The money from rescinded oil and gas tax breaks would fund alternative and renewable fuel initiatives--and subsidies wouldn't be as generous in a stripped-down version of the bill.
The author neglects to mention the tens of billions of dollars in direct subsidies, grants, tax breaks etc. that are given to the fossil fuel industry each year.
There has been speculation the government will unveil multi-billion pound tax breaks for low-income families, through the tax credit and winter fuel payment systems.