Tuesday, March 9, 2021
On 3 March 2021, Chancellor Rishi Sunak delivered the UK Budget 2021 (the Budget). Understandably, the Chancellor’s focus was on setting out the road map to the United Kingdom’s economic recovery from COVID-19. The Budget, however, was also an opportunity for the government to unveil spending plans to match its ambitious climate target: to reach net zero by 2050.
Several promising green economy measures were announced, as discussed below.
GREEN FINANCE
Some of the most-welcome measures announced were those related to sustainable finance.
The remit of the Bank of England’s Monetary Policy Committee was updated to include a duty to support the government’s net zero ambition - a significant move that should help to align monetary policy with sustainable growth. From its next scheduled round of investments in the fourth quarter of 2021, the Bank of England will adjust its approach to buying corporate bonds to account for the climate impac
The Humber, and East Midlands Airport, two of eight UK freeports
A big boost for the region
The Humber sea port and East Midlands Airport have been named as two of eight locations successful in their bids for Freeport status.
Goods that arrive into a Freeport from abroad aren’t subject to the tax charges, called tariffs, that are normally paid to the government. These taxes are only paid if the goods leave the Freeport and are moved elsewhere in the UK.
The other Freeports will be based in Felixstowe & Harwich, Liverpool City Region, Plymouth, Solent, Thames and Teesside. The announcement was made in Rishi Sunak’s 2021 Budget on Wednesday, March 3.
TODAY the Chancellor, Rishi Sunak, announced that Teesside had been successful for a bid to bring a Freeport to the region. The bid, submitted to Government just a month ago by Tees Valley Mayor Ben Houchen, covers sites across the region, including Teesworks, Wilton International, Teesside International Airport, the Port of Middlesbrough, the Port of Hartlepool, Liberty Steel, LV Shipping and PD Ports. Here s how leaders and politicans reacted to Teesside being named as one of eight areas that will soon have a Freeport. Ben Houchen, Tees Valley Mayor, said: “Future generations will look back on today and say this was the day Teesside, Darlington and Hartlepool was reborn as an industrial powerhouse.
£100m cash for North Lincolnshire projects and freeport status for British Steel revealed in major Budget boost
The schemes are set to provide a long-term stimulus for the area thanks to funding from the Chancellor
15:06, 3 MAR 2021
Updated
The Chancellor has approved just over £20m for Scunthorpe s ambitious Towns Fund projects, and £75m for the Able Marine Energy Park (Image: Scunthorpe Live/North Lincolnshire Council)
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Freeport status for Humber and millions of pounds of investment to bring thousands of jobs to region
The Chancellor s announcements will open the door for major expansion at the special trading sites
15:47, 3 MAR 2021
Updated
Thousands of jobs are set to be created after a revolutionary Budget for North East Lincolnshire.
Freeport status has been granted for the Humber, projected to bring 7000 jobs, and making the region a global gateway.
Funding - thought to be around £75m - has also been approved to get the long-awaited Able Marine Energy Park in North Killingholme under construction.
Chancellor Rishi Sunak announced the major investment and changes in a budget to stimulate economies recovering from coronavirus.