Woodford hits out at Osborne's renewable energy U-turn

Neil Woodford has criticised Chancellor George Osborne's cut to tax breaks for renewable energy after shares in his holding of Drax fell by over a quarter.

Last week, changes were announced in the Budget that would see the tax exemption for renewable companies cut, meaning renewable energy generators must pay a climate change levy which aims to help reduce UK carbon emissions. Summer Budget: Mixed reactions from industry to 'radical' budget The decision significantly hit the energy sector, including Woodford's holding in Drax Group, an electrical power generator. Since the Budget on 8 July, the share price of the firm has fallen 28% from 358p to 257p. In a recent blog post, Woodford revealed he had written a letter to the govern...