There was some good news for renewables in the Autumn Statement, with the decision to make the full expensing of capital investment permanent. Under full expensing, companies can deduct the costs of equipment. The policy was due to end in 2026.

The move will provide some stability for investors in green technologies, and help the UK be seen as an attractive destination for investment in clean energy projects and manufacturing.

There will also be up to £600m in tax relief on energy efficiency measures for businesses, in a bid to reduce energy use by 15 per cent.

Following the EU green taxonomy, nuclear power will now be classed as "environmentally sustainable" in order to attract investment and help meet the Government’s target of a quarter of electricity to be nuclear generated by 2050. Earlier this year Great British Nuclear was created to aide this target.

Responding to the Chancellor’s Autumn Statement, RenewableUK’s chief executive Dan McGrail said: “There’s a strong focus in Chancellor’s Autumn Statement on accelerating green industrial growth. His announcement on permanent full expensing will provide a much-needed degree of long-term certainty for investors in green technologies, helping to make the UK an attractive destination for investment in clean energy projects and manufacturing.

“This combined with the [recent] announcement of £960mfor a Green Industries Growth Accelerator to support clean energy manufacturing in the UK will help us to build up new supply chains in Britain at a time when international competition for investment in clean technology manufacturing has never been more intense. The decision to extend tax relief on freeports from five to ten years will help us to revitalise coastal communities by encouraging new investment in offshore wind manufacturing, including factories servicing innovative floating projects. Industry estimates that overall the offshore wind supply chain could boost the UK's economy by £92bn by 2040.”

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