Theresa May’s “cap” on energy saves £1.4 billion a year; this will be dwarfed by the additional £7.4 billion a year due to be added to our energy bills under the Climate Change Act.
I would defy anyone unfortunate enough to hear the Today programme at 8.10 last Tuesday morning to have made head or tail of an interview in which our Business Secretary, Greg Clark, droned on for 10 minutes with Justin Webb about the Tories’ promise of a “cap” on energy bills. The essence of this flood of deathly jargon was that, thanks to something called the Competition and Markets Authority, this could save 17 million households a total of £1.4 billion a year.
What Clark and Webb never mentioned, of course, were the figures recently published by the Office for Budget Responsibility, showing the soaring cost of those green subsidies and taxes we all pay for through our energy bills. These are officially projected to more than double by the end of this Parliament, from £7.3 billion last year to £14.7 billion, or from £292 a year for each household to £565.
In other words, even if Theresa May’s “cap” on energy saves £1.4 billion a year, this will be dwarfed by the additional £7.4 billion a year due to be added to our bills under the Climate Change Act.
But if you ask any candidates in this make-believe election what they think of those figures, almost certainly they will never have heard of them. If they come to your door, try it.