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Government urged to launch National Energy Guarantee

The government‘s support for energy bills has “failed” households and by April 2024 even the existing “inadequate” support will be gone, leaving bills potentially 70% above pre-crisis levels.

That’s according to the think tank New Economics Foundation, which proposes a new scheme – a ‘national energy guarantee’ – that protects essential energy needs at a low cost, while applying a premium to higher usage.

This system will benefit all households, with a safety net placed under their essential energy needs, and the premium price acting as an incentive for domestic investment in energy efficiency and renewables, NEF has said.

The proposal involves two or three price tiers, with a minimum allocation of energy priced at 50% below pre-crisis levels, allowances and a social tariff to protect low-income households.

Experts have said this proposal can deliver highly progressive and targeted outcomes, with the poorest 30% of the population seeing the largest gains.

They note that the scheme is a more efficient and effective way of delivering government support where needed, with a similar cost to recent windfall taxes on energy producers.

The think tank believes that urgent reform is needed to the UK’s energy billing system and sustained financial support to households facing fuel poverty.

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