Britain’s number one manufacturing exporter, the chemical industry, has backed measures announced by the Chancellor to reduce energy bills for manufacturers.
Chief Executive of the Chemical Industries Association, Steve Elliott said “We have long-campaigned for our companies to be supported to drive economic growth and the transition to a low carbon future. The measures:
- capping the Carbon Price Support rate at £18 per ton of CO2 from 2016-17 for the rest of the decade.
- extending the existing compensation scheme for energy intensive industries for a further four years to 2019-20.
- protecting energy intensive manufacturers from the rising costs of the Renewable Obligation and the Feed-In Tariffs.
- exempting from the carbon price floor the electricity from Combined Heat and Power plants are a step towards making that happen.
The positive announcements on capital investment allowances, apprenticeships, R&D tax credits and export support offer further encouragement.
I am grateful to MP’s of all parties who have campaigned with us to secure these measures from Government. Elliott continued “There is still much to do, both here in the UK and across the European Union, if we are to truly compete with America and other leading economies in the years ahead. Today’s announcements are, though, a good start”