Labour Party announces plan to save £1bn a year on domestic energy bills

The Party said it would spend an annual £2.3 billion on insulating inefficient housing across the country

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The Labour Party has announced plans to invest £2.3 billion annually to help UK households save more than £1 billion a year on energy bills.

Shadow Business Secretary Rebecca Long-Bailey said four million homes would see their bills slashed by at least £270 per year through the funding of ‘street-by-street’ domestic insulation schemes.

She added these households would be brought up to a minimum standard of Energy Performance Certificate (EPC) Band C within a parliamentary term.

Labour said the investment would fully cover the cost of insulation for low income homeowners and for all social housing across the country.

The Party also plans to tighten regulation of privately rented homes, blocking poorly insulated homes from being rented out.

Ms Long-Bailey said: “Our ambitious insulation plan will see the next Labour government take real action against fuel poverty, making homes cheaper to heat, improving people’s health by improving our housing, creating new jobs and reducing carbon emissions.

“This is part of our plan to fix our broken energy system by capping energy bills and radically reform our broken energy market. By creating publicly owned, locally accountable energy companies and cooperatives to rival existing private energy suppliers this will make a real difference to people’s lives.”

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