Cutting UK emissions to net zero would cost £1tn, says Hammond

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Chancellor says target would mean less money available for schools and hospitals

The chancellor, Philip Hammond, has 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 2050 net zero target, which has the backing of the Committee on Climate Change (CCC), the government’s advisory panel, and is 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.

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