No-deal Brexit could end up costing Brits an extra £2.2bn per year

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Brexit has undeniably had a negative impact on our household energy bills with research finding that a no-deal Brexit could cost the UK £2.2 billion every year as the network connecting the UK’s electricity supply with the EU would no longer function as effectively. Due to the increasing reality of a no-deal Brexit, it is imperative to assess the cost that our exit from the EU will have on our bills. Currently, the EU supplies 5% of the UK’s electricity and 12% of gas, upon our exit, Brexit is set to further drive up energy bills due to increased tariffs on importing gas and electricity across the Channel.

Jane Lucy, CEO and founder of Labrador is of the opinion:

‘It is undeniable that Brexit has consumed the news agenda for the past two years. The political landscape has been in a consistent state of unrest as we have tried to assess the impact that our exit will have on every industry throughout the UK. However, whilst the focus has been on the effect on large industries, we have somewhat neglected the repercussions that leaving the EU will have on our personal finances. Energy suppliers and regulators need to be forthright to their customers now more than ever about the impact that Brexit will have on energy bills. The EU energy market is one of the most integrated markets across the continent and it is undeniable that the public deserves assurances as to the impact that Brexit will pose. Whilst the end result is still in debate, it is imperative that we start to consider how we can save money on our energy bills. At The Labrador, we use innovative technology to ensure that our customers are always on the cheapest tariffs, saving our customers up to £537 per year.’