The Chancellor of the Exchequer, John Healey, published his maiden Autumn Budget as ‘breathing space for today, fresh hope for the future'. Despite promising a plan, in his speech, for an upcoming “radical reform to energy to lower future bills” there is no mention of this anywhere in the budget itself.
On initial analysis from ADE: Demand, this Budget is broadly positive - the inclusion of heat batteries to the list of materials that qualify for the reduced rate of VAT of 5% and the introduction of a new comprehensive Cost Control Framework that will set budgets for components of energy costs, including policy costs is very welcome.
For non-domestic, the picture is less positive. A few of the announcements had already been announced and provided no further clarity, such as funding to the British Industrial Competitiveness Scheme.