This week we had new predictions that energy bills will rise even further next year as wholesale gas prices soar. Money expert, Martin Lewis, has warned that these soaring energy bills are at a crisis point, more help is needed. He also stated how without Government intervention, it will push people into making "some awful choices". And that is absolutely correct. Energy bills are rising 23 times faster than wages. This is going to have a devastating impact on so many hardworking people.
With energy firms, Centrica and Shell, just this week reporting record profits, Labour would take immediate action by cutting VAT on home energy bills. Unlike the Conservatives, our commitments are fully funded. We would pay for it by not going ahead with the government's investment allowance and by backdating the windfall tax money back to the very oil and gas companies making these excess profits.
Second, we would deliver the long-term plan for our energy security, which has been left weakened by a decade of failed Conservative energy policy. This means rapidly investing in the clean, home-grown, cheap forms of renewable and nuclear power that can cut bills. It is a scandal that the UK is not investing in onshore wind because Boris Johnson caved to his climate-denier backbenchers.
It also means a national warm homes plan to insulate as many homes as possible before next winter. Labour’s national homes upgrade plan would save households up to £400, cut gas imports, and create good jobs across the country.
We need more than sticking plasters. Labour’s Warm Homes Plan will insulate 19 million homes, save families £400 off their bills each year, and create the jobs needed to get our economy growing.
The cost of living crisis is leaving families more worried every day, but all we get from the Tories is chaos, distraction and unfunded fantasy economics. Only a Labour government will build the high wage, high growth, low and stable inflation economy we deserve.
