Chancellor's bad news on carbon dioxide

After the March Budget, we suggested that the Chancellor would find it politically difficult to sustain the annual fuel duty escalator, and that he would have to offer bigger discounts on the climate change levy to energy-intensive sectors of industry. With only a small proportion of his environmental tax take destined to be recycled into environmental improvement measures, there was also a strong case for ploughing back more of the revenues from fuel duty and the climate levy into public transport and tax allowances for energy-saving investments by industry. The pre-Budget report in November saw all these things come to pass (see pp 22-24 ).

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