Energy price cap for business welcomed to support project stability 

Association for Project Management, the chartered membership organisation for the project profession, responds to the Government‘s ‘mini budget’ today. 

 Speaking after the Chancellor, Kwasi Kwarteng, announced tax changes for individuals and businesses, APM’s Head of Public Affairs, Andrew Baldwin, commented: 

 “The Chancellor’s update was primarily focused on tax cuts and helping households and businesses navigate the energy crisis. We acknowledge the importance of this, at a time when many people and businesses have been financially impacted.  

 “Organisations need stability to ensure projects are delivered on scope, on time and on budget, so the Government’s energy price cap is welcome; particularly because so many project costs will have been defined before the energy price hikes.  

“However, given the project costs, and indeed scopes, are defined at the start, the decision to bring in a sunset clause on all EU-derived legislation, unless otherwise preserved, through the Retained EU Law (Revocation and Reform) Bill could cause much confusion, particularly for those companies delivering projects across the UK and the EU. Projects being considered now need to know the regulations they will be expected to deliver against in the future. 

“APM research has shown the crucial role that projects and project professionals play in both economic and societal growth.  We therefore urge the Government to further commit to ongoing investment in the projects that are needed to boost economic growth and deliver net zero, including nuclear, solar and wind power generation.  

“The list of transport and infrastructure projects due to be streamlined and ‘prioritised for acceleration’ shows some commitment to that, although the precise details of what streamlining entails needs to be set out; we are keen to work with the Government to enhance the new Planning and Infrastructure Bill.”