The new law requires a similar phased reduction in emissions from big industrial polluters starting in 2012.

ECONOMIST: Going deeper green

Assume, as many now expect, that Mr Osborne announces a phased reduction in the top rate of income tax from 50p to 45p, starting in April 2013.

BBC: Budget 2012: A big debate about small numbers

First, it wants, as noted, to establish a tax-funded universal entitlement to basic living income (set at JPY 70, 000 a month, up from the current JPY 66, 000) for all elderly and retired persons, with, however, a phased reduction and final elimination of the entitlement in relation to pension benefits being received from pension plans into which had previously contributed premiums (i.e, the current system).

FORBES: Work Begins on Reforming the National Pension (3)