Osborne Wants 25% Cut in U.K. Windfarm Subsidies, Observer Says

Chancellor of the Exchequer George Osborne is seeking cuts of 25 percent in the 400 million pounds ($614.5 million) a year subsidies for U.K. onshore windfarms, the Observer said, citing unidentified sources.

“It is vital that our support for renewable electricity both encourages investment and represents value for money for consumers,” the newspaper cited the Department of Energy and Climate Change as saying in a statement. “The government will publish the new support levels shortly.”

The Treasury declined to comment, the newspaper said.

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net

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