nexos CEO responds to the UK Autumn Statement
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Terry Allan, CEO of nexos- a UK engineering, procurement and construction (EPC) provider across oil and gas and new energy sources, responds to the UK Autumn Statement.
"With an increased energy profits levy at 38% and the removal of the 29% investment allowance, the government’s approach risks a double fault on our energy future, undercutting the very security and job protection it aims to support.
Oil and gas, alongside emerging renewables, such as the 11 green hydrogen projects announced today, form an essential partnership in our energy transition, not competitors. The stability needed to power this shift is undermined by sudden changes, threatening both investment and innovation across the energy sector. Removing incentives for reinvestment could sideline essential UK projects, pushing companies to look elsewhere and leaving our workforce and energy security vulnerable. Rather than fostering agility and cooperation, these new policies may well hinder our ability to play the long game for a sustainable, next-gen energy future.”
Read the article online at: https://www.worldpipelines.com/business-news/31102024/nexos-ceo-responds-to-the-uk-autumn-statement/
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