The UK government will need to mitigate against the risks posed to investment in Britain by US President Joe Biden’s massive package of green subsidies, Chancellor of the Exchequer Jeremy Hunt said.
(Bloomberg) — The UK government will need to mitigate against the risks posed to investment in Britain by US President Joe Biden’s massive package of green subsidies, Chancellor of the Exchequer Jeremy Hunt said.
Hunt said on Wednesday that it’s a “good thing the United States are taking climate change seriously,” adding that there is a “great deal of catch-up” in what they are doing.
But speaking to Parliament’s Treasury Committee, he conceded that the $369 billion of US subsidies and tax reliefs for green industries poses “risks” which the UK will need to counter. While that doesn’t necessarily mean matching the US measures subsidy for subsidy, it does entail ensuring the overall package to pull investors to the UK “remains attractive,” he said.
Hunt made his remarks the day before the UK government is set to unveil a slew of energy and climate change measures on what officials have billed “green day.”
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