September 6, 2022

Truss to allocate £130bn to freeze prices in UK bills

By Azlyrics

Bloomberg: Liz Truss will allocate up to £130bn to fight the energy crisis in Britain From October 1, electricity prices in Britain will rise by 80%, and the average marginal household bill will exceed £3.5 thousand, Ofgem previously warned. Truss intends to fix the ceiling price at £1971 : 320px) and (-webkit-min-device-pixel-ratio: 2), (max-width: 320px) and (min-resolution: 192dpi)” >

New prime minister British Minister Liz Truss plans to allocate up to £130 billion to fight inflation and the energy crisis as part of her economic program. This is reported by Bloomberg with reference to the relevant document.

According to the agency, Truss' plan is to fix the price ceilings for electricity and gas for the typical British family at or below £1971 ($2,300). Thus, the total cost of the program could be up to £130 billion over the next 18 months.

Lise Truss was elected as the new Prime Minister of Great Britain the day before, September 5th. She was voted for by 57.4% of the members of the party, her main rival— Rishi Sunaka— supported by 42.6%.

In early September, Truss said that if elected prime minister, she would present a plan to combat rising electricity prices within her first week in office. Then she noted that the British authorities must make “difficult decisions to ensure that we do not find ourselves in this position every autumn and winter.”

The energy crisis in Europe has been going on since the beginning of this year, but intensified in the summer due to record heat and anti-Russian sanctions. In Britain, in particular, this translates into record electricity bills. So, by mid-August, the UK residents' debt for electricity reached a record £1.3 billion, and inflation for the first time in 40 years exceeded 10.1%.

At the end of August, Reuters, citing a statement by the British energy regulator Ofgem, reported that electricity prices in the UK would increase by 80% from October 1, and the average household marginal bill for the year would exceed £ 3.5 thousand (more than $ 4.1 thousand). ). The Guardian points out that in this way the upper limit of the cost of electricity at £3549 will be almost three times higher than last winter— £1277. At the same time, the head of the regulator, Jonathan Brearley, warned that from January 1, suppliers plan to raise prices for consumers again.

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