Prices could drop by a third if the coalition changes its costly policies
AT YESTERDAY’S energy price summit, David Cameron pledged that he would do whatever he could to bring down the spiralling cost of energy bills. There is only one problem: the coalition’s own costly green energy policies, which threaten to raise energy prices even further in coming years.
David Cameron’s energy advisers recently warned him of a 30 per cent rise in consumer energy bills by 2020 as a direct result of the coalition’s policies. A Deutsche Bank report last week said that a quarter of UK households would be driven into fuel poverty by 2015.
Britain’s industrial electricity prices are already among the highest of any major economy. One of the reasons: Britain has the most aggressive decarbonisation target in the world, a legally binding 80 per cent reduction of CO2 emissions by 2050. A unique and unilateral burden on our business sector and economy.
By obliging power companies to buy more expensive, renewable energy, our green levies have significantly inflated our power bills.
In response to a growing public backlash, George Osborne has promised that the government will not cut CO2 emissions faster than other countries in Europe.