that the energy industry as a whole has a huge responsibility to do all it can to help tackle climate change, although some within it believe that not enough has been put in place to reach the set target; with the measures being deemed as too soft.
It looks promising for business as a whole though, with a heavy focus on reducing costs through national insurance contributions and rates.
At CNG we are working towards broadening our product offer to help support businesses tackle energy efficiency and contributing towards reaching the 2050 Net Zero target, particularly by unlocking opportunities within the EV market.