Commenting on Sir Richard Branson’s proposal to cut speed limit by 10mph to save energy and reduce our dependency on Russia, Andy Mayer, energy analyst at free market think tank the Institute of Economic Affairs, said:

“Sir Richard Branson should stick to investing in solving climate change, rather than demanding compulsory speed reductions that would damage the economy and criminalise thousands for going to work.

“The cost of doing so would be 5-15 per cent increases in journey times, involving a massive realignment of national supply chains, delayed journeys, and misery for commuters.

“It would cause confusion, creating an uptick in speeding convictions, principally impacting those most reliant on driving to do their jobs. A former retail magnate should understand this.

“It also wouldn’t do much to damage Russia. Gas is the more serious dependency issue in Europe, and oil prices are more strongly related to OPEC’s failure to open their taps in response to the ending of the pandemic.

“Branson should stop posing and keep investing in future solutions. That’s the best way entrepreneurs can make a difference to solving global warming.”

ENDS

Notes to editors

Contact: Emily Carver, Head of Media, 07715. 942 731

IEA spokespeople are available for interview and further comment.