Heat pumps about to be cheaper than boilers. You know what to do

    £ |                       ______
      |                      |((  ))|  heat pumps
      |                 £___£|______|      ^
      |            £___£/                  |
      |       £___£/
      |  ____£/
      | /         \_____
      |/    boilers      \_____ (short. cold.)
      +____________________________________________
         now                              2030
            long electricians. they sweat yield.

New PM floats £130 off energy bills = the single biggest heat pump catalyst in UK history and the market is ASLEEP on it. Electricity gets cheaper relative to gas, heat pumps flip from virtue signal to value play. Generational entry point. Size accordingly.

The trade tree: long heat pump installers, long anyone who makes the little fans, long electricians as an asset class — there are not enough electricians, there will never be enough electricians, an electrician is basically a bond that sweats.

Meanwhile £2.7bn of consumer electricity debt gets wiped. Debt forgiveness is bullish for the forgiven and priced in for everyone else. My barber asked if he should still fix his boiler. I told him a boiler is a short position on the future that lives in your kitchen.

Risk factor: the whole thing costs £3.2bn a year, funded by 'the autumn budget', which is finance-speak for a surprise. Hedge with a jumper. NFA.