Prime Minister Boris Johnson unveiled a strategy Tuesday to make the country climate neutral.
(Photo: Bloomberg)
London According to the UK Department of the Treasury, increased climate protection will have a significant impact on tax revenue. The ministry announced Tuesday that new taxes or changes to existing taxes may be necessary.
Britain should be climate neutral by 2050. The associated change is likely to result in revenue from mineral oil taxes and vehicle excise taxes falling markedly over time. In financial year 2019/20, these sources of income totaled 37 billion pounds (43.82 billion euros), 1.7 percent of economic output. The additional revenue from CO2 prices probably couldn’t make up for this, but at least mitigate the problem.
Prime Minister Boris Johnson on Tuesday unveiled a 368-page strategy to make the country climate neutral. The expectation has been raised that countries such as China or Russia will follow the British example. Among other things, more electrical capacities are envisaged from wind power. Hydrogen capacities will also be increased.
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