The United Kingdom's new prime minister is reportedly planning a massive spending package to freeze household energy bills as prices continue to surge.
The United Kingdom is reportedly planning a monumental spending package aimed at providing relief for households and businesses as sky-high European energy prices are set to surge even further in the continent's ongoing crisis.
New Prime Minister Liz Truss makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become Prime Minister and form a new government.on Tuesday, is expected to cap household energy bills at around £2,500 , according to the BBC. News of the purported plan comes after the U.K.'s energy regulator Ofgem said average bills are set to rise from £1,971 to £3,549 over the next month or so, and climb again in January.The plan for helping consumers is estimated to cost U.K. taxpayers roughly £100 billion via government-backed loans to suppliers, with full details slated to be revealed on Thursday.
British households are facing an eye-watering 80-percent average hike in electricity and gas bills from next month, in a dramatic worsening of the cost-of-living crisis before winter. A subsequent scheme to help businesses will follow, but those details are still being worked out, one source told Reuters.Europe has been grappling with soaring energy prices ever since Russia's invasion of Ukraine, after which Western sanctions against the Kremlin curbed global supply. Several nations that were heavily reliant on Russian oil and gas ahead of the invasion have been scrambling to wean themselves off Russian energy by seeking other suppliers and alternative energy sources.
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