Climate Change Impacts Fund
The UK is experiencing the impacts of climate change. Four of the five wettest years and the seven warmest years on record have occurred from 2000 onwards. These impacts are causing damage to the UK economy. For instance, the cost of flooding to the UK is about £1 billion each year on average, and is set to grow as rainfall increases and sea level rises.
In order to help make the UK more resilient to climate change impacts, and to pay for damage that cannot now be avoided, the Government should create a Climate Change Impacts Fund. This should be funded not by reducing overseas development assistance to help extremely poor people overseas, but instead from the revenue generated by revising tax laws and regulations such that wealthy companies that operate in the UK, and wealthy individuals who reside and work mainly in the UK, cannot evade or avoid paying their fair share of taxes. HM Treasury estimated that tax evasion and avoidance reduced revenue by £9 billion in 2010-11.
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