Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Liz Truss weighs up £100bn plan to freeze record energy bills

by September 5, 2022
September 5, 2022
Liz Truss weighs up £100bn plan to freeze record energy bills

Liz Truss is expected to unveil a vast support package to deal with surging energy costs, with her team discussing plans for a gas and electricity price freeze with industry leaders.

The foreign secretary and Tory leadership frontrunner is expected to be confirmed as the UK’s next Prime Minister later today – beating rival and former Chancellor Rishi Sunak to the position.

She has pledged to move rapidly to set out a new economic policy. and reveal her energy support package within a week of taking office.

The potential package to deal with growing energy bills this winter is understood to be on the scale of the Covid-19 furlough scheme which cost £70bn, according to The Times.

Energy bills for the average household are set to jump from £1,971 to £3,549 per year from this October when the change in the price cap kicks in.

The cap is expected to increase further next year, potentially double October’s already record levels – amid supply shortages and a Russian squeeze on gas.

Under proposals being discussed, the Government would either refund energy companies directly for the cost of buying wholesale energy above the price cap charged to consumers, or underwrite commercial loans taken out to cover the shortfall.

The money could then be paid back by households over many years when energy prices eventually ease.

Senior Tories lined up for appointments in Truss’s cabinet have been told “in no uncertain terms” not to scorn the idea that energy bills could be frozen, according to The Times.

An opinion poll published last week in the Daily Mirror showed that 82 per cent of respondents favoured freezing the energy price cap at its current level, while just 11 per cent disapproved.

The level of the price cap has not been determined, and businesses – particularly hospitality and retail – would need separate support.

The proposed Government intervention is comparable to industry proposals for a deficit tariff fund, as first outlined by Scottish Power chief executive Keith Anderson – which involved a two-year price cap freeze at an estimated cost of £100bn.

Truss did not rule out the prospect of a package that could reach £100bn.

She refused to detail her plans in her BBC interview with Laura Kuenssberg yesterday, but carefully declined to rule out freezing bills.

She said: “I understand that this is a huge problem. And I understand people are worried and I want to reassure people that I am absolutely determined to sort out this issue.”

Labour and the Liberal Democrats have also proposed a freeze on energy bills – with Labour pushing for an expansion of the windfall tax.

Read more:
Liz Truss weighs up £100bn plan to freeze record energy bills

0
FacebookTwitterGoogle +Pinterest
previous post
Cryptocurrency must be made less energy intensive to protect the planet says new report
next post
Government backing puts wind in sails of Middlesborough boat builders

You may also like

Government borrows less than expected in September

October 23, 2023

Apple face $1bn lawsuit as UK app developers...

July 25, 2023

The Benefits of Hiring a Professional Lifting Service

March 29, 2024

Apple reveals Vision Pro AR headset at its...

June 7, 2023

Tech Advancements Transforming Internal Logistics for Manufacturers

August 19, 2024

Tube strikes cancelled after ‘intense’ talks lead to...

July 21, 2023

What Are Hydroponic Systems and How Can They...

December 22, 2022

Chancellor Jeremy Hunt hails the best of British...

November 15, 2023

KUSTO GROUP’S TAMBOUR LEADS ISRAEL’S CONSTRUCTION PROJECTS

October 24, 2022

Understanding UK Vape Laws and Etiquette

January 22, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved