Now, in an authoritative and excoriating report commissioned by the government, Dieter Helm, professor of energy policy at Oxford University, has torn away the fig leaves covering the government’s nakedness. Policy interventions, he tells us, are so numerous and badly designed that they have resulted in costs well in excess of what is needed to meet emissions targets. These subsidies will cost a hair-raising £100 billion by 2030. “Much more decarbonisation could have been achieved for less,” Professor Helm drily observes.
Nick Stern actually told us. Change the damn price, once and once only, then leave it alone. Don’t try to plan the thing in detail.
Because, as Professor Helm does not hesitate to tell us: “Government has got into the business of ‘picking winners’. Unfortunately, losers are good at picking governments, and inevitably — as in most such picking-winners strategies — the results end up being vulnerable to lobbying, to the general detriment of household and industrial customers.”
That is a nice formulation which I’ll have to steal. Losers picking governments…..