8.2 C
New York
Wednesday, February 1, 2023
HomeWorldUKLiz Truss to freeze electricity bills at £2,500 a year year medium,...

Liz Truss to freeze electricity bills at £2,500 a year year medium, leveraged | conservatives

Liz Truss will freeze electricity bills on average of £2,500 per annum year for in next two years from October 1, also promises to deal with the root causes of Problems in UK energy market through plans increase offer including renewal of fracturing.

government will fund the scheme reduce Unit cost of energy by increasing borrowing. cost is likely to be around £150bn, although Whitehall sources said estimates would not come until Chancellor Kwasi Kwarteng’s financial report, which is expected later this month.

The so-called energy price guarantee limit price suppliers may charge customers for units of gas. The farm will temporarily remove green fees worth about 150 pounds a year year on average for household accounts. Her scheme will cover England, Scotland and Wales, but something similar is expected follow in Northern Ireland.

Farm also announced schemes, she said, would increase energy resilience, including launching new round of about 100 new oil and gas licenses and the lifting of the moratorium on hydraulic fracturing for shale gas, as well as accelerating new sources of energy supply, including nuclear, wind and solar energy.

prime minister said the average family would save £1,000. in total since October because of in price decline, added on top of £400 discount earlier announced under Boris Johnson.

“Earlier this week I promised that I would with rising energy prices faced families and businesses across the UK,” Truss told the House of Commons. “And today I deliver on this is a promise”.

She said, “This government is moving present immediately new energy price guarantee What will happen give people confidence on energy bills, this will curb inflation and boost growth.

“This guarantee that includes a temporary suspension of green fees, means that from October 1, the typical household will not pay more than £2,500 for year for each of in next two years while we get energy market back on track.

“This will save the typical household £1,000 a year. year. It’s coming in in addition to £400 electricity bills support scheme. This guarantee replaces Ofgem price cap and was agreed with energy retailers”.

For businesses and public industry organizations such as schools and charities, the six-month scheme will offer what has been described as an “equivalent support” to the one, that for households, with a review in about three months how it could be better targeted.

answering for Labor Party, Keir Starmer again criticized decision do not increase the contingency tax on unexpectedly high profit of partial payment energy suppliers for scheme.

” prime minister opposes windfall taxes,” he said. “She wants to leave these huge profits on Table with one clear and the obvious consequence: the score will be selected up working people”.

He also denounced the lack of action on isolating homes and focus instead on oil and gas, saying “doubling down on fossil fuels are a ludicrous response to the fossil fuel crisis.”

Starmer said: “I’m afraid of fracking and dashes. for gas in The North Sea will not cut bills. Nor will they strengthen our energy security. But they will drive a coach and horses thanks to our efforts fight looming climate crisis.

decision resuming fracking is likely to be controversial. practice was stopped in 2019 after scale concerns of earth jerks caused. government document setting out in terms of energy, according to a belated report from the British Geological Survey. on influence of in practice will be released on Thursday.

Farm also announced a review of in governments net zero strategywithin the “changed economic landscape”. review likely to alarm environmental campaigners, but chaired by Chris Skidmore who chairs net zero group of Conservative MP and is key supporter of achievements of goals.

Truss told the Commons that “decades of short-term thinking” was failed to secure energy supplies, which she said was exposed invasion of Ukraine.

“I act immediately, therefore people and business support over in next two years, with a new energy price guaranteeand deal with the root cause of problems by increasing the domestic energy supply”.

Under the scheme, Truss promised that households who don’t pay directly for main gas and electricity, such as living in a park homes or on heat networks, it couldn’t be worse off and said they would receive personal support through a separate fund.

Business and public industry organizations were to be offered new-six monthly scheme of “equivalent support”, which is expected to be an intervention to subsidize wholesale price of gas, but limited details were given about this scheme. Finance Ministry officials expect the intervention reduce projected inflation by about four to five points, which they say will reduce in cost of service debt.

The scheme was presented to the Commons as general debate, not a ministerial statement, as is usually the case for such announcements. upcoming of In truth, Speaker Lindsay Hoyle said he was “very disappointed” with the details. of the plan was not presented to the deputies in promote.

Follow World Weekly News on

Adrian Ovalle
Adrian Ovalle
Adrian is working as the Editor at World Weekly News. He tries to provide our readers with the fastest news from all around the world before anywhere else.

Leave a Reply

Must Read