No 10 denies claim by chancellor that emissions target will cost UK £1tn

(The Guardian, 6 Jun 2019) Philip Hammond said reaching net zero target would mean less money for schools and hospitals.

Downing Street has shot down claims made by the chancellor, Philip Hammond, that tackling the climate crisis would cost £1tn and require spending cuts for schools, hospitals and the police force.

No 10 said plans to create a net zero carbon economy would cost no more than the UK’s existing plans to reduce greenhouse gas emissions.

The firm response will be seen as a rare rebuke for Hammond, who warned Theresa May that reducing greenhouse gas emissions to net zero could cost the country £1tn and lead to industries becoming “economically uncompetitive” without government subsidies.

In a letter to the prime minister, Hammond said the proposed 2050 net zero target – one of the most far-reaching proposed in the world – would mean less money for schools, the NHS and police forces, the Financial Times reported.

Downing Street said analysis from the Committee on Climate Change (CCC) showed that the cost of a net zero carbon economy would “fall within our existing spending plans”.

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The Guardian, 6 Jun 2019: No 10 denies claim by chancellor that emissions target will cost UK £1tn