Budget 2014: Carbon tax freeze will cut energy bills for households and businesses
HOUSEHOLDS will see their yearly power bill cut by £15 a year thanks to a £7bn package of measures, Chancellor George Osborne claimed in his Budget speech today.
The Chancellor said he was able to make the savings to household bills by cutting carbon tax from 2016/17 for the rest of the decade.
Mr Osborne hailed the easing of rising energy bills as "over and above the £50 we've already taken off", as outlined last December.
The measure will also help medium-sized manufacturers save £50,000 annually
Mr Osborne said: "This entire package [is] delivered without any reduction in the investment in renewable energy."
The Chancellor also revealed to the House of Commons that forecasted revenues from North Sea oil have been downgraded by £3billion.
He warned the figures are "a reminder of how precarious the budget of an independent Scotland would be".
Mr Osborne said the decline in North Sea oil revenues would cause a financial black hole in an independent Scotland and leave the average person £1,000 worse off.