RegulationCorporate GovernanceChancellor to introduce tax-breaks on environmental levies

Chancellor to introduce tax-breaks on environmental levies

George Osborne could announce tax breaks for energy intensive industries in a mini-budget next month

THE CHANCELLOR is preparing to offer tax breaks to companies struggling to meet environmental levies.

George Osborne is currently considering ways to help high energy consuming businesses hit by climate change levies, the Daily Mail reports.

The publication claims tax breaks and exemptions from carbon levies will be expected in a mini-budget next month, to help industries that use large quantities of energy such as the cement, aluminium and steel.

Head of Tata Steel Europe Karl-Ulrich Kohler said green taxes are threatening to drive businesses abroad.

“The UK is one of the weaker industrial players in Europe. Why are we trying to be a leader on the green front when the economy is in such a hard place?

“If the UK becomes less attractive due to regulation and tax, then there are other places in the world to invest. The Government must see that,” he said.

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