Why Labour’s silly energy policy is smart politics
The limits of technocracy
Labour’s energy policy is a technocrat’s worst nightmare. Sir Keir Starmer’s party this week pledged to cap soaring annual average energy bills at £1,971 ($2,380) for the typical household, with the state paying the rest. At £29bn, or 1.3% of gdp, this promise is very expensive. Since energy prices are not likely to come down any time soon, the cost could double if the cap is extended beyond 2023. The policy is also badly targeted. Around £6bn will be spent on the top fifth of earners, who find the prospect of a £4,000 energy bill annoying but not impossible. It ignores businesses, which face astronomical bills.
This article appeared in the Britain section of the print edition under the headline “The limits of technocracy”
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