HOUSEHOLDS face a net zero bill of £6,070 every year until 2050 despite Rishi Sunak’s green slowdown, it was claimed last night.
A study reveals the price tag could be more than triple official estimates and hit £4.5trillion — 12 times the cost of Covid.
Households face net zero bill of £6,070 every year until 2050, it has been claimed[/caption]
Report author Ewen Stewart says the public is “left in the dark” over the true cost which could plunge the UK into a financial meltdown.
The economist warned: “The UK’s approach is legally enforcing with little regard to the wider economic and societal impacts.”
The report by the Civitas think tank claims that the independent Climate Change Committee has vastly under- estimated costings.
It says the realistic cost of power generation, which includes doubling electricity output, will be £883billion plus £639bn in financing costs.
The original forecast was £334bn.
The committee had put the cost of achieving carbon neutrality for domestic transport at £331bn — but that now could be as high as £455bn.
This takes into account the impact of reduced employment in the automotive industry at an estimated £95bn, as well as £28bn for every home getting electric charging points.
Civitas says making domestic and non-residential properties carbon neutral will cost £750bn rather than the early estimate of £360bn.
Average annual grocery bills will rise to £4,273 up from £3,234 as agriculture — which represents ten per cent of the UK’s carbon emissions — will require major changes in farming and food production.
Tory MP Craig Mackinlay, of the Net Zero Scrutiny Group, last night slammed the “unimaginable costs”.
He said: “The UK contributes just one per cent of global CO2. I’d recommend we start repealing much of the lunatic legislation which underpins this fairy story.”