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 UK's green stealth tax attacked by business groups

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PostSubject: UK's green stealth tax attacked by business groups   UK's green stealth tax attacked by business groups Icon_minitimeMon Oct 25, 2010 5:02 am
Business groups lined up today to condemn a £1bn stealth tax on companies that have invested in a government scheme to drive down CO2 emissions.

The CBI and manufacturers' group the EEF both attacked the announcement, buried in the comprehensive spending review, that the Treasury would not pay back money to firms obliged to take part in the Carbon Reduction Commitment (CRC) energy efficiency scheme.

"Revenues... totalling £1bn a year by 2014-15 will be used to support the public finances, including spending on the environment, rather than recycled to participants," the spending review said.

Under the scheme, which was introduced earlier this year, companies made upfront payments to the Treasury on the understanding that they would get the money back by reducing emissions.

Steve Radley, EEF director of policy, said: "If the private sector is going to play a greater role in increasing investment and growth it needs clarity. By changing the rules six months after the game has started and landing business with an unsignalled £1bn tax rise, the government has sent an unwelcome signal."

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