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.
Share this..
Related stories
Greek Parliament Passes Crucial Bailout Reforms
23/07/2015 The Greek parliament voted to approve a second set of crucial reforms last night in order to take another step towards securing an €86bn bailout from their European creditors. The debate over whether to accept reforms has divided opinion in Greece, with last nights parliamentary debate lasting until 04:00am (local time). Thousands of protestors demonstrated outside parliament...
Read MorePocket money drains parental pockets
Children's pocket money has risen by 600 per cent over the last 20 years according to a survey by Halifax.The survey revealed that children receive an average £8.01 per week in pocket money, seven times more than the 1987 average of £1.13 - increasing at six times the rate of inflation.Mike Regnier, head of savings at Halifax, said: "Part of the increase may be explained by changing tastes and t...
Read MoreWhy is the London property market so strong?
A number of property experts have released their forecasts for 2010 with some suggesting that the London property market, i.e. central London, will again be the strongest in the UK during 2010 and will bounce back harder and faster than any other area of the market. Some people are even suggesting that London property prices will hit pre-credit crunch highs in 2010, which would indicate the London...
Read MoreIs the UK savings market is showing signs of life?
The last few days have seen a number of potentially interesting savings schemes released into the UK market with a 4.75% fixed-rate three-year scheme from Close Brothers, a 3.15% instant access scheme from Birmingham Midshires with a number of 4% plus interest rate opportunities rumoured to be on the way. So is the UK savings market starting to turn?
In order to get a feel for the U...
US Federal Reserve unlikely to raise interest rates
The US Federal Reserve has confirmed there are no plans to increase US interest rates in the short to medium term even though there are signs of recovery in the US economy. It would appear that the $1 trillion injection into the economy is starting to have an impact although with inflation under control and the unemployment market yet to respond positively to renewed economic activity, the Fed has...
Read More