The 2035 and 2040 deadlines for phasing out new diesel trucks would be scrapped by the Conservatives after it identified transport costs could rocket by almost 20%.

A report commissioned by the party found there was a “cruel paradox” in the UK’s current decarbonisation policy, with the cost of electricity now some of the most expensive in the world, yet consumers being pushed into using more of it.

Shadow Energy Secretary Claire Coutinho said the report found that if the UK abandoned net zero and focused on making electricity cheap instead, it could save over £320bn on electricity bills by 2050.

“We Conservatives are not in denial about climate change,” Coutinho said.

“It is the Left who are in denial about the fact that climate policy is failing.”

The phase-out dates for polluting HGVs were first introduced by the Conservatives in 2021. From 2035, new HGVs up to 26-tonnes must be zero emission, with only zero-emission HGVs on sale from 2040.

Shadow transport secretary Richard Holden said: “Labour’s ideological plan to ban diesel HGVs will drive up transport costs by 19% for every hauliers.

“These hauliers are often operating on 1%-2% margins, so the cost will be passed to families at the checkout

“Conservatives will scrap the diesel HGV phase-out, save taxpayers £877 million and back a multi-fuel future for British haulage.”

The RHA said the report put the challenges of decarbonising HGVs firmly in the spotlight: “We welcome the debate this announcement will generate,” said RHA MD Richard Smith.

“Operators work on extremely tight margins, and maintaining the reliability, range, payload and flexibility currently delivered by diesel vehicles will require substantial investment and coordinated action across government, industry and the energy sector.”

However, Voltempo boss Simon Smith said the economics of eHGVs were already becoming more compelling: “They can deliver lower and more predictable operating costs, drivers prefer them and they offer important safety benefits,” he said.

“Hauliers aren’t asking government for more money – they need consistent policy and the confidence to make long-term investments in vehicles, charging and infrastructure.

“That certainty will accelerate private investment and help build stronger, more profitable haulage businesses, while reducing their exposure to volatile global oil prices.”