two20

My plan in 2022 was to lower the cost of domestic energy in Britain (relative to the international market) by: - abolishing windfall tax on North Sea - licensing new North Sea production - allowing fracking - abolishing green taxes and subsidies This would have lowered Britain's domestic energy costs relative to the international market. At the same time we would guarantee that energy bills would not go above £2,500 - recognising the prior state failure in ensuring security of energy and the necessity of energy for the economy. Because this only paid out when energy prices were high- its cost would be quickly reduced/eliminated by falling domestic energy prices thanks to supply side policy. Needless to say the Treasury was unable/unwilling to model this and the policy was missrepresented by the media who simply don't understand this stuff. My successors continued with the price guarantee but failed to implement the supply side measures. Thus we are back to square one. It's still the right policy.