Home Latest News Liz Truss pledges price cap on soaring UK household energy bills

Liz Truss pledges price cap on soaring UK household energy bills


LONDON — Britain’s new prime minister, Liz Truss set out her plan in parliament on Thursday to assist households take care of astronomical vitality prices this winter, saying payments could be capped at $2,875 per family per 12 months for the subsequent two years.

For a frontrunner who has decried the “tax and spend” insurance policies of her personal authorities, Truss was acknowledging how crippling the mounting vitality payments may very well be — not solely on low-income households, however small companies equivalent to pubs.

Truss didn’t say how the federal government would pay for these prices — which may rise to $150 billion.

Europe mulls drastic moves to control prices as Russia energy war heats up

However the chief of the opposition Labour Occasion Keir Starmer rose within the Home of Commons to confront Truss, saying these payments will finally be paid for by the taxpayers.

That is, partially, is as a result of Truss has dominated out imposing a windfall income tax on vitality firms, which stand to reap billions.

And so the talk within the Home of Commons clearly laid out the financial battles to come back, not solely in Britain however Europe, over who shoulders the hovering value of vitality within the coming 12 months.

Truss squarely put a lot of the blame for vitality spikes on Russian President Vladimir Putin and his warfare in Ukraine.

“Putin is exploiting this example by weaponizing vitality provides as a part of his unlawful warfare in Ukraine,” Truss instructed the lawmakers.

However Truss additionally conceded that Britain — and her Conservative Occasion which has been in energy for 12 years — is partly accountable and vowed to spice up home vitality provides.

She vowed to push ahead development of nuclear energy stations — together with faster-to-build smaller vegetation — and to open up extra of the North Sea to extra drilling for oil and fuel.

Truss additionally mentioned that Britain ought to once more permit fracking for shale fuel, a method banned in 2019.

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