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Climate Change

My Lords, while welcoming the Minister’s assurance that any new green taxes would be matched by reductions in indirect taxation and his acknowledgment that everything depends on growth economies such as China and India buying into this proposal, could he assure us that providing leadership does not mean putting up taxes on business in this country in advance of those countries doing the same? Given the mobile nature of capital, will not business simply switch its investment into countries where there is no such levy or charge, whether it be a tax or a carbon trading scheme? How will the Government deal with that?