If you want to know what life will be like under Barack Obama’s Cap and Trade Scheme, look no further than across the pond in England.
Our British friends are 10 years ahead of us and their economy is being choked to death under oppressive taxes.
But, how else can Obama spread the wealth and take from the “haves” to give to the lazy “have nots”?
The UK Telegraph is reporting that thousands of British businesses will be liable for significant fines and charges under a new government “green tax” scheme.
Over 35,00 tonnes of plastic bottles are recycled at the 'Closed Loop Recycling' plant annually, representing almost 20% of the plastic bottles currently collected for recycling in the UK, and saving approximately 52,500 tonnes of carbon dioxide per year.
Companies that fail to register their energy use by next month will be hit with fines that could reach £45,000 under the little-known rules.
Those that do participate in the Carbon Reduction Commitment (CRC) initiative by declaring their energy use will face charges for every ton of greenhouse gas they produce.
These payments are expected to average £38,000 a year for medium-sized firms, and could reach £100,000 for larger organisations.
Surveys have shown that thousands of businesses are unaware they are supposed to be taking part, or even that the scheme exists at all.
The imposition of new charges and fines will put pressure on firms at a time when economists are warning of a “double dip” recession as companies, consumers and the public sector all cut their spending.
Business leaders criticised the CRC — which was created by Labour but implemented by the Coalition — as “complex and bureaucratic”. One accused ministers of swinging “a big hammer” at companies and questioned whether it would have any environmental benefits.
Under the scheme, any company or public sector organisation that consumes more than 6,000 megawatt hours (MWh) of energy a year – meaning a power bill of about £500,000 – must register its energy use by the end of next month. From April, firms will need to buy permits for each tonne of carbon dioxide emitted. For those using 6,000MWh, that could mean £38,000.
The scheme is intended to create a financial incentive to cut energy use, and those organisations that record the biggest reductions will get bonuses, funded by penalties imposed on those with the worst record.
Of about 4,000 organisations estimated to qualify for the scheme, only 1,229 have registered to date, leaving thousands at risk of fines.
Missing the Sept 30 deadline will mean an immediate £5,000 fine, and £500 for each day after that, up to a maximum of £45,000.
Another 15,000 smaller organisations are also required to register and could be expected to buy permits in the future. If they miss the September deadline, they face fines of £500.
WSP Environment & Energy, a consultancy firm, estimated that a total of 7,500 businesses would miss the deadline.
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