No news for renewables, but oil and gas get a budget boost

George Osborne has delivered his 2012 budget with little of note for the renewable energy, or energy efficiency sector.

He did though announce plans for the oil and gas exploration and extraction sectors to get a range of tax changes to encourage growth.

For small businesses, he announced a simplified tax system to save red tape for those businesses with turnover up to £77,000 alongside a cut in corporation tax to 22% in 2014.

The Chancellor revised the growth forecast for the year up from 0.7% to 0.8% and forecast borrowing would be £126bn down by £1bn from the Autumn Statement.