The £10bn support package is expected to be largely funded by a windfall tax on oil and gas firms.
Earlier this week the UK's energy regulator Ofgem said the typical household energy bill was set to rise by £800 in October, bringing the typical household bill to £2,800 a year. Bills had already risen on average by £700 in April.Most people living in homes in England in council tax bands A-D have already received a £150 rebate on their bills.
He also warned putting billions of pounds into the economy at a time when prices were rising quickly "could stoke additional demand and make inflation much more permanent". However, it is understood the prime minister has now sided with Mr Sunak, who had been pushing for the tax. But Offshore Energies UK, which represents the offshore oil and gas industry, said a windfall tax on energy firms would see higher prices and do long-term damage to the oil and gas industry.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Qatar pledges to invest £10bn in UK over next five years\n\t\t\tJournalists in 50+ countries follow the constant flow of money made and lost in oil & gas while\n\t\t\ttracking emerging trends and opportunities in the future of energy. Don’t miss our exclusive\n\t\t\tnewsletter, Energy Source.\n\t\t
Read more »
Energy bill support of £10bn set to be unveiledA new package to help people with energy bills is expected to be funded by a windfall tax on firms.
Read more »
Qatar slams UK's energy vulnerability as new £10bn deal set to replace Russian gas and oilQATAR has shamed the UK for demonising oil and gas companies, which it claims is driving the energy crisis.
Read more »
Energy bill support of £10bn set to be unveiledA new package to help people with energy bills is expected to be funded by a windfall tax on firms.
Read more »
Sunak to U-turn on Windfall tax and announce cost of living helpThe Government is set to announce plans to cut hundreds of pounds off people's energy bills, but critics have said it is an attempt to try and shift attention after the Sue Gray report laid bare the raucous culture of drinking in Downing Street.
Read more »
Qatar slams UK's energy vulnerability as new £10bn deal set to replace Russian gas and oilQATAR has shamed the UK for demonising oil and gas companies, which it claims is driving the energy crisis.
Read more »