The Office for Budget Responsibility (OBR) was brutally blunt about the new Labour Budget last week. According to its assessment, it increases spending by £70 billion annually, partly funded through tax increases which raise £36 billion annually and push the tax take to a record 38% of GDP. The rest is funded by £32 billion more borrowing annually.
But I am only concerned here with their projected costs of ‘environmental levies’, aka subsidies for renewable energy, which are added to our energy bills.
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