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Turner calls for favourable tax treatment for green industries

FSA chairman Lord Turner has called on the next government to focus on creating a green economy.

According to the Guardian, Turner is pushing for taxes on things that are detrimental to the environmentto be increased.

Turner, who is also the chair of the Committee on Climate Change, says: “If we have to raise taxes, and we will to some extent, we can deliberately design those to tax bad environmental things, like overuse of fossil fuels, rather than good welfare-enhancing things, like employment for people.

“There is therefore a very strong argument whenever one is in the environment of tax rises for trying to make them skewed as much as possible to things that make sense in the long-term.”

Turner also warns the government against pursuing economic growth, saying: “If you spend your time thinking that the most important objective of public policy is to get growth up from 1.9 per cent to 2 per cent and even better 2.1 per cent, we are pursuing a sort of false god.”

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