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Budget: An extra £500m to be spent on 'green initiatives'

A further £500 million of green initiatives are expected to be announced by Alistair Darling in this week’s Budget in an attempt to shore up low carbon industries hit by the recession.

The move will effectively double the £500 million “green stimulus” announced in the Pre-Budget Report.

Money will go into energy efficiency measures and support for energy technologies to ensure investment is not lost from the UK and projects already in development are not held up.

Officials believe the UK’s low carbon sector can grow by almost a half, £150 billion and employing 1.3 million people, by 2015.

The chancellor is expected to announce the cash and other low energy measures in Wednesday’s Budget, where he is also expected to dramatically downgrade his economic forecasts from his November statement.

The Tories have claimed he will admit to the longest UK recession since the Second World War.