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Budget introduces another stealth tax - will raise £3.2BN by 2016

Budget 2011: Carbon Tax – A double whammy for business electricity and gas users!

So it does appear that once again the British taxpayer and British business is going to help fund the energy industry move away from the traditional ways of generating electricity in the UK. The government has to meet onerous targets set by the EU which dictates that a third of the UK’s electricity generation must fueled by green sources by 2020. This has resulted in the chancellor announcing plans for the government to raise £3.2bn by 2016 from a new carbon tax which will be principally funded by higher electricity bills passed onto the consumer by the energy companies who are having to pay the taxation imposed by the government.

The net result will be to make industries which are heavy users of energy less competitive with those based in other countries. The end result of course will be that they will simply move elsewhere - the steel industry will be one of the first to go.

See Energy Advice for more information.

The amazing thing about all of this is that the new tax was part of the Budget but it hardly got a mention in the press.  


See The Sunday Telegraph coverage here.