Wednesday, 3 March 2021

Uey Green

 Much has rightly been made of Rishi Sunak's reversal of years of Tory policy of cutting corporation tax. In 2023 it will go up to levels not seen since the days of Denis Healey according to Channel 4 News's economic correspondent. Many of us would feel that it could stand going up a point or two this year, but we should be grateful for the chancellor's seeing the light.

There has been another 180 degree turn in today's budget, less than the tax change in cash terms but greater in terms of philosophy. George Osborne lost no time, after the Tories gained overall control in 2015, in dismantling the Green Investment Bank forced on David Cameron ("green crap") by Lib Dem partners in coalition led by Chris Huhne. To rub Liberal Democrat noses in it, Osborne sold the bank (without competitive tendering) to one of the least straight or environmentally-friendly organisations on earth.

Chancellor Sunak has gone a long way to retrieving the position by instituting a green Infrastructure Bank and siting it outside London. He could go further in restoring the incentives to individuals and small businesses to save energy, but it is a start.

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