Iceland boss Richard Walker has warned of a potential seven-times rise for consumers in the cost of CO2, saying that the price of carbon dioxide 2 will go "from ￡200 a tonne to ￡1500 a tonne”. The warning came after No.10’s deal with a US company to restart production in the UK, paying five times more for CO2 as a result of the sharp rise in gas prices.

       Speaking to BBC Newscast, Iceland boss Richard Walker said: “I've heard that the price of co2 will go from ￡200 a tonne to ￡1500 a tonne.

       “That's a big increase.

       “So even if it is fairly minimal in terms of the overall cost, it will have an impact

       “And if it was just that in isolation, I'm sure we could manage it, you know, swallow it ourselves or whatever.

       He continued: “But of course it's everything else that's coming as well.

       “I suppose my frustration is that the government tends to act in a silo with a lot of these different decisions.

       “And no one is kind of taking a step back and looking at the compounded impact to the business of all of these different issues

       “Environmental taxes, as you know, I've written a book on it, I'm a big environmentalist."

       The British food industry will be forced to pay five times more for carbon dioxide.