U.K. Pledges Tax Breaks for Shale Gas, Low Emissions Cars

U.K. Chancellor of the Exchequer George Osborne offered tax breaks to low emissions vehicles while promising support for shale gas developers and energy-intensive industries in his annual budget today.

Osborne told lawmakers the U.K. will support the manufacture of “ultra-low emission vehicles” with tax incentives. He also said he’ll bring in a “generous new tax regime” to promote early investment in shale gas, and will exempt ceramics and other industries from the climate change levy, a tax on power and gas.