Close to midday on Wednesday, Chancellor Rachel Reeves announced the budget, the first under a Labour government since 2010.

Upon delivering the budget, the Chancellor highlighted how, in essence, the budget was prioritising economic rejuvenation with long-term investment as a means to achieve higher living standards and sustainable growth.

Chancellor Reeves is also the first woman in UK history to present the budget. This is with the Chancellor a part of a Labour government aiming for a renewable energy transformation between now and the end of the decade. This includes 100% clean and affordable electricity by 2030.

As part of her announcements, Reeves discussed the government’s dedication to ensuring Britain becomes a clean energy leader with the first funding of GB Energy planned for the years ahead. It was confirmed towards the end of last month that the initiative would have its headquarters in Aberdeen.

Per the budget, the National Wealth Fund is anticipated to provide £8.3 billion in funding to GB Energy. The budget also featured the announcement that £3.9 billion would be allocated to propel the first carbon capture and storage clusters in the UK for 2025 to 2026.

Beyond that, port infrastructure is set to receive £134 million that will help push forward floating wind tech development.