by Jon LeSage
Climate change mania and the policies it
generates will drive Britain into an oblivion of
economic ruin unless it regains a bit of sanity
to reject Green Economy thinking, which has
caused the biggest global malinvestment scheme
of all time.
If Great Britain keeps its commitment to switch over its vehicles to
electric by 2050, the government will see a whopping loss of 28
billion pounds ($35 billion) paid by motorists driving traditional
gasoline- and diesel-powered vehicles.
That comes from
a report released Friday by London-based
for Fiscal Studies (IFS) examining the impact of the UK's net-zero
greenhouse gas emissions law adopted in June and signed by previous
Prime Minister Theresa May.
England became the first
G7 country to set the goal of reaching zero net emissions by
Fuel duties on petrol-powered vehicles make up almost 4 percent of
total government receipts - and all of that will disappear unless
urgent action is taken, according to think tank IFS' study. The
government may need to take a new approach to taxing motorists as
all-electric and plug-in hybrid vehicles become the norm, the study
The UK's mission to switch over to EVs and renewable energy by 2050
represents "a huge long-run fiscal challenge" for the government,
according to the study.
The government faces other hits on tax revenue.
The UK will be seeing a
drop of about 20 billion pounds a year ($24.5 billion) from the
government's new policy of freezing tax duties to help people
struggling with the cost of living, the IFS said.
There's also concern that
another 1 billion pounds ($1.229 billion) could be lost if Prime
Minister Boris Johnson follows through on his commitment to cut
duties by 2 pence per liter of fuel.
should set out its long-term plan for taxing driving, before it
finds itself with virtually no revenues from driving and no way
to correct for the costs - most importantly congestion - that
driving imposes on others," said Rebekah Stroud, an IFS
economist who co-authored the report.
Duty on unleaded gasoline
and diesel has remained frozen at 57.95 pence per liter since 2011,
accounting for 1.3 percent of England's GDP.
The fuel recently has
been costing 126.9 pence per liter, of which 57.95 pence is duty -
about 45 percent of the total fuel cost.
The think tank recommends implementing taxes on EVs soon, as car
owners are becoming used to avoiding these duties on their fuel. New
motoring taxes should reflect distance driven and vary according to
when and where the trips take place in the vehicle.
A flat-rate tax per mile
driven could be another taxation model used, according to the study.
Prime Minister Johnson
used his platform at the Conservative Party
conference last week to advocate for continuing support in the
net-zero emissions mandate by mid-century.
Johnson has a strategy to
be put into place advocating investments made in EV production,
energy reduction in all new homes, and the planting of one million
trees to combat climate change.
The Tory party has a much larger policy question to address first -
what to do about Brexit. The UK is due to leave the European Union
at the end of this month.
The new prime minister isn't interested in hearing arguments made by
protesters warning of 'imminent disaster' from climate change.
Thousands of climate change protestors
blocked London's roads and
bridges on Oct. 8 to launch a two-week long demonstration.
That led to the Metro
police arresting 280 activists.
Johnson was perturbed to see tents pitched just yards away from the
front door at No. 10.
He labeled them,
crusties and protesters."
He had more to say about
them, branding them,
nose-ringed climate change protesters."
Electric vehicle sales
have been gaining traction in England, with September sales reaching
12,883 - which is
97.7 percent more than a year ago and the best
month ever on record.
Battery electric vehicles
are seeing more of the gain - at 25,097 this year, up 122 percent
year-over-year. At 22,773 units sold this year, plug-in hybrids were
down 29.2 percent year-over-year.
Tesla Model 3 has been shining in the UK market, with over 2,000
deliveries in August. It was the top-selling model of any kind in
London for the second month in a row as of the end of September.