Treasury accused of ‘shocking errors’ in £1tn net-zero economic forecast

Chancellor Phillip Hammond has triggered a backlash from green groups after telling Downing Street that introducing policies to reach carbon neutrality by 2050 would cost over £1tn.

In a letter to prime minister Theresa May seen by the Financial Times, Hammond says that the figure is based on estimates made by the Department for Business, Energy and Industrial Strategy, which has forecast the annual costs of a net-zero transition as £70bn a year. That is substantially higher than the £50bn annual costs projected by the Committee on Climate Change, the government’s climate advisers.

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