Climate change target a very big commitment, says Hammond

Chancellor Philip Hammond says he supports legislation setting a target of reaching “zero-net” carbon emissions by 2050.

However, he added it would cost “about £1 trillion” and said “before we make that commitment, we need to be sure that we understand all the implications”.

In a letter to Theresa May, leaked to the Financial Times, the chancellor reportedly warned the target would mean less money for schools, police and hospitals.