Net zero tax ‘threatens future of Britain's last oil refineries' [Yahoo! Finance]
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Source: Yahoo! Finance
Britain's last four fuel refineries are at risk of closure because of soaring net zero taxes, the Chancellor has been warned. MPs have urged Rachel Reeves to act quickly to overhaul Britain's “unfair” carbon tax scheme, which forces refineries to pay up to £400m in levies each year. In a letter to the Chancellor, seven MPs who have fuel refineries in their constituencies warned that steep net zero levies threatened to result in the closure of Britain's remaining oil plants. They said: “Resilience of our fuel supply is a matter of real urgency. The current crisis in the Middle East has once again shown how quickly international instability can disrupt energy markets and drive price volatility. “At a time like this, the UK should be doing all it can to protect its domestic fuel manufacturing base, rather than allowing it to weaken further.” The row relates to the UK Emissions Trading Scheme (UK ETS), a carbon tax levied on industry, aviation and power businesses in Britain an
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