Energy & Climate
A wealth tax for the richest 0.1%
£130bn National Renewal Tax on the super-rich could insulate all draughty UK homes, fund free bus travel, green jobs and more, new report finds.
15 October 2024
The cost-of-living crisis is still the most pressing issue facing the country, with 90% of respondents concerned about rising energy prices, according to a new survey by Opinium.
Nine in 10 (88%) identified energy bills as the top priority for the government to help reduce household expenses, ahead of supermarket prices and mortgage and rent costs.
The UK’s net zero ambitions remain popular, but public support is at risk.
While more than twice as many people support net zero than don’t (43% compared with 20%), seven out of 10 supporters (71%) said their backing hinges on energy prices not rising.
Lower bills would boost public support for net zero even among sceptics. A staggering 65% of people who currently oppose net zero would reconsider their position if the policy led to lower bills.
‘British people support net zero, but not if bills rise. We need to reform the market urgently to maintain public backing for cutting emissions.
‘Clean energy can be cheaper to generate, but our outdated market means consumers don’t benefit.
‘Billpayers are forking out billions to switch off wind farms on windy days while households and industry struggle with high bills – instead of enjoying cheaper energy.
‘A modern market could save tens of billions over the next 15 years.’
GREG JACKSON
Founder of Octopus Energy
The UK has among the highest electricity prices in Europe, with household electricity costing almost 25p per kilowatt-hour.
Due to the outdated UK energy system, which relies on a single national price for energy, households pay millions each month to shut down Scottish wind farms when it’s windy and turn on gas power stations in southern England instead.
£130bn National Renewal Tax on the super-rich could insulate all draughty UK homes, fund free bus travel, green jobs and more, new report finds.
New Great British Energy partnership launched ‘to turbocharge energy independence’.
Government failure on insulation and heat pumps could cost bill payers £1,800 a year.
Octopus Energy’s Becky Boulton on the world-first partnership to build zero-emission homes – with zero energy bills.
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