£37 billion! here), the current tax base will need to shift drastically to continue to be such a significant revenue raiser for the treasury.
It's a big number and it's also the amount of tax raised from us all filling our cars up with petrol and diesel. With so many incentives currently available for low carbon transport (see a link to our article on the benefits of electric cars
We have long talked about toll roads, road tax and other forms of taxation and these are going to have to become a reality if we no longer pay our taxes at the pumps! Watch this space for some significant changes over the next few years!
New taxes will be needed to make Britain “net zero” in carbon emissions by 2050, the Treasury warned on Tuesday as it opened the door to extra levies on motorists and gas bills. The £37 billion a year raised in taxes linked to the driving of polluting vehicles will disappear over that time, meaning other “motoring taxes” must help fill the black hole in public finances. The Government will also have to pay for some of the estimated half a trillion pounds of public investment needed to convert the economy, again possibly through tax.
unknownx500
