RegulationCorporate GovernanceEnvironment misses out in pre-Budget report

Environment misses out in pre-Budget report

The pre-Budget report failed to deliver on green targets that the government had previously trumpeted

powerstation

According to one environmental tax expert, it showed that the ‘environment
will always take second place to fiscal policies’.

‘The chancellor could have used this opportunity to incentivise environmental
behaviour,’ said KPMG
partner Frank Sangster.

‘It would have been good to see some money stimulate environmentally friendly
behaviour such as reducing VAT further on environmentally friendly products,
such as energy efficient cars, or taxes that would influence changes in
behaviour,’ he added.

Vehicle Excise Duty was to be changed next year to penalise the highest
carbon emitters in a tax band shake-up. However, the tax increases have now been
substantially reduced.

‘Essentially, the focus has been on fiscal – not environmental –
sustainability issues. Although this is understandable, it’s a case of looking
at short-term important issues, not long-term important issues,’ Sangster added
Greenpeace
campaigners scaled the Bank of England headquarters hours before the pre-Budget
report.

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