UK worried about tax revenue on carbon neutral schemes

boris johnson

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

(Photo: Bloomberg)

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

Britain should be climate neutral by 2050. The associated change is likely to result in a significant decline in revenue from the mineral oil tax and the consumption 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. The extra income from CO2 pricing might not offset it, but it could at least alleviate the problem.

Prime Minister Boris Johnson on Tuesday presented a 368-page strategy to make the country climate neutral. It is expected that countries like China or Russia will follow the British example. Among other things, more electric potential than wind power is planned. Hydrogen capacity is also to be increased.

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