The world’s largest single market has launched a bold plan to tax carbon at its borders. The rest of the world is paying very close attention.
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This is a great example of the stupidity of Brexit in an integrated world. Rishi Sunak has allowed the market for carbon credits in the UK to collapse post-Brexit, meaning the price of carbon in the UK now undercuts that in the EU. That means British exporters to the continent will now have to pay carbon taxes into the EU’s coffers, when previously they would have been using that money to buy carbon credits from the UK taxpayer. Thus the Tories spend our so-called ‘sovereignty’…
