British taxpayers could pay an extra £600 per year in green taxes to help poor countries cope with the floods and droughts caused by climate change, Lord Stern has suggested.
The economist said the UK would have to contribute around £1.5 billion from 2020 to a new ‘green fund’, that is expected to be set up during global talks on climate change in Cancun this week.
The Treasury is unlikely to set up new mechanisms to raise such a small amount of cash.
Therefore it is better to raise ten times as much and use just ten per cent for the green fund. The rest can be used as the Government sees fit.
“People would see these tax rises through electricity, through cars,” said Lord Stern.
However he was keen to point out that....energy costs should come down as a result of improved efficiency and more renewables.
“This is a story of people paying for the damage they do, this is stopping subsidising pollution,” he said.
Of course the Treasury would love to use Greenery as an excuse to raise more taxes. Worstall pointed out that we already pay more tax than Lord Stern says we need to cover the cost of the pollution he says we cause. So any increase is unjustifiable from his point of view, unless you are just a greedy grasping bloated Statist who believes common people can't be trusted to spend their own money.