Summer budget: key announcements

  • End of exemption for renewable electricity from the climate change levy. Levy exemption credits for previous consumption can be claimed during a transitional period from 1 August.
  • New hypothecated fund to upgrade the UK’s road network, with three new tax bands based on vehicle emissions.
  • No further commitment to raise the proportion of revenue from environmental taxes. The last pledge was narrowly missed (endsreport.com/48757)
  • Exemptions to the aggregates levy reinstated, except shale. These were halted after a European Commission investigation into whether they were illegal state aid (endsreport.com/41309). 
  • Fuel duty remains frozen.
  • Cuts to departmental expenditure limits, which will account for about half of total government cuts, postponed to autumn (endsreport.com/48750). 
  • A sovereign wealth fund for shale gas will be set up (endsreport.com/46518).

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