Tags: Climate Change, European Union, green energy, nuclear energy, Public finance, Subsidies, Taxation, United Kingdom
What a waste of money
Published on May 21st, 2012
Written by: Cameron Slater
Riddle me this:
The carbon floor price is aimed at ensuring Britain complies with European emissions–trading rules.
However, the policy has been criticised as ineffective and unfair, because companies elsewhere in the EU will not face a floor price.
Official projections suggest that much of the floor price charge to UK companies will actually be paid by consumers as firms recoup their costs through higher bills.
The Treasury has estimated the floor price will raise £1.4 billion by 2015–16.
At least 40 per cent of that bill is expected to be paid by households, a total cost of £560million.
Treasury estimates have suggested that the floor price floor price would add as much as six per cent to household electricity bills, an additional £25 for the average family.
Mr Davey said Liberal Democrats did not support an expansion in nuclear energy in the party’s last election manifesto, mainly due to “huge worries about the cost”.
He said: “I am determined that there will be no public subsidy for new nuclear.”
So the average pommy bastards power bill goes up by 6% to subsidise “green energy” but the greenest energy of all, nuclear power, is not allowed to have any subsidies?