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Finance

UK’s environmental tax revenue blossoms to new heights!

Environmental taxes have reached a record high in the UK, raising £47.4 billion in 2022, a 6.9% increase from £44.3 billion in 2021.

That’s according to the latest report by the Office for National Statistics which suggests environmental taxes contributed 5.3% to all UK tax and social contribution revenue in 2022, a decrease from 5.6% in 2021, which is the lowest share since 1997.

Additionally, the average environmental taxes paid by UK households decreased to £575 per household in 2020.

Energy tax revenue remained the highest contributor to environmental tax revenue in the UK, comprising 74.7% of the total revenue in 2022.

The transport sector accounted for 22.3%, while pollution and resource taxes made up 3.0% of total environmental tax revenue.

In 2020, the electricity and gas sector surpassed the transportation and storage sector to become the largest contributor to environmental tax revenue in the UK.

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