Government introduces £1 billion green stealth tax

While George Osborne, the Chancellor of the Exchequer, failed to mention a green stealth tax in has comprehensive spending review speech, the details are hidden in the official publication. Business leaders have already calculated that around £1 billion a year in green stealth taxes will be raised by the authorities adding around 11% to the average energy bills of British companies. Much of the extra funding will be raised by the carbon reduction commitment scheme which was initially set up to reward companies who were more efficient than their counterparts. However, this has all changed!

In simple terms companies will be penalised financially depending upon the level of carbon dioxide they release into the atmosphere. Yet again green issues have transformed themselves miraculously into green taxes and despite the fact that businesses are complaining about a potential £1 billion a year extra bill it will inevitably be consumers who pay the price in the long run. While the government would argue it has been pushed into a corner due to the state of the UK plc balance sheet, very few people had expected such a hit in the green sector when the authorities have been building up this particular area as a future growth industry.