{"id":261206,"date":"2023-06-08T11:11:44","date_gmt":"2023-06-08T09:11:44","guid":{"rendered":"https:\/\/climatescience.press\/?p=261206"},"modified":"2023-06-08T11:11:47","modified_gmt":"2023-06-08T09:11:47","slug":"labours-28-billion-a-year-green-energy-plan","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=261206","title":{"rendered":"Labour\u2019s \u00a328 Billion A Year Green Energy\u00a0Plan"},"content":{"rendered":"\n
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From NOT A LOT OF PEOPLE KNOW THAT<\/a><\/p>\n\n\n\n

By Paul Homewood<\/p>\n\n\n\n

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Labour\u2019s \u2018bonkers\u2019 green energy plans will drive up mortgage rates and make Britain more reliant on foreign oil and gas, ministers warned last night.<\/strong><\/em><\/p>\n\n\n\n


Treasury analysis suggests that the idea of investing \u00a328billion a year in tackling climate change could increase interest rates by 0.75 per cent, piling misery on millions of homeowners.<\/em><\/p>\n\n\n\n


The study said a rise of that level would see the standard interest payments on a \u00a3200,000 home loan go up by \u00a383 a month, almost \u00a31,000 a year.<\/em><\/p>\n\n\n\n


Quizzed about the proposals, Labour hinted the pledge could be scaled back, with a spokesman saying the final plan would be \u2018subject to our fiscal rules being met, which includes getting debt falling.\u2019<\/em><\/p>\n\n\n\n


The Treasury\u2019s analysis warns the unfunded spending would leave the Government and Bank of England \u2018pulling in opposite directions\u2019 over inflation.<\/em><\/p>\n\n\n\n


\u2018The Bank of England will offset looser fiscal policy with higher interest rates, weighing on the recovery,\u2019 it states.
\u2018If interest rates go significantly higher, it could cause financial and market stability risks that lead to a recession.\u2019
The green spending plan was announced in 2021 before global inflation took off \u2013 and interest rates followed. Senior Labour figures are debating whether it will have to be scaled back to reflect the more straitened economic circumstances.
The warning emerged as Keir Starmer came under fire from all sides over his move to halt new investment in North Sea oil and gas.<\/em><\/p>\n\n\n\n


The Labour leader faced criticism from both business and unions after confirming he would ban new extraction licences in the North Sea \u2013 a key demand of the campaign group Just Stop Oil.<\/em><\/p>\n\n\n\n


Offshore Energies UK, which represents the industry, warned the plan would see the UK\u2019s reliance on fossil fuel imports rise. And unions called on the Labour leader to adopt \u2018plans, not bans\u2019 amid fears for jobs.<\/em><\/p>\n\n\n\n


Sir Keir will try to placate the unions today by offering to strengthen their role if Labour wins power.<\/em><\/p>\n\n\n\n


In a speech to the GMB, he will say: \u2018Labour in government will work with unions. We will always see the fight for working people as our driving purpose. We will strengthen the role of trade unions in our society, and I want to see Amazon and businesses like it recognise unions.\u2019<\/em><\/p>\n\n\n\n


A Labour spokesman dismissed the Government\u2019s criticism of its \u2018Green Prosperity Plan\u2019, saying: \u2018Labour will invest in the long-term productive capacity of our economy, boosting growth and strengthening the public finances.
\u2018Delaying investment in the low-carbon transition will simply mean higher costs in future.\u2019<\/em><\/p>\n\n\n\n


But a Cabinet source described the Labour proposal as \u2018stark raving bonkers\u2019, and warned that it would increase carbon emissions and threaten energy security by making the UK more reliant on imports. David Whitehouse of Offshore Energies UK said it made no sense to halt investment in the North Sea while domestic demand for oil and gas remained high.<\/em><\/p>\n\n\n\n


\u2018In the UK today, 75 per cent of the energy \u2013 what drives our cars, our boilers, our energy \u2013 is from oil and gas,\u2019 he told BBC Radio 4\u2019s Today programme.<\/em><\/p>\n\n\n\n


\u2018We domestically produce about 50 per cent of that. If we choose now to eliminate further investment that means that 80 per cent will have to be imported by the end of the decade.<\/em><\/p>\n\n\n\n


\u2018That has real-world implications for our energy sector. It means choosing to import oil and gas from countries that do not share our climate goals, and it means exporting the jobs and skills we need to secure our energy transition.\u2019<\/em>
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