RLAM raises concern over possible tax on renewables

24 May 2022  
4 min read

Responding to reports that the Treasury might impose a windfall tax on electricity generators, including renewable energy developers, Mike Fox, Head of Sustainable Investments at Royal London Asset Management, said:

“The social consequences of higher energy prices cannot and should not be ignored. However, levying additional taxes on businesses directly investing in renewable generation feels contradictory to the UK’s desire for greater energy independence and a greener power system that can help to deliver a net zero economy.

“The government has other tools which it could use to both raise funds to help tackle the cost of living crisis AND encourage greater investment in the UK’s green economy, such as encouraging the Crown Estate to unlock more seabed for offshore wind.”

About Royal London Asset Management (RLAM):

Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.

RLAM manages £164 billion of assets and employs 129 investment professionals as at 31 December 2021. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.

For professional clients only, not suitable for retail investors.

Issued by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.

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