Engineering news
READ MORE: Engineering and industry reaction to the 2024 spring budget
The budget nonetheless contained a number of points aimed at further growing key industries, and making the most of some of the innovative technologies they are creating. Here are five of the most important.
Government purchases nuclear sites
The government has agreed a £160m deal with Hitachi to purchase the Wylfa site in Ynys Môn, North Wales, and the Oldbury site in Gloucestershire, the chancellor announced.
Aimed at boosting the UK’s energy security, the deal for the nuclear sites could enable future plans for a new nuclear power plant after earlier Hitachi plans fell through. “Ynys Môn has a vital role in delivering our nuclear ambitions,” Hunt said.
The UK will also soon take further steps towards deployment of small modular reactors (SMRs), with Great British Nuclear starting the next phase of the selection process for SMR designs. Shortlisted companies have until June to submit their initial tender responses.
Automotive and aerospace R&D gets £270m
Hunt announced a £270m package for “innovative R&D projects” in automotive and aerospace, designed to build the UK’s capabilities in zero emission vehicles and ‘clean’ aviation technology.
The Society of Motor Manufacturers and Traders (SMMT) called the budget a “missed opportunity”, however, thanks to a lack of support for drivers to make the switch from petrol or diesel to electric vehicles (EVs).
Oil and gas windfall tax extended
The Energy Profits Levy, a windfall tax on oil and gas industry profits from higher prices, will be extended by a year to March 2029. The move should raise £1.5bn, Hunt said, although it will be abolished if market prices fall to normal levels quicker than expected.
Drones to be ‘first responders’
The chancellor allocated £230m for drones and new technology like facial recognition to “free up police officers’ time for more frontline work”. Drones could help officers assess incidents such as traffic collisions, The Standard reported, feeding live video and other information back to control rooms.
Carbon capture receives investment
The Green Industries Growth Accelerator will be allocated an extra £120m to build supply chains for offshore wind and carbon capture and storage (CCUS), Hunt announced.
The Carbon Capture and Storage Association criticised the budget for not going far enough, however. “The UK's CCUS industry is still waiting for the funding announced in last year's spring budget to be committed to projects, with final investment decisions for projects in the north-west and north-east of England needed in the next few months,” said chief executive Ruth Herbert.
Want the best engineering stories delivered straight to your inbox? The Professional Engineering newsletter gives you vital updates on the most cutting-edge engineering and exciting new job opportunities. To sign up, click here.
Content published by Professional Engineering does not necessarily represent the views of the Institution of Mechanical Engineers.