The change announced in the Government's Spending Review is simple: revenues raised by the CRC's annual allowance sales to participants will not be repaid to participants. Instead they will go to the Treasury. In its original format, the CRC was revenue neutral. Unless you are able to pass the cost of purchasing allowances on to others (which is something that landlords are exploring), the CRC now represents an additional financial burden. This announcement radically changes the nature of the CRC.