Budget Insight from MHA
July 9, 2015
Luke Morris,Head ofthe Energy Sector at MHA, the UK-wide association of accountancy and business advisory firms,says that yesterday's Budget reflected a more hawkish line on renewables for a government unencumbered by coalition.
"As far as measures on Energy were concerned, there was nothing new for the UK Continental Shelf. The Chancellor essentially confirmed the emergency March budget changes to the North Sea tax regime. These need to be built upon, with Oil & Gas UK continuing to lobby for a clear, long-term fiscal plan as it faces an uncertain period of prolonged lower prices and tough decisions on decommissioning.
"There were strong words on renewables, with the Chancellor removing the Climate Change Levy Exemption that some businesses have enjoyed in certain circumstances.
"This surely reflects a more hawkish line for a government unencumbered by coalition. I suspect more reform is on the way - George Osborne has made no secret of his dissatisfaction with the amounts spent on subsidy."
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About MHA
MHA is a fast growing UK wide association of respected and progressive independent accountants and business advisers, all sharing common values and goals.
Each firm is characterised by its strong reputation in its local area for providing accountancy and business advice to entrepreneurial businesses.
By joining together as part of MHA, member firms can offer clients an increased number of specialist accountancy services and expert business advice. As well as benefiting from the in-depth sector knowledge available across the association.
MHA is an independent member of Baker Tilly International.
Baker Tilly International is the world's 8thlargest accountancy and business advisory network by combined fee income of its independent members. Baker Tilly International member firms specialise in providing accountancy and business advisory services to entrepreneurial, growing businesses and mid-market listed corporates worldwide.