Global 3C warming would hurt UK economy much more than previously predicted, OBR says
"Taken together, in the 3 degrees central scenario the combined fiscal impacts of climate damage and mitigation could add 74% of GDP to government debt by the early 2070s, relative to our latest long-term projection," the OBR said in its annual Fiscal Risks and Sustainability Report.
A United Nations report published in October last year said current climate policies would result in global warming of more than 3 degrees Celsius by the end of the century.
While the OBR reduced its estimate for the cost of transitioning to a net zero economy to 21% of economic output, from 30% in 2021, it bumped up its estimates of the hit to output from climate change.
The scenario of an almost 3 degrees increase in global temperatures would reduce the level of GDP by 8% in the early 2070s, the OBR said, compared with a previous estimate of 5%.
It would also increase primary government borrowing - which excludes debt interest payments - by around 2% of GDP, compared with a previous estimate of 1.3%.
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EXCLUSIVE Fury of elderly residents living at retirement flats in upmarket seaside resort who condemns Age UK plans to evict them and sell off building to investors
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The house - thought to be one of the largest properties in Salcombe is divided into 11 flats with one detached house in the grounds - sits in 14-acres in the centre of the village dubbed Chelsea-on-Sea because of its popularity with second home owners, But the majority of rooms are empty with just six residents remain living there in four properties, something many say they can't understand. Simon Henn, 83, who shares a pretty two-bed detached house in the grounds with his wife, said: 'We are very sad but it has been on the cards for years. 'We have had 20 years here and there can't be many places nicer to live. 'Age UK has been a very good landlord but there is a feeling in the house that it's been ignored over the years. 'I find it very difficult to justify them paying a subsidy that could be between £150,000 and £200,000 per year to keep six people in this marvelous setting. 'This is one of the most expensive postcodes in the whole country and we are here paying council house rent 'At the same time this house was given to the charity by a very generous lady to help older residents and Miss Jennings would be devastated if she knew what was happening. 'I would like to see them better use the space, there are so many ways this place could generate income and still remain a part of Age UK.' Mr Evans said he and his council colleagues had put questions to Age UK and were awaiting answers, though had been told there were high maintenance costs as well as under-occupancy as factors behind the possible sell-off. He added: 'What happens with Woodcot is a highly sensitive topic for many people living here and we're keen to hear from residents.' Family members of people currently living there accused the owners of a 'betrayal', with one activist reporting Age UK to the Charity Commission. She told the Telegraph: 'Should charities be disposing of extremely valuable assets to raise income whilst at the same time evicting the people who they are supposed to be helping? 'Not to mention the impact that the loss of the property will have on the local community. It's a betrayal and it's quite shameful of Age UK. 'Many people, my own mother included, have lived out their final years there in contented peace and quiet. It is a truly fabulous place. 'It is very much part of the local community. How does selling the property for development benefit the people they are supposed to be helping, or the wider community - many of whom want to live there?' An elderly resident who moved into Woodcot two decades ago described being told previously by Age UK she would 'never have to move' - only to receive the bombshell information in recent weeks that the home could soon be sold. She said: 'I feel, along with the other residents, that we should be allowed to stay here for the rest of our lives. 'Instead we face the prospect of being evicted so the house can be sold off at huge profit to developers for luxury apartments - it's just not right.' The property originally built in 1797 by London merchant James Yates has more recently been converted into self-contained apartments. Age UK says no one has yet been evicted from their homes at Woodcot, where average house prices approach £1million, nor received notice to depart. A spokesman for the charity said: 'We can confirm that sadly we've made the hard decision to explore selling Woodcot. 'We're looking into a number of things before a final decision about a sale is made and therefore do not expect anything to happen until 2026 at the earliest. 'None of the tenants have been evicted and no notice to terminate any tenancies has been given. 'We decided to speak to the tenants and let other key people in Salcombe know at this very early stage because we thought it important to be transparent about our thinking. 'However, doing this early does mean that unfortunately we don't have a lot more information or answers to questions at this stage. 'We're committed to communicating with and supporting tenants through this difficult time.' The spokesman added: 'We understand that the property is much loved locally and that different views and beliefs have developed over time about the nature of the transfer of Woodcot to us and the role of the property in the community. 'However, many of these aren't founded. The transfer of the property to Help The Aged did not include any restrictions that would stop it being sold or required Help The Aged as a charity to run it as a residential home for older people. 'All charities have a legal responsibility to ensure they are making the best use of all the funds and resources available to them to deliver their charitable objectives and that's why we believe it is right for us to explore a sale.' Salcombe earned its nickname, punning on the affluent west London area of Chelsea, as almost half its dwellings are owned by outsiders - often using their properties as second homes or holiday lets. MailOnline told last month how residents were celebrating after a developer failed in trying to overturn a rule that newbuild homes should only be sold to locals. The Planning Inspectorate ruled that Valentine London could only sell its four new luxury apartments in Salcombe to people planning to live there full-time. South Hams District Council had brought in the locals-only rule in its 2019 Salcombe Neighbourhood Plan. Salcombe has in recent years become one of Britain's most expensive seaside towns, even rivalling Sandbanks in Dorset which is often described as a 'millionaire's playground'. MailOnline has contacted Age UK and South Hams District Council for comment.
