March 2, 2024

Britain concerned about tax revenue on carbon neutral plans

Britain concerned about tax revenue on carbon neutral plans

Boris Johnson

Prime Minister Boris Johnson unveiled a strategy on Tuesday to make the country climate neutral.

(Photo: Bloomberg)

London According to the British Treasury, increased climate protection will have a significant impact on tax revenues. The ministry announced, on Tuesday, that new taxes may be necessary or changes to existing taxes.

Britain should be climate neutral by 2050. The accompanying change is likely to lead to a significant reduction in revenue from the mineral oil tax and excise tax on vehicles over time. In the 2019/20 fiscal year, these sources of income totaled 37 billion pounds (43.82 billion euros) – 1.7 percent of economic output. Perhaps the extra income from carbon dioxide pricing can’t make up for that, but at least mitigates the problem.

Prime Minister Boris Johnson on Tuesday presented a 368-page strategy for how the country can become climate neutral. Expectations have been raised that countries such as China or Russia will follow Britain’s lead. Among other things, more electricity capacities from wind power are planned. Hydrogen capacities must also be increased.

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