The Labour Party has outlined how it would tackle the cost of living crisis, putting insulating homes at the front and centre of plans.

The party says it would “reduce energy demand and lower bills by insulating every one of the 19 million homes that need it across the country through a National Home Upgrade Plan”.

They argue that if the current government had started this work last year, they could have insulated two million homes and saved households up to £1,000 a year.

Other policies in Labour’s £29bn plan include:

  • Stop the energy price cap rising and tax huge oil and gas profits, saving “a typical family” £1,000 this winter
  • The say this will bring inflation down by 4%
  • Tackle the “injustice of prepayment meters”
  • Investing in sustainable, British energy including wind, tidal and solar power, and backing new nuclear energy projects.

Keir Starmer, Leader of the Labour Party, said: “Britain’s cost of living crisis is getting worse, leaving people scared about how they’ll get through the winter. Labour’s plan to save households £1,000 this winter and invest in sustainable British energy to bring bills down in the long-term is a direct response to the national economic emergency that is leaving families fearing for the future.

“We’ve had 12 years of Tory government that has failed to prepare and refused to invest, leaving bills higher and our country less secure. This is a national emergency. It needs strong leadership and urgent action.

“Labour’s fully-funded plan would fix the problems immediately and for the future – helping people get through the winter while providing the foundations for a stronger, more secure economy. Only Labour can give Britain the fresh start it needs.”

Brian Berry, Chief Executive of the FMB, said: “The best way to save money on household energy bills is to use less of it, so insulating our 29 million leaky and energy inefficient homes should be priority number one for the incoming government. We need a long-term national retrofit strategy, including proper support for training to ensure local tradespeople have the green skills needed to insulate homes in communities right across the country.

“This major infrastructure project requires backing from all political parties, a national mission, and local delivery. Small builders are key to making it a success and the FMB stands ready to work with all parties to deliver and do our bit to tackle the soaring cost of living.”