Franky on Finance

Luxury carmaker Porsche said on today it planned to legally challenge London mayor Ken Livingstone’s decision to help fight global warming by taxing gas guzzling cars driving in the city centre.  Porsche said the £25 daily charge was unfair, would not cut emissions of carbon dioxide and would deter businesses from moving to the city.  Environmentalists lashed out at the Porsche move and called for even tougher measures against the most polluting cars in next month’s budget.  Announcing the plan last week Livingstone admitted that it would have little immediate effect on carbon emissions but said it would discourage people from driving polluting cars in the city centre and encourage manufacturers to make cleaner engines.  He said the new scheme would raise £30 million to £50 million a year and cover most of the cost of a major cycling initiative that will include a Paris-style roadside bicycle hire scheme in the city centre.