Could ‘Brexit’ lead to increased energy bills?

Could ‘Brexit’ lead to increased energy bills?

For many it is becoming a real challenge to decipher whether leaving the EU would help or hinder the UK’s progress. We tend to look at every fact or statistic with an inquisitive but sceptical eye. Who do we believe and are the figures quoted hard fact or pie in the European sky? Euro BREXIT Union Jack Flag Northern Energy Energy secretary, Amber Rudd, claims that a ‘Leave’ vote in the impending EU referendum would add a staggering £500 million to energy bills in the UK. However when recently questioned by the BBC, Amber Rudd admitted this was an uncertain figure. The economists who produced the £500 million figure said that the cost of leaving the EU’s internal energy market could be “up to” £500 million. The impact of this would obviously be passed down from suppliers to their customers. But if we look at the example of Norway, despite not being an EU member, it still takes advantage of the EU’s energy market. Members of the Leave campaign argue that leaving the EU will allow the UK to drop some of its green targets. The EU has set targets for the UK to lower emission levels or face hefty fines. Every day the harmful levels remain above the desired target the UK will be paying out millions of pounds. A percentage of our energy bills go toward green investment and by leaving the EU we wouldn’t have to pay towards this. But although saving money by exiting, by removing EU green targets we will continue to have an unfavourable impact on the environment. National Grid said it wasn't expressing an opinion either way about the UK's future in the EU but would help to inform the debate by providing maximum evidence about different scenarios.

And the survey said...

A recent survey found that most households couldn't see a clear enough argument either way on whether they would benefit from an exit. 73% of the 6000 people surveyed by website comparethemarket.com felt that neither side had “communicated effectively the financial benefits to households in their arguments”. When asked about which household bills people thought would be most affected by a vote to leave, groceries was the front runner with petrol and diesel fuel in joint second with energy. 40% of those surveyed thought that they would be financially better off remaining in the Union whilst 30% that they would be better off out. Director of insurance at comparethemarket.com, Simon McCulloch, said: “Our research reveals just how much people could be swayed by either campaign group if they are able to communicate effectively how the outcome will benefit or harm household finances. “In particular, the impact on the cost of holidays, energy and insurance seems to be a major consideration.” For more industry-based news please click here.