Calculations made by HM Treasury of the cost of net zero have been labelled “slightly disturbing” by former leader of the Labour Party and co-chair of IPPR’s Environmental Justice Commission, Ed Miliband.
The UK’s transition towards a net zero economy will cost the country more than £1 trillion, 40% more than the Committee on Climate Change has suggested, HM Treasury has claimed.
Recent cuts to the grants available for the purchase of electric vehicles are intended to move the sector away from “buyer subsidy”, according to energy and clean growth minister Claire Perry.
A cross-party group of MPs has piled pressure onto the government to use next week’s budget to implement greater tax incentives for electric vehicles just days after lobbyists for the automotive and green sectors did the same.