Latest research from the Renewable Energy Foundation won’t pour any cold water over Labour’s civil war on net zero. According to the study, subsidies for renewable energy sources such as solar power and wind farms have added around £280 to household energy bills a year. The research shows that from 2002-2024, renewable electricity subsidy schemes have amounted to around £220 billion. It finds green energy subsidies now account for about 40% of the total cost of electricity supply in the UK…
John Constable, REF’s director, said: “Renewables subsidies are now costing £25.8 billion per year – or over £900 per household annually – about one third of which, £280, will hit the average domestic electricity bill directly.” The rest impacts households through general cost of living increases. The report concludes:
“There can be little doubt that renewable electricity subsidies are a significant factor in the cost of living crisis and are very likely to be an important element underlying the weak growth in productivity in the UK economy since the financial crisis of 2008.”
Meanwhile, Ed Miliband still can’t say whether energy bills will come down for households by making the UK a ‘green energy superpower’ – Labour’s promise to bring down bills by £300 has already gone out the window. Unhelpful for Red Ed’s shaky position…
Speaking to Sky News off the back of Rachel Reeves’ Air Passenger Duty hike, Ryanair chief executive Michael O’Leary said:
“Labour is dependent on those Red Wall seats, and yet every move she makes poisons economic growth and damages the UK’s recovery… it’s the Chancellor who stumbles from policy misstep to policy misstep… I think her policy decisions are incredibly stupid.”