PM promises wind power, 95% mortgages

PM promises wind power, 95% mortgages

BLOG · BY TTF CEO, DAVID HOPKINS · 09 October

Prime Minister Boris Johnson has announced £160m of investment in ports and factories to increase electricity generation from offshore wind, with the aim of offshore wind farms being used to generate enough electricity to power every home in the UK within a decade.

Decarbonising the power sector is without a doubt important for reducing the UK’s carbon footprint. However, simply increasing the use of wind farms in the UK may not be enough to meet carbon emission targets. We also need buildings to be more efficient, by investing into a long-term Net Zero carbon retrofit programme for existing homes, as well as insisting that all new-build homes are built to Net Zero standards now.

The Prime Minister also confirmed plans to press ahead with a manifesto commitment to introduce long-term, fixed-rate mortgages worth up to 95% of the value of a home for first home buyers. Quite how this will be achieved is unclear, but, to be consistent, the PM should link the new mortgages only to low carbon, high quality housing. This would encourage retrofitting less efficient homes to meet the standard for this finance.

Taking a step back from the political noise for the day, I would like to highlight some positive news this week, as timber and panel import volumes seem to be ‘back on track’ for 2020 following a sharp rise in July, according to the latest TTF timber statistics.

Total import volumes for main timber and panel products were approximately one percent below July 2019 levels, with 866,000m3 arriving in the UK. This one percent difference in volumes between the two months (July 2020 and July 2019) was the lowest comparative percentage reduction in volume since April.

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