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As outlined in the Autumn Statement, the UK government is planning to increase the Plastic Packaging Tax starting from April 1, 2024, in line with the Consumer Price Index (CPI). This move is designed to incentivize businesses to incorporate more recycled plastic into their packaging, thereby stimulating demand for recycled materials and supporting recycling initiatives. Additionally, there is a proposed introduction of an escalator to the tax rate, along with the establishment of a minimum recycled content threshold in the future.
The Plastic Packaging Tax, implemented in April 2022, is part of the government’s commitment to align with environmental objectives and mitigate plastic waste by promoting sustainable packaging practices. The revised tax rate, set at £217.85 per tonne, will come into effect from April 1, 2024. Importantly, it is anticipated that this adjustment will not have a significant impact on the economy, individuals, households, or families.
