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The UK's zero emissions target could cost the UK economy £1tn warns Hammond.

Following a recommendation from The Committee on Climate Change in May, a target to cut emissions to nearly zero by 2050 was set by Prime Minister Theresa May. However, Chancellor Philip Hammond has warned the PM that achieving this goal could cost the UK economy up to £1tn.

Hammond warned that if the target is to be reached by 2050 it would mean that less money is spent on schools, police and hospitals. This is because a significant amount would need to be spent in encouraging consumers to change their habits and appliances. There may need be subsidies or tax incentives for things like changing boiler systems.

In December 2020, the UK plans to host the most important climate summit for a number of years - COP26. During this conference participating members will being to implement the Paris Agreement - the world’s only international agreement designed to limit global warming.

However, any legislation relating to the emissions changes will be delayed until later Brexit which means there could be a long wait before we see any movement.