The Net Zero strategy is ready to hit your wallet – but it won’t fall uniformly on all Brits

0


Boris Johnson has finally unveiled his strategy for the UK to achieve net zero carbon emissions by 2050.

The plan to make Britain green shows how the prevention of climate disasters will have a profound impact on people’s lives.

From the car you drive to the house you live in, the next decade will be marked by profound changes.

So how exactly will this affect you? And how much can it all cost?

Here is what we know.

Electric cars are expensive – and you’ll have to buy one

The government has pledged to end the sale of new gasoline and diesel cars by 2030.
While you don’t have to scrap your old car, an electric car currently costs between £ 20,000 and £ 45,000.

What help, if any, people will have from the government to upgrade is not yet clear.

An electric car being charged
(

Picture:

Vanarama)


Ministers recognize that most low-income households do not buy new cars. However, the Treasury cannot predict what the market for used electric cars will look like, “given that this is a new market”.

So that could mean low income motorists are left with loans to replace their gasoline or diesel cars. Or not having a car at all.

Your mortgage could cost more

Ministers are evaluating plans to link mortgages to ecological home improvements by imposing targets on lenders.

The radical reform of the housing market would aim to push people to pay to decarbonize old houses.

But the reader could put costs on poorer families who might struggle to afford the upgrades needed to get a cheaper mortgage.

You can check and dispute your council tax bracket online
(

Picture:

Press Association / PA)


It could mean that people find it difficult to sell older, less energy-efficient homes, such as massive townhouses or large family homes.

Sarah Coles, personal finance analyst at Hargreaves Lansdown, also said that while lower energy bills can offset some people’s costs, some homes will cost more to upgrade.

Additional charge for single-use items – not just plastic

Remember the introduction of the 10 pence charge for transport bags?

Well, now similar charges could be laid for all kinds of items you once used as part of a government crackdown on ‘throwaway culture’.

This will include a whole host of things, from coffee stirrers and straws to paper cups.

It is hoped that the fees will encourage consumers to use more durable items, after the plastic bag fee slashed sales at major supermarkets by 95%.

Taxes will go up

Exactly which taxes will increase and when remains unknown, but whether they will increase is a dead cert.

The Treasury document accompanying the government’s net zero plan is set out in black and white.

“Overall, a combination of taxation, regulation, spending and other enabling levers will be needed,” he says.

On the one hand, moving away from fossil fuels will drive a £ 37billion hole in the UK budget due to the loss of fuel tax and vehicle excise and, for now , the Treasury has not seen how it will compensate for the shortfall.

Buy a new boiler

The net zero plan says gas boilers in new homes will be banned from 2025 and that by 2050 all homes should be heated with a low-carbon alternative to polluting gas.

This will mean, in most cases, people will switch to heat pumps and government grants of £ 5,000.

While ministers are not yet forcing people to ditch their gas boilers, they are shifting the levies on energy bills from electricity supply to gas, which means that if you rely heavily on gas, your bill will increase (by around £ 159).


Read more


Read more


Leave A Reply

Your email address will not be published.