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Fears Biden handouts will lure green energy firms across the Pond

Tory MPs have urged the Chancellor to give firms a tax break for investing in clean energy to lower energy bills or risk losing investment overseas.

Andrew Selous, Tory MP for South West Bedfordshire and a member pf the Conservative Environment Network (CEN), said: "For over a decade, we've successfully attracted investment to the UK to build renewables and drive down their costs rapidly.

“However, the USA's enormous subsidies for clean energy could entice future investment away from the UK.

“To compete, we need to offer tax breaks to renewable firms that invest their profits here in new renewables projects, helping us meet our climate goals and cut people's bills."

Selaine Saxby, Tory MP for North Devon and a member of CEN, said: "We need to build more renewables as quickly as possible to cut energy bills for households and businesses.

“The UK will struggle to maximise its renewable power potential without stronger incentives to encourage firms to invest in new offshore wind farms, including the new generation of floating offshore wind farms in the Celtic Sea.

“By offering a tax break to firms investing in new renewable projects, we can stay ahead of our competitors and power our country with cheap energy.”

Philip Dunne MP, the chair of the Environmental Audit Committee, told how Conservative policies have successfully scaled up renewables and driven down costs in the past ten years.

He warned “there is now a real risk” we could lose out on future green investment to the US unless the UK government offers capital allowances for new wind and solar projects from renewable companies. He said: “The Budget is an opportunity to keep the UK competitive and win the investment in cheap renewables to lower people's bills.”

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