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Firms face green ‘stealth tax’
The government has been accused of hitting firms with a green stealth
tax after it changed the terms of a scheme aimed at cutting energy use.
Yesterday's comprehensive spending review revealed that funds raised by a levy on firms' energy consumption will not now be given back to those who cut their bills the most.
This money - estimated to be around £1bn a year - will now go into the government's coffers through the Carbon Reduction Commitment (CRC).
"The coalition said they wanted to simplify the complexities of the CRC and they have certainly found a novel way to do that," said Liz Peace, chief executive of the British Property Federation.
"This will not however ‘remove the burden on businesses' as they claim, but ensure that the CRC will cost the wider business community almost £3.5bn more than it would have over the next four years."
Post Date: October 21st, 2010
Yesterday's comprehensive spending review revealed that funds raised by a levy on firms' energy consumption will not now be given back to those who cut their bills the most.
This money - estimated to be around £1bn a year - will now go into the government's coffers through the Carbon Reduction Commitment (CRC).
"The coalition said they wanted to simplify the complexities of the CRC and they have certainly found a novel way to do that," said Liz Peace, chief executive of the British Property Federation.
"This will not however ‘remove the burden on businesses' as they claim, but ensure that the CRC will cost the wider business community almost £3.5bn more than it would have over the next four years."
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Post Date: October 21st, 2010
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