Your bills WILL go down for good with Labour’s energy firm, Keir Starmer says
BILLS will be slashed by £300 a year under Labour's plans for a publicly-owned clean energy company, Sir Keir Starmer insisted today.
At a factory in Cheshire, the PM confirmed GB Energy will ensure hefty prices drop by 2030.
He said: "GB Energy will drive down bills.
"It gives us energy independence because the UK currently relies on international markets, which is why the energy prices have faced a harder hit than other countries.
Sir Keir added that it will "take time" for hard-up households to see the benefits of GB Energy, but ministers were "moving at pace" to guarantee a fall in the price of power by the end of the current parliament.
Asked if he stands by Labour's promise to slash bills specifically by £300, the PM said: "Yes I do - I stand by everything in my manifesto.
";We have already taken action in week one in relation to onshore wind, in relation to solar energy and also pushing on with nuclear.
"So I stand by that commitment."
The PM also announced his new state-owned energy company would team up with the Crown Estate to begin developing monster offshore wind farms.
The monarchy’s property empire owns almost all of Britain’s seabed and leases it to wind farm operators.
Most read in Money
It estimates the partnership will deliver up to 30 gigawatts of wind power — enough to supply nearly 20 million homes — by 2030.
And after a record £1.1billion profit last year — thanks in large part to offshore wind projects — the Crown Estate and the monarchy look certain to cash in.
Sir Keir, who has also lifted the ban on onshore wind farms, hailed the partnership as the first step towards his promise of clean energy by 2030 — and lower bills.
Great British Energy, backed by £8.3billion in government funding, will help develop the projects before passing them to private companies while keeping a stake in them.
This morning the PM accused the Tories of neglecting energy independence and argued that Brits have "paid the price".
"Every family and every business has felt the impact of that," he said.
"We've lost a decade of opportunity, missed chances to boost our energy security to cut bills and create good jobs.
"But now there is a massive prize within our reach.
"And make no mistake the race is on to get there."