Monday 13 February 2023

‘Net zero could mean more taxes’

The UK hitting net zero by 2050 is likely to be reliant on higher taxes.

That’s according to Economist and Member of the House of Lords, Nicholas Stern, who revealed “investment in the new technologies” will be critical in slashing greenhouse gas emissions.

Although the government is currently under increasing pressure to lower taxes, Lord Stern states that more public investment is going to be critical to reaching green goals.

He continued: “I'm not arguing for delaying investment in health and education. We have to pursue those at the same time. If we have to tax a little bit more, so be it. If we have to borrow a bit more for the really tremendous investments, then we should do that.”

Artificial intelligence, alongside electric vehicle batteries and energy generation could prove critical if invested in correctly and swiftly, he insists.

A combination of private investment and government funding will be necessary to make the right strides, Lord Stern concluded.