Rachel Reeves pledges to ‘cut energy bills by £150’ as Tory scheme scrapped | Personal Finance | Finance

Chancellor Rachel Reeves has announced plans to scrap the Eco energy scheme, which she says will cut household energy bills by £150.

She told the Commons: “The Conservatives’ ECO (energy company obligation) scheme was presented as a plan to tackle fuel poverty. It costs households £1.7 billion a year on their bills and for 97% of families in fuel poverty, the scheme has cost them more than it has saved. It is a failed scheme.

“So, I am scrapping that scheme along with taking other legacy costs off bills. And as a result, I can tell you today that, for every family we are keeping our promise to get energy bills down and cut the cost of living with £150 cut from the average household energy bill from April.

“Money off bills, and in the pockets of working people. That is my choice. Not to neglect Britain’s energy security, like the Tories did. Not to leave working families to bear the brunt of high prices, like the Tories did. But to get energy costs down now and in the years to come. That is the Labour choice.”

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