Osborne under global fire for ‘scaring off energy investors’
Source: Independent
George Osborne has suffered a further blow to his credibility after global financial institutions such as Bank of America and the insurance giant Aviva accused him of driving away crucial investment in the energy sector.
On the day of the Chancellor’s Conservative Party Conference speech, investors controlling more than £1trn of assets have strongly criticised him after he removed from the Energy Bill a clause that would have made Britain’s electricity supply almost entirely green by 2030.
The group, which also includes the Hermès, Schroders and Threadneedle Investment funds and Marks & Spencer’s pension trust, says the “decarbonisation” target is crucial to financing a £110bn overhaul of Britain’s energy network.
“The UK has the potential to offer a safe harbour for renewable energy investors in Europe, but the delay in delivering a stable policy framework is weakening our prospects and holding back investment,” said Ben Warren, a partner at EY – formerly Ernst & Young – which is also part of the group.
<snip>
Today’s criticisms – put to the Chancellor in a letter – represent the first time a group of heavyweight financial institutions has publicly rebuked him over his energy policy.
<snip>
Read more: http://www.independent.co.uk/news/business/news/osborne-under-global-fire-for-scaring-off-energy-investors-8847907.html
= new reply since forum marked as read
