In October 2018, the UK’s finance minister Philip Hammond announced a tax on plastic packaging which does not reach a minimum 30% threshold of recycled content. This tax will be introduced by April 2022. At just under three years away, small and medium sized enterprises should plan to introduce changes sooner rather than later. There is a great opportunity to move the introduction of these changes forward rather than when it becomes mandatory to do so, as businesses can display their sustainability commitments to their consumers before this becomes the norm.
Enterprises should be keen of trends like these to take advantage of leaping onto this agenda sooner rather than later, as it will be easier to differentiate the company’s corporate social responsibility from other companies. While this tax will be set to mainly affect suppliers and manufacturers rather than retailers, even retailers can jump on this trend. Retailers will still be burdened with any price hikes that result from a failure to switch to a more sustainable source of packaging.
Coffee shops too should be conscious of this and should evaluate the costs of switching to more environmentally friendly cups, lids and straws.