U.K. to Scrap Climate-Change Levy Exemption, Osborne Says

The U.K. plans to scrap the climate-change tax exemption for renewable power, Chancellor of the Exchequer George Osborne said Wednesday in his summer budget.

“Now we have a long-term framework for investment in renewable energy in place, we will remove the out-dated climate-change levy exemption for renewable electricity that has seen taxpayer money benefiting electricity generation abroad,” Osborne said in the House of Commons.

Osborne confirmed as well that tax reductions on North Sea oil and gas will go ahead.

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