Heat pumps and insulation would cut UK living costs more than new oilfields, study suggests

Warm homes plan would create 50,000 jobs, compared with about 1,100 for Rosebank oilfield, thinktank finds

Insulating Britain’s homes and investing in heat pumps would do more to cut the cost of living, create jobs and boost the UK’s economy than drilling for new oil, research suggests.

The government’s £15bn warm homes plan, currently under threat of cuts as ministers seek budget savings, would slash £1bn a year from household energy bills across the UK, concentrated on those on low incomes, according to research by the thinktank E3G. It would also provide a £1.6bn yearly boost to the economy, and about 50,000 new jobs spread across thousands of small businesses.