Tim Newark

Political Commentator

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THE true cost of Ed Miliband’s misguided net-zero project is way higher than the official figure of £7.6trillion, a report has revealed.

Alarming analysis by the Institute of Economic Affairs shows that the already eye-watering figure is misleadingly low — being closer to £9tn and making it one of the most expensive government policies in British history.

With next to no democratic debate about it, net zero is aimed primarily at middle-class voters with the burden of costs falling on working people.

The cost of decarbonising British energy is a heavy one in both cash and jobs.

It has triggered the deindustrialisation of our country with many high-energy traditional industries leaving our shores.

Furthermore, new industries such as AI are being discouraged from investing in the UK thanks to the highest electricity costs in the world — a staggering five times more than in the US.

One of our great international success stories is the chemicals giant Ineos, but in the UK it is struggling under the high cost of energy with its Grangemouth oil refinery recently forced to shut down after 100 years in business, with the loss of about 400 jobs.