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Environment Protection: Industry

Volume 489: debated on Tuesday 10 March 2009

To ask the Chancellor of the Exchequer what targeted assistance he is providing to green industries affected by the recession. (261640)

The Government recognise that current difficult economic circumstances may cause difficulties for companies and are monitoring the situation closely.

In the Pre-Budget Report the Government announced that they were providing £535 million of accelerated capital spending to support their environmental objectives and promote low carbon growth. This included £100 million of new funding for Warm Front which will provide a boost to the insulation and heating industries and the extension of the Renewable Obligation until 2037 to provide support and confidence to investors in renewable electricity.

Government have also taken measures to recapitalise the financial sector and also recently announced a package of support to address the cash flow, credit and capital needs of smaller businesses. Taken together these measures will provide a significant boost to companies seeking finance.