Some interesting points regarding UK infrastructure and the green economy have been raised in wake of the Budget announced by George Osborne today.
The Government has pledged to increase the Growing Places Fund by £270million to empower local communities and businesses to lead development of utility infrastructure in their own areas.
In addition, it has also supported the establishment of a new Pension Infrastructure Platform owned and run by UK pension funds, which will invest £2billion into UK infrastructure, the first wave being paid in early 2013. Osborne said that 12 pension funds are currently involved.
Water UK has commented on private investment in infrastructure:
“The Chancellor of the Exchequer in his Budget is right to look to the water industry for lessons in how to increase the role of private investment in essential infrastructure, as did the Prime Minister earlier this week.”
Tax credits for research and development were also mentioned today. Small and medium enterprises are set to see an increase in the rate of R&D tax credits, rising from 200 per cent to 225 per cent from 1 April 2012 – good news for companies developing water technology maybe.
The Budget also claims that from April 2013, the Government will introduce an “Above the Line” credit for R&D, with a minimum rate of 9.1 per cent before tax. In addition, loss-making companies will be able to claim a payable credit.
Green economy
With regard to the prospect of a green economy in the future, Osborne had this to say:
"I want to see investment in our world-leading energy sector including renewables," he said, adding that "renewable energy will play a crucial part in Britain's energy mix but I will always be alert to the costs we're asking families, business to bear."
Osborne also said that the Green Investment Bank opens for business next month but did not offer any new funds for green energy.
Osborne’s awareness of renewable energy potential was welcomed by Jennifer Webber, Director of External Affairs, RenewableUK, who said in a statement:
“The recognition by two of the most senior members of the Government of the importance of renewable energy is most welcome. Within the context of the Government s manufacturing-led growth agenda, the wind, wave and tidal industries have a key role to play.
However, for the industry to live up to its job-creation potential, certainty is required. Multi-million pound decisions about UK investment are waiting on the results of the Government s Electricity Market Reform process. We urge the Government to help deliver green growth by ensuring that this process is completed quickly. It is only through ensuring we secure as large a share as possible of the rapidly expanding global low-carbon market that we will, as the Chancellor said, be able to earn our way out of economic trouble by generating the jobs and investment we require for growth. The large-scale industry this will unlock will be able to deliver low-carbon energy more cheaply and help insulate energy bills.”
Others were less optimistic. Responding to the speech Martin Harper, RSPB Conservation Director, said:
“While the Chancellor waves the flag for carbon reduction initiatives and green investment with one hand, he is pushing through tax incentives for oil and gas drilling off the coast of Scotland with the other.
“In the Autumn statement last year George Osborne set out a plan for short sighted economic growth based on the mistaken belief that environmental protection is a burden on business. In today’s speech he has continued to commit us to that path, locking us into an unsustainable economic plan that fails to take into account the very real value of our wildlife and countryside.
“The chancellor told us today that 'environmentally sustainable has to be fiscally sustainable'. This works both ways, and we must see an economic plan for growth which puts the environment at the heart of decision making.”
The last interesting point is the hype surrounding the National Planning Policy Framework (NPPF), which Osborne has labelled the “biggest reduction in business red tape ever undertaken." The framework will replace more than 1,200 pages of planning guidance with a more concise 52 page document.
We will have to wait until Tuesday 27th March for the NPPF to be published to see the whole story.
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