Buxton joins Woodford in decrying 'ludicrous and unjustified' renewables U-turn

Old Mutual Global Investors' Richard Buxton has backed Neil Woodford's criticisms of the government's renewable energy tax U-turn, warning it could render the utilities sector "uninvestable".

This week Woodford criticised HM Treasury for "back-pedalling" on a decision to support renewable energy companies. The changes announced in the Budget will see the tax exemption for renewable companies cut, meaning renewable energy generators must now pay the climate change levy aimed at reducing the UK's carbon emissions. Buxton (pictured), manager of the £2.2bn Old Mutual UK Alpha fund, has joined the debate and decried the return of political risk for UK investors. Buxton agreed with Woodford's comments and described the Budget announcement as a "ludicrious and unjustified deci...