Far from saving money, Reform’s plans to scrap net zero would deter private investment that is already committed and cost more in the long-run. Proof, if it were needed, that Nigel Farage’s party has abandoned all pretence at economic credibility, says Sam Hall

With his announcements on benefits this week, Nigel Farage has abandoned any pretence of economic credibility. By restoring the winter fuel payment in full and expanding access to child tax credits without a credible plan to fund the extra spending he is playing fast and loose with the stability of the UK economy.

His main proposal to pay for higher welfare spending is through scrapping net zero. But the potential savings, which he claims are worth £45bn a year, simply do not exist.

Most of the purported £45bn cost of net zero is not taxpayer money, but private investment in new energy and transport infrastructure. The Institute for Government, which wrote the report that Reform’s numbers are based on, has already issued a statement to this effect.

This money belongs to the private sector and cannot be hived off by the Chancellor to fund day-to-day welfare spending.

© City A.M.