Ditching fossil fuels will cost Britain £1.4TRILLION by 2050

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DECARBONISING Britain by 2050 will cost £1.4trillion — the equivalent of £50,000 a household.

Tearing out gas boilers, cleaning up industry and switching to electric cars will all carry big price tags, a shock Treasury watchdog report warns.

Mr Sunak would have to impose carbon taxes to make up for the loss of fuel duty and other hits to its ­coffers when fossil fuels are ditched

Chancellor Rishi Sunak would have to impose carbon taxes to make up for the loss of fuel duty and other hits to its ­coffers when fossil fuels are ditched, the 242-page Office for Budget Responsibility study predicted.

Boris Johnson has vowed to reach Net Zero emissions by 2050 in a global bid to halt climate change.

But the OBR forecasts the bill will be £1.408trillion over 30 years — or £50,647 for every UK home.

The OBR reckons the state will have to find £344billion towards the cost.

Yet it insisted a large chunk of the bill — £1.086trillion — will be ­covered by savings as cars and homes become more energy efficient and cheaper to run.

That would mean a typical household playing £11,583 in three decades.

But the OBR warned doing nothing on climate change would have “catastrophic economic consequences”.

Floods and other extreme weather disasters would wreak economic damage.

A scramble for resources globally might also spark war and mass migration that could harm Britain.

And the OBR said that acting sooner rather than later would be more cost-effective in the long run.

Did you miss our previous article…
https://www.hellofaread.com/politics/border-patrols-will-storm-migrant-dinghies-and-seize-small-boats-to-stop-evil-people-smugglers-under-new-powers/