### [Why some markets are just garbage (FT)](https://ftalphaville.ft.com/2020/01/22/1579691840000/Why-some-markets-are-just-garbage-/)

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* **The UK government’s new waste and resource policy will reform existing producer responsibility schemes (PRS) to ensure the cost of waste management and recycling is shifted over to manufacturers and producers.**
* Under the current schemes (which apply to packaging waste, end-of-life vehicles, batteries, and accumulators waste) the producers only bear 10-15% of the total cost of waste management as minimum tonnage thresholds limit the number of obligated companies.
* One of the key issues with the current system is that costs are recouped through the sale of Packaging Recovery Notes (PRNs) for plastic and aluminum which trade on the open market at rates that are meant to reflect the throughput of recycled materials. 
* **Prices for aluminum and plastics PRNs have risen sharply following China’s ban on rubbish imports, yet still have not translated to an increase in recycling throughput**.

### Analysis and Comments
* **The proposal has still to survive the industry consultation process, where we expect criticism of both the complexity of the system & its ambition (targeting 65% recycling rate for municipal waste by 2035)**
* **Current recycling rates are at c. 46%, and progress is slow (it was 45% in 2016)**
* Analysts also worry about the “law of unintended consequences” – the high charges imposed to reduce waste taken to landfills have increased “fly tipping”
* It is estimated that “serious & organised waste crime is now costing the UK economy at least £600m pa. 







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