ARD00280 Microchip Energy Reference Schematic Live and Neutral Swapped?
The current shunt of an electricity meter is in the live conductor.  This means the low voltage circuit reference is the live conductor.

The voltage circuit of the meter is as you explain connected between the live and neutral circuits, with the volt drop resistor connected to the neutral circuit.

All shunt electricity meters use this principal.  They are safe because the are double insulated as indicated by the \$\ {\LARGE\square}\hspace -2.2ex {^\square}\ \ \$ symbol on the faceplate.