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<p>The UK biofuel market, including bioethanol, has been supported since 2008 through
the Renewable Transport Fuel Obligation (RTFO). The RTFO is a certificate trading
scheme which sets targets and provides financial incentives for the supply of sustainable
biofuels. This month the government has introduced E10 as the standard petrol across
Great Britain. The introduction of E10 increases the amount of bioethanol blended
with petrol sold at forecourts in the UK. E10’s introduction has been welcomed by
the UK bioethanol industry as positive for the environment and jobs in UK production
plants and supply chain.</p><p> </p><p>More broadly, the chemicals sector is crucial
to the UK; with 83% of employment outside of London and the South East it provides
high-skilled, highly paid jobs across the UK and supplies essential inputs to almost
all other manufacturing industries.</p><p> </p><p>Last year's UK Budget sets out our
ambition to spread opportunity across the UK, led by vital investment, to help important
businesses such as chemical companies to grow, and improve access to skills, capital
and ideas. This ambition is being supported by measures such as the new two-year super-deduction
that will cut companies’ tax bill by 25p for every pound they invest in new equipment
and mean they can reduce their taxable profits by 130% of the cost. In addition, the
Government has a target for total R&D investment to reach 2.4% of GDP by 2027
and in the recent Innovation strategy we have committed to increase our annual public
investment in R&D to a record £22billion.</p>
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