Buxton joins Woodford in panning 'ludicrous' renewables U-turn

Laura Dew
clock

Old Mutual Global Investors fund manager Richard Buxton has backed Neil Woodford's criticisms of a government decision to cut the tax exemption for renewable energy companies, warning it could render the utilities sector "uninvestable".

Woodford criticised HM Treasury for "back-pedalling" on a decision to support renewable energy companies. The changes announced in the summer Budget on 8 July will see the tax exemption for renewable companies cut, meaning renewable energy generators must now pay the climate change levy aimed at reducing the UK's carbon emissions. Buxton (pictured), manager of the £2.2bn Old Mutual UK Alpha fund, has joined the debate and decried the return of political risk for UK investors. Buxton agreed with Woodford's comments and described the Budget announcement as a "ludicrious and unjustifi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Equities

Partner Insight: Are equities really overvalued?

Partner Insight: Are equities really overvalued?

Value dispersion means there are plenty of cheap opportunities

Gareth Jones
clock 09 February 2024 • 1 min read
Partner Insight: How much value is there in UK equities?

Partner Insight: How much value is there in UK equities?

‘As different as they are attractive’

The UK Equities Team at Invesco
clock 07 February 2024 • 1 min read
Partner Insight: The shift to value - still on course?

Partner Insight: The shift to value - still on course?

The tailwinds remain for value investing

Gareth Jones
clock 06 February 2024 • 1 min read