Britain will not use money the government gets from auctioning carbon emissions permits to help it in the fight against climate change, it said on Monday.
Selling carbon emissions permits to businesses participating in Europe's carbon trading scheme could raise 60 billion euros ($85.24 billion) a year for European Union governments from 2013, Deutsche Bank estimates, and businesses are already lobbying for a slice of the windfall.
But Britain will pool any revenues into the general government budget, rather than earmark, or hypothecate, them to particular causes in advance.
"The UK will not be hypothecating auction revenue to a specific area of expenditure," the government said, in response to advice from an environment committee of British lawmakers....MORE
