The OBR is very explicit about the new budget!!
Spending up by £70 billion (so much for “black holes”!), tax up by £36 billion and borrowing by £32 billion.
But the bit we are concerned with is their updated projections for Environmental Levies, aka subsidies for renewable energy.
This is their new version:
https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/
However, they have not counted Feed in Tariffs again, which are subsidies for renewable energy and do add to our energy bills. They used to count these every year, but for no good reason were excluded a few years ago. They also included Warm Home Discount, which is assistance for low income groups, and therefore should not be included.
Finally they show the Climate Change Levy elsewhere. As this is also added to energy bills for non-domestic users, these should be counted as Environmental Levies too.
Making all of these changes, we get the following:
| £ billion | |||||||
| Outturn | Forecast | ||||||
| 2023-24 | 2024-25 | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 | |
| Renewables obligation | 7.6 | 7.8 | 8.2 | 8.5 | 6.8 | 6.9 | 6.9 |
| Contracts for difference | 1.8 | 2.3 | 2.2 | 2.8 | 2.7 | 2.6 | 3.1 |
| Capacity market1 | 0.0 | 1.3 | 1.8 | 3.2 | 4.0 | 4.0 | 4.1 |
| Green gas levy1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 |
| Feed in Tariffs | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
| Environmental levies | 11.2 | 13.1 | 14.0 | 16.3 | 15.4 | 15.4 | 15.9 |
| Memo: Expenditure on renewable heat incentive (RHI) | 1.2 | 1.2 | 1.2 | 1.3 | 1.3 | 1.3 | 1.3 |
| Memo: Climate Change Levy | 1.9 | 1.9 | 1.9 | 1.8 | 1.8 | 1.7 | 1.8 |
| TOTAL | 14.2 | 16.2 | 17.1 | 19.4 | 18.4 | 18.4 | 18.9 |
| At March 2024 | 16.3 | 16.9 | 18.6 | 16.3 | 15.6 | ||
It is noticeable that Levy costs sharply rise, in comparison to the March 2024 budget, from 2026/27. This is mainly due to higher CfD subsidies, thanks to Mad Miliband’s latest auction round. Also Capacity Market payments are projected to rise, as reliance on intermittent renewables increases and Labour’s 2030 deadline nears.
It is also worth bearing in mind that levies in 2026/27 will be £5.2 billion more than last year. Labour’s promise to cut energy bills was always a lie; now the OBR have confirmed that, far from cutting bills, Labour’s Net Zero policies will increase them substantially.
And between this year and 2029/30, total levies will amount to £108.4 billion.
Let that number sink in! It’s equivalent to over £4000 for every household in the country.
This article (Environmental Levies To Cost £108 Billion By 2029/30) was created and published by Not A Lot Of People Know That and is republished here under “Fair Use” with attribution to the author Paul Homewood
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Leave a Reply