BREXIT SAVES US BILLIONS IN EU FEES AND MEMBERSHIP COSTS
By leaving the EU and its Emissions Trading Scheme (ETS) to set up an identical one independently, the UK is now able to retain 100% of the billions in revenue received, instead of an EU allocation of a percentage after the EU took 25% off the top.
Explanation:
As an EU member, the UK took part in the EU Emissions Trading Scheme (ETS), where large emitters of so-called greenhouse gases are allocated an allowance per year of how much they can emit, and can buy or sell these allowances on a per tonne basis.
The revenue from this scheme would go to the member states, but only after the EU had taken around 25% off the top for its own Innovation and Modernisation Funds – and the other 75% it would allocate to the member states how it saw fit.
Now the UK is outside the EU, it has its own Emissions Trading Scheme – and keeps 100% of the revenue to spend on whatever it deems appropriate to do so.
In the final year of the UK participating fully in the EU ETS, the UK saw £1.4 billion of the revenue. In 2023, this was £5.8 billion.
The UK economy is seeing billions more in revenue than it otherwise would have done, due to having left the EU.
Reference: https://ukandeu.ac.uk/uk-and-eu-emissions-trading-schemes-drifting-in-different-directions/
Reference: https://www.cleanenergywire.org/factsheets/understanding-european-unions-emissions-trading-system