UK companies are anxious about likely damage to business arising from the Kyoto environmental protection measures, according to a survey conducted among financial directors and controllers by the Chartered Institute of Management Accountants (CIMA). Although the overwhelming majority (93%) of respondents was in favour of the agreement, more than half (59% believed that the UK would stay very close to the letter of the agreement and implement it more rigorously than other EU signatories.
This was coupled with serious concern that increased environmental controls would have a detrimental effect on business and that, in particular, the emissions trading proposals being considered by the government and the Confederation of British Industry would become a bureaucratic nightmare.
Measures under consideration include a tax on carbon based fuel.
