Multinational plastics recycling business MBA Polymers has said the Government should suspend VAT on recycled plastics to stimulate investment.
Speaking at The Future of Recycling – The Challenge for Plastics event held in Parliament, MBA Polymers chief executive Nigel Hunton said that suspending or at least reducing VAT on secondary plastics used in new products would accelerate the use of recycled plastics.
He added: “Plastics recycling is a big opportunity for UK plc. We currently lie behind leading European countries in terms of the recycling rates of post-consumer plastic waste and in 2011 the UK performance was just over 20 per cent. Sweden, Norway, Germany and France were all above us.
“The UK can become a world leader in this sector, but we can only do that by changing some of our approach. Recycled plastics are a resource – not a waste product. There is the potential for major environmental and economic benefit such as attracting new jobs and investment to the UK, reducing our dependence on foreign oil and providing a competitive advantage for the UK through green marketing and innovative technology.”
He also called for the export of plastic waste to have vigorous enforcement and checking and auditing of overseas plastic waste reprocessors.