Monday, October 28, 2013

Red or Black: the economic consequences of the green tax

The United Kingdom's "green tax" is discussed in a question and answer session conducted by the BBC with the news agency's economic analyst Lewis Goodall. In the Q&A session, Goodall discusses the economic implications of the relatively recent new tax.
A key point that Goodall brings up is that the tax was set fourth in order to encourage the use of environmentally friendly energy sources. This shows that the English government is attempting to reduce dependency on sources of energy that destroy the environment.
The other side of the argument, the one that the interviewee takes, is that there are severe economic consequences to the tax. Goodall states that even though the taxes may reduce environmental damage and money spent on fossil fuels will virtually nonexistent in the future, the amount of money spent on electricity will be significantly higher and that will bring up the total energy bill. As a result, businesses and people alike will consume less energy which may have even more drastic effect on the economic growth in the country.

To read more about the issue click here

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