Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Sunak to challenge Biden over US green subsidy package at upcoming talks

by March 13, 2023
March 13, 2023
Sunak to challenge Biden over US green subsidy package at upcoming talks

The UK and US will “work through” concerns about Joe Biden’s multibillion-dollar package of green subsidies, Rishi Sunak revealed ahead of talks with the US president today in San Diego.

The Prime Minister welcomed the Biden administration’s commitment to tackling climate change, but confirmed the UK had already raised concerns about the measures in the Inflation Reduction Act.

Sunak told reporters: “We have raised concerns with the US about the Inflation Reduction Act and we will work through with them as they think about how best to implement it.

The $430bn (£357bn) package is an attempt to make the economy environmentally friendly with tax credits for green technology.

It is the largest spending commitment towards renewables ever signed into law.

However it has strained relations with European economies, which have been frozen out of US markets – with the EU set to announce its own plans to compete with the package, including loosening its subsidy restrictions.

Meanwhile, Business Secretary Kemi Badenoch has criticised the bill as being “protectionist”.

“Those are conversations that the Government has been having with them for a while and will continue to have.”

Tory MPs have been raising concerns over the government’s lack of response to the Inflation Reduction Act – putting Sunak under pressure to act.

They have urged the `UK to compete with rival markets for green investment, amid growing fears the the country could lose out to the US and EU unless it offered a more attractive climate for renewable energy projects.

At a green energy conference in London last month, Chancellor Jeremy Hunt described the new US subsidies as a “very real competitive threat” and announced the the government would respond in the “next few months”.

He said: “We are not hanging around on this. We need to give all those guys you saw at the conference a clear sense of how we are going to respond to the Inflation Reduction Act.”

However, he warned it wasn’t going to be easy for the UK to access the “GDP equivalent of $391bn,” in line with the US spending commitments.

Read more:
Sunak to challenge Biden over US green subsidy package at upcoming talks

0
FacebookTwitterGoogle +Pinterest
previous post
HSBC buys Silicon Valley Bank’s UK business for £1 after collapse of US parent company
next post
Two thirds of SMEs not confident Chancellor’s Spring Budget will deliver needed support

You may also like

Credit Suisse rescued in emergency £2.7bn deal

March 20, 2023

Independent producers bucks retail trend with record £3.5million...

July 11, 2023

UK’s review of remote working holidays sparks tax...

September 2, 2022

Rayner’s workers’ rights overhaul could cost employers up...

October 22, 2024

How G-BRIS Streamlines Business Research and Enhances Creditworthiness...

December 5, 2024

Interest rate hope as food inflation falls

October 31, 2023

Maersk pauses shipping operations in Red Sea indefinitely...

January 3, 2024

Thousands cancel Netflix or Prime Video as UK...

August 5, 2022

Business groups combine to welcome six month business...

September 22, 2022

Harley-Davidson Demands Next Destroy ‘Copycat’ Logo T-Shirts

June 3, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Case v. Montana Brief: Limit Loopholes to the Fourth Amendment

      August 7, 2025
    • Trump opens $9tn US retirement market to crypto in landmark executive order

      August 7, 2025
    • What Should We Learn from China’s Nuclear Construction Costs?

      August 7, 2025
    • Closing the Primary Care Gap

      August 7, 2025
    • Veteran Biden insider Anita Dunn appears in House Oversight autopen probe

      August 7, 2025
    • NDAs banning harassment and discrimination disclosures to be void under new UK workplace reforms

      August 7, 2025

    Categories

    • Business (8,704)
    • Investing (2,182)
    • Politics (16,331)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved