Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Department has made of the potential costs to households during the transition to net zero.

HM Treasury has considered the possible exposure of households and business to the transition in the Net Zero Review. The report highlights that quantifying the thirty-year transition to net zero is challenging and highly speculative. The eventual impact will ultimately be determined by a variety of factors, including future technology costs and choices, efficiency gains, wider economic impacts and the choices of future governments over the next thirty years

The CCC in their advice to Parliament, and OBR in their Fiscal Risk Report, have made some assessments on the additional investment required across the economy. Both are clear that the cost of inaction against climate change outweigh the costs of action. In our Net Zero Strategy we have set out an ambitious set of policies that will help businesses and consumers to move to clean power in an affordable way, supporting hundreds of thousands of well-paid jobs and leveraging up to £90 billion of private investment by 2030.