Taxation: Carbon Emissions

Treasury written question – answered on 11th January 2022.

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Photo of Stephen Farry Stephen Farry Alliance, North Down

To ask the Chancellor of the Exchequer, whether he has plans to develop an associated tax strategy as part of his Department's net zero review.

Photo of Helen Whately Helen Whately The Exchequer Secretary

The Net Zero Review, which was published in October, explored the trade-offs and key issues, such as the likely fiscal implications of the transition, for the UK as it decarbonises. As per the Report’s terms of reference, it did not contain policy detail on how sectors will decarbonise, but set out that the Government may need to consider changes to existing taxes to deliver net zero sustainably and consistently with the Government’s fiscal strategy.

The UK Emissions Trading scheme and a wide range of taxes, including the Climate Change Levy, Vehicle Excise Duty, and Carbon Price Support rate, are already in place to encourage businesses and consumers to make greener choices. The Government is committed to reaching net zero emissions by 2050 and keeps all taxes under review to ensure that they are helping us achieve this goal.

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