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Are you ready to pay £200 a year extra for green energy?

The stark admission by Ed Miliband, the UK energy secretary, that UK energy bills will rise by an average of £200 a year as the UK looks to bring in more renewable energy is sure to catch the eye of many. Claiming that "no matter which route we go down" Mr Miliband has warned UK consumers and businesses that energy costs are certain to rise in the short to medium term.

The UK government has already signed up to a carbon reduction programme which will see an 80% reduction in carbon emissions between 1990 and 2050 with up to £100 billion spent on renewable energy by 2020. At a time when many in the UK are struggling to make ends meet the government is set to introduce a 20% tariff on the average energy bill to cover the £100 billion investment programme.

It seems that the UK government has acted on behalf of UK consumers in signing up to a program which will increase energy costs by 20% a year for the foreseeable future. History has shown us that even in periods of short-term fundraising it is highly unlikely that energy bills will fall after the initial fundraising period is over. So the UK consumer and UK businesses need to get themselves ready for a significant increase in energy bills, aside from any future increase in the price of oil or other commodities.

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