Saturday 13 January 2024

Reeling in the UK Fishing Company Tax Breaks?

Conservationists are questioning the UK government's current granting a diesel fuel tax break to it's fishing fleets (https://www.theguardian.com/environment/2024/jan/13/polluting-tax-breaks-on-diesel-for-british-fishing-fleet-worth-up-to-18bn-a-decade). This tax break is calculated to be worth circa £1.8bn over a ten year period. This subsidy is consequently equivalent to 15-18% of the industry's income. The conservationists argue that a) the use of cheap diesel fuel adds greatly to pollution (burning it, generates both carbon dioxide and particulate emissions) and b) encourages the fishing industry to continue 'to empty the oceans of their fish'. Getting a balaance is difficult. Any government subsidies to the fishing industry, however, should be targeted to a) markedly encourage reducing emissions and b) ensure that catches are sustainable. Neither of these features are currently optimal.

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