Home Business Liz Truss set to unveil plans to limit energy bill rises

Liz Truss set to unveil plans to limit energy bill rises

Liz Truss set to unveil plans to limit energy bill rises

Liz Truss, the next prime minister, will lay out proposals on Thursday to restrict increases in energy costs and invest billions to shield the public from rising costs.

Average annual residential energy costs may be limited to £2,500, and businesses may also get some relief.

Although the duration of the assistance is unknown, it is anticipated that the government would borrow at least £100 billion to cover its costs.

Currently, the yearly gas and electricity cost for a typical home is projected to increase from £1,971 to £3,549 in October.

Without assistance with skyrocketing energy prices, experts and NGOs have warned that lives would be in danger this winter as people struggle to pay for the most basic necessities of life.

Consumer bills have gone up as a result of huge increases in wholesale gas costs, which are mostly attributable to the crisis in Ukraine that has decreased Russian gas supply.

Prior to the statement, Ms. Truss said that she was aware of the concerns of businesses and families on “how they are going to make ends meet this fall and winter.”

The need to increase our long-term energy security and supply has become more obvious as a result of Putin’s conflict in Ukraine and weaponization of Europe’s gas supply, she added.

She promised to “address the underlying causes of these issues so that we are never in this predicament again.”

The government is anticipated to reimburse energy companies for the gap between the wholesale price they pay for gas and electricity and the amount they may charge consumers in order to keep the amount that customers’ bills increase to a minimum.