Cost of Net Zero to Rocket After Budget

Reeves says energy bills will be £150 lower. But don’t be fooled

Rachel Reeves has announced that energy bills will be £150 lower as a direct result of her Budget.

Don’t be fooled!

Two thirds of the so-called saving will be funded by switching about £6 billion of renewable subsidies from energy bills onto general taxation. Currently the total cost of what are known as Renewables Obligation subsidies is over £8 billion a year. One way or another, we will still all have to pay for these subsidies, whether through bills or taxes.