Source: Sharecast
A wealth tax would punish savers and hit the middle class, the Government has been warned by the Institute for Fiscal Studies (IFS). Introducing a levy on the assets of the rich would not be “sensible”, the IFS said, in a rebuff to Labour backbenchers. Taxing the same wealth each year would “penalise” people for saving and making investments, leaving the country poorer in the long run. It would also likely hit the middle classes once property and pension wealth are factored in, the think tank warned. – Telegraph
Britain’s move to a net zero economy will cost taxpayers more than £800bn over the next two decades, the UK’s fiscal watchdog has said. The Office for Budget Responsibility (OBR) said government plans to limit climate change will cost the public purse £30bn every year until at least 2051, as tax revenue from the sale of petrol and diesel fuel dries up. – Telegraph
The $10 billion energy empire founded by husband-and-wife British entrepreneurs has suffered a new blow after its transport business, which ferries fuel from a refinery to petrol station forecourts around the UK, fell into administration. Axis Logistics, the transport operation of the Prax Group, has been cut off from accessing fuel from the company’s Lindsey oil refinery after the facility in Humberside was placed into administration by the government last week, sources told The Times. – The Times
France’s EDF will invest only £1.1 billion in the Sizewell C nuclear plant that is due to be built using its design and equipment in Suffolk. The French state-owned energy group confirmed it had agreed to take just a 12.5 per cent equity stake in the estimated £40 billion project, in which it was originally the lead developer and for which it remains a critical contractor. – The Times
