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(Reuters) – British Finance Minister Rishi Sunak is planning for a UK-wide carbon tax that could raise billions of pounds while encouraging the drive towards net-zero emissions, The Times reported on Friday.

© Reuters/TOBY MELVILLE Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London

Sunak is seeking to replace existing EU carbon-reduction schemes with the new tax when the transition period finishes at the end of the year, the report added.

Government officials are also looking at longer-term proposals to extend the tax to other areas including domestic gas and agriculture, which could raise more than 25 billion pounds by 2030, the newspaper said.

(Reporting by Aakriti Bhalla in Bengaluru; Editing by Jacqueline Wong)