Thinktank Proposes Subsidised Energy for All UK Households
The New Economics Foundation (NEF) has proposed a policy where all UK households receive a minimum amount of subsidised energy to cover essential needs like heating two rooms, hot water, and running key appliances. Funded by approximately £4.5bn in North Sea windfall taxes, this measure aims to freeze prices at current levels for the first tranche of energy usage. The proposal seeks to protect vulnerable consumers from rising bills caused by volatile global oil prices, exacerbated by the ongoing conflict involving Iran, while ensuring wealthier households remain exposed to market rates. NEF argues that taxing fossil fuel giants' profits can prevent millions from falling into debt, citing similar successful implementations in countries like Japan and several European nations during previous energy crises.
Wire timeline
Thinktank Proposes Subsidised Energy for All UK Households
The New Economics Foundation (NEF) has proposed a policy where all UK households receive a minimum amount of subsidised energy to cover essential needs like heating two rooms, hot water, and running key appliances. Funded by approximately £4.5bn in North Sea windfall taxes, this measure aims to freeze prices at current levels for the first tranche of energy usage. The proposal seeks to protect vulnerable consumers from rising bills caused by volatile global oil prices, exacerbated by the ongoing conflict involving Iran, while ensuring wealthier households remain exposed to market rates. NEF argues that taxing fossil fuel giants' profits can prevent millions from falling into debt, citing similar successful implementations in countries like Japan and several European nations during previous energy crises.
The Guardian