Commons Sense

House of Commons · Written Ministerial Statement

Treasury Update

14 December 2022 · Treasury

Proposed by Andrew Griffith Con Arundel and South Downs

ClimateEconomyTaxation

Summarised by AI from the official record, so it can contain mistakes.

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At a glance

Key points

  • The Government will not make secondary legislation under the Taxonomy Regulations in 2022.
  • The Government intends to commence the repeal of statutory requirements by January 1, 2023.
  • The Government will consider restating and modifying retained EU law for financial services through the Financial Services and Markets Bill.

Issue summary

The statement discusses the UK's approach to developing a green taxonomy and the decision to pause secondary legislation under the Taxonomy Regulations.

Action requested

The Government will not make secondary legislation under the Taxonomy Regulations this year. It intends to commence the repeal of statutory requirements by January 1, 2023, and will consider restating and modifying retained EU law for financial services through the Financial Services and Markets Bill.

Key facts

  • The UK Green Taxonomy development is complex and linked to multiple sectors and frameworks.
  • Challenges have arisen in the EU during taxonomy implementation.
  • Secondary legislation under the Taxonomy Regulations will not be made this year.
  • HM Treasury intends to repeal statutory requirements by January 1, 2023.
  • The Financial Services and Markets Bill is before Parliament to repeal retained EU law including the Taxonomy regulations.
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