""The whole of the government, including the chancellor, understand that we face an affordability crisis in this country. "We face a cost-of-living crisis, a longstanding cost-of-living crisis, that we need to address as a government. We also face difficult fiscal circumstances... so obviously we're looking at all of these issues.""
""There is only one route to get bills down, which is to go for clean power, home-grown, clean energy, that we control, so we're not at the behest of the petrol states and the dictators.""
The government is considering scrapping the 5% VAT on domestic energy bills as part of measures to address an affordability and cost-of-living crisis. Policy options will be weighed against difficult fiscal circumstances ahead of the chancellor's Budget. A commitment exists to lower average household bills by £300 per year by 2030. High energy bills are linked to dependence on fossil fuels, and a transition to home-grown clean power is presented as the route to lower costs and reduce reliance on foreign suppliers. Scrapping the VAT would save the average household about £86 annually and cost an estimated £2.5bn per year. Energy prices surged in 2021 after Russia's invasion of Ukraine and remain historically high; Ofgem's price cap rose 2% this month, affecting millions of households.
Read at www.bbc.com
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