On 13th March 2019, the Chancellor of the Exchequer, Philip Hammond, gave his Spring Statement to the House of Commons.
The statement, compared to last year’s Autumn Budget differed in that the Chancellor spent a significant proportion of his speech focusing on environmental issues.
Key announcements for environmental businesses were:
- A 3-year Spending Review will be conducted before summer recess. If a Brexit deal is agreed, this could include spending increases for areas beyond the NHS (already announced), including local government and the environment.
- A new global review, led by Professor Sir Partha Dasgupta, to
assess the economic value of biodiversity and to identify actions that will simultaneously enhance biodiversity and deliver economic prosperity.
- A Future Homes Standard will be introduced by 2025, future-proofing new build homes with low carbon heating and world-leading levels of energy efficiency. The new standard will build on the Prime Minister’s Industrial Strategy Grand Challenge mission to at least halve the energy use of new buildings by 2030.
- The government will consult on the appropriate mechanism to accelerate the decarbonisation of the gas grid later this year.