Former Conservative Leader Iain Duncan Smith has called for the carbon floor price to be scrapped once the UK leaves the European Union (EU).

Writing in The Daily Telegraph newspaper, the former Work & Pensions Secretary said: “Outside the EU, and unencumbered by EU rules, the UK could, for example, decide how to reform emissions trading, and wider climate change policy.

“Abolition of the damaging carbon price floor mechanism would be a good way to start.

“Such a policy could release more than £1 billion in costs, including millions to help domestic users of electricity, tired of seeing their bills rise.”

‘Project Fear’

He added that other regulations governing financial services could also be “brushed aside”.

Duncan Smith claimed that “Project Fear” – the term that Leave campaigners applied to arguments against Brexit during the referendum – was “alive and well”.

He said that Remain supporters were “scaremongering” over the possibility of the UK leaving the EU with “no deal” over future arrangements.

> Read Iain Duncan Smith's article in The Telegraph