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24/8/10 - Green levies set to triple over decade. - Hugh Conway
Research from think tank Policy Exchange reveals how the total levy in energy, effectively tax to pay for climate and renewable energy policies is set to soar by 2020. Policy Exchange's figures reveal that by 2020, the cost of policies like the Renewables Obligation and Feed-in Tariffs, which pay householders to produce power uneconomically through technologies like solar, will hit over £16bn a year.
That is a tripling in less than a decade, and equivalent to 4p on the current basic rate of income tax, or 2 per cent of total forecast tax revenues in 2020.