INFORM Finance
FUNDING REPORT
Over the next six months, the
sum of £39.5M will be made
available from the government-
Tax needs environmental shift
backed Technology Strategy
Board (TSB). A think-tank that was set up two report. Motorists would be those “This work suggests that it is
Businesses across sectors are years ago to look into the viability most obviously hit by the pro- possible to reduce emissions and
invited to enter six competi- of financial reforms which encour- posed reform, with a significant create jobs, which has to be an
tions for the funding in the fol- age green behaviour has published green tax on fuel seen as an important message to policy mak-
lowing areas: regenerative its findings. equitable way of raising cash ers at a time of rising unemploy-
medicine, transport and logis- The Green Fiscal Commission for government. ment. We know that a tax shift can
tics, agriculture and food, infec- argues that environmental taxes While nobody loves the tax be attractive to people, because it is
tious diseases and low carbon could be used to raise significant man, the report says that the com- effectively taxing a social evil, i.e:
housing. The TSB wants firms revenues, help the UK achieve its mission’s research suggests the pollution, and people are more
to develop innovative products 2020 carbon targets and the public public is happy with the supportive of taxes levied in
that address climate change, could learn to love them – provid- concept of green taxes. this way.”
and the issue of food security. ed they were used instead of, “The public can be Robert Napier, the
TSB chief executive, Iain rather than on top of, other taxes. won round to green fiscal Commission’s chair
Gray said: “By providing invest- The report advocates a green reform,” it says. “Polls added: “This report adds
ment in areas of innovation shift in taxation – one that does show majority public sup- the numbers to an issue
where real business opportuni- not mean an overall change in port for a green tax shift, that has frequently been dis-
ties lie, we not only encourage taxation levels, but with which increases when people are cussed in more general terms.
individual businesses to thrive more emphasis on the polluter persuaded that the green “It shows that Green Fiscal
but also contribute to the UK’s pays principle. taxes really will be instead of Reform could help put the UK on
overall economic prosperity.” “Highly polluting households other taxes.” a low-carbon track and from that
Last year, the TSB invested in and businesses will see their tax Commission director Paul many positives will flow: reduced
1,600 companies through its bill increase where low pollution Ekins said: “This is not just about greenhouse gas emissions, extra
collaborative research and households and businesses will see reducing emissions, but helping employment, and new technolo-
development programme. their tax bill cut below what it the UK to develop low-carbon gies which will help the UK econ-
would otherwise be,” says the competitiveness. omy all round.”
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Sustainable Business 1❘ November/December 1
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