Martin Lewis has called the Chancellor's £60billion package to cut energy bills 'staggering' Mr Kwarteng hopes the energy bill relief scheme will reduce wholesale energy costs.
MINI-BUDGET: Chancellor Kwasi Kwarteng said ‘help is coming’ as he unveiled his mini-budget today
In response to the announcement, Money Saving Expert's founder Martin Lewis said he"really hopes it works," as the government will be borrowing mammoth amounts. He tweeted:"That really was quite a staggering statement from a Conservative party government. As a part of his three-step plan: the energy price guarantee, equivalent support for businesses, and an energy markets financing scheme delivered by the Bank of England - the chancellor announced a six-month plan to cut fuel bills for businesses.Mr Kwarteng outlined a new financing scheme for energy firms, which will “provide a 100% guarantee for commercial banks to offer emergency liquidity to energy firms”.