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

When is it the Right Time to Ask...

April 30, 2024

Fintech will be a $1.5 trillion industry by...

May 3, 2023

Top Challenges in International Debt Collection and How...

January 20, 2025

Business Best Practice: Preparing for AI Regulation

March 7, 2024

CBI Settles Legal Dispute with Former Leader Tony...

February 6, 2024

Supply Chain Visibility Explained: Tools, Benefits, and Best...

January 27, 2025

The Best Technologies To Help You Make Your...

September 15, 2022

How to effectively pass your wealth onto your...

March 16, 2023

Racehorse ownership: A unique and exciting investment

April 5, 2023

5 Top-Rated Outsourcing Companies for Technical Support

February 27, 2025

    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

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • 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