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U.K. Tries to Play Down Talk of Tax Rises to Fund Net Zero Goal

  • Kwarteng says Britain can rely on rising green investment
  • Treasury says new taxes may be needed to fund transition
Wind turbines stand at an offshore wind farm
Photographer: Matthew Lloyd/Bloomberg

U.K. Business Secretary Kwasi Kwarteng sought to damp speculation that taxes will have to rise in order to fund the government’s green goals a day after the Treasury said it would need to consider new sources of revenue to pay for the transition.

“I don’t think that tax rises are inevitable,” Kwarteng said when asked on LBC radio what new taxes would be needed to meet the U.K.’s net zero ambitions. “In order to go green, we have to attract private investment. There’s no way that any government in the world frankly is going to be able to tax people enough to make that transition.”