Energy group loses High Court action against George Osborne

DRAX has lost a High Court action that sought to have a judicial review of George Osborne’s decision to scrap the Climate Change Levy exemptions.
The Chancellor announced in last year’s summer Budget on July 8 that the exemptions would be removed on August 1, giving businesses including applicants Drax and Infinis Energy just 24 days to react.

North Yorkshire power station operator Drax believes the removal of the levy will cost it £90m by the end of 2016. When the Chancellor’s decision was announced, the company’s shares fell 30%, wiping £425m from its market value.

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