"The party has long claimed it will be able to make considerable government savings from entirely scrapping attempts by the government to reach net zero carbon emissions by 2050. The party's 2024 manifesto - which it called a "contract" - suggested it could save 30bn every year for the next 25 years by ending subsidies related to renewable power generation and emission reductions."
"Richard Tice, the party's deputy leader, told the BBC on Friday that the Office for Budget Responsibility (OBR), the Government's independent spending forecaster, now "agrees" with those figures. In its most recent Fiscal Risks and Stability Report from July 202 the OBR said the peak annual public sector investment cost of the Government's decarbonisation policy was 16.1bn in 2035, declining to 2.8bn in 2050. It added that the average annual cost over the 25 years would be 9.9bn, or 0.3% per cent of GDP."
Reform UK seeks to build on election momentum as Nigel Farage positions himself as a potential prime minister. The party asserts that abandoning net zero targets by 2050 could yield substantial government savings, with its 2024 manifesto claiming 30bn per year for 25 years from ending renewable and emissions-related subsidies. Richard Tice says the Office for Budget Responsibility now 'agrees' with those figures, but the OBR's report cites peak public investment of 16.1bn in 2035 falling to 2.8bn by 2050 and an average annual public investment cost of 9.9bn (0.3% of GDP). The OBR also attributes an average fiscal cost of 30bn largely to lost fuel duty receipts as drivers switch to electric vehicles, a cost that would remain unless fuel duty is replaced by a new road-use levy.
Read at www.bbc.com
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