By Paul Homewood
It’s amazing the things you find when you’re not looking for them!
I found this gem hidden away in one of the OBR’s spreadsheets for the October 2021 Economic & Fiscal Outlook:
Over the full period of 2020 to 2050, the total public spend on Net Zero is as high as £573.1 bn. The Low /High Share scenarios simply reflect what proportion of the cost the government will pay as opposed to the public. It does not alter what we will have to pay in total terms, whether via tax or private spending.
Just focussing on the next few years, the High Share comes to a frightening £138.8 billion by 2030, on top of what we have all paid out up to now.
And this public spending is only the tip of the iceberg, as the next OBR page shows.
By 2050 the impact of Net Zero public spending is projected to increase public sector debt by 11.8% of GDP. But on top of this will come an extra 22.4% of debt resulting from indirect effects and debt interest.
In other words, that figure of £573 bn above is probably only a third of the true cost to the public sector. Meanwhile, as already noted, the private sector will also have to pay out much more in the quest for Net Zero.
via NOT A LOT OF PEOPLE KNOW THAT
November 24, 2022