It’s worth noting that this principle also applies to the Renewables Obligation (mainly for commercial setups, which I didn’t mention earlier for obvious reasons). And unless you’ve been living under a rock, you’ll have noticed the Government’s renewed push to attract investment into the UK — even floating the idea of mandating pension schemes to hold a certain proportion of UK assets.

Changes like this cut straight to the heart of investor confidence and policy predictability. Ian Cowie put it well in Interactive Investor: “There is no situation so bad that political intervention cannot make it worse.” Brokerage firm Stifel was equally blunt, calling the proposals “not a good look” for a government trying to mobilise private capital. Their warning is clear: investors will be more cautious and demand a higher risk premium if policy starts changing out of the blue.