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Leaving the EU has added a cost burden to the already record prices households pay for their electricity.
The inefficiencies of Brexit cost UK consumers hundreds of millions of pounds, just as food and energy prices surged.
British consumers spent as much as £1.1 billion ($1.4 billion) more on electricity and goods last year after losing access to European Union internal energy markets.
Boris Johnson, Michael Gove and the Vote Leave campaign claimed fuel bills would be lower for everyone following Brexit. Instead, bills have risen exponentially.
In May 2016, the future Prime Minister promised that fuel bills would be slashed after Brexit – Sam Bright explores why the opposite has occurred.
In November 2015, National Grid asked Vivid Economics to provide an assessment of the impact of leaving the EU (“Brexit”) on the UK’s energy sector, focusing on the impact of potentially leaving the Internal Energy Market (IEM). This report found that the overall impacts of Brexit on the energy sector are likely to be negative.
Factors such as increased transportation costs and the UK leaving the EU internal energy market means businesses will likely see an increase in energy costs as a result of Brexit, a new report by services switching company Bionic has revealed.