Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region
Wakim: The US is preventing the armament of the Lebanese army. The question is, why are the weapons it is handed over by the Resistance being destroyed?
Wakim: The Resistance is required to hand over its weapons to the [current] authority. The question is: Is this authority independent or subservient to America?

Truss freezes energy bills for 2 years, costs government £150 billion

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Sep 2022 14:38
  • 2 Shares
3 Min Read

UK Prime Minister Liz Truss announces an energy bill cap at £2,500 per year for households over a period of two years, costing the Bank of England an approximation of £150 billion pounds.

  • x
  • UK PM Liz Truss
    UK PM Liz Truss ( Shutterstock)

Newly-elected UK PM Liz Truss unveiled Thursday a substantial stimulus program to assist Britons with rising energy costs and draw investment to the energy industry.

Truss announced a “new energy price guarantee that will give people certainty on energy bills.”

In her first significant action as prime minister, Truss declared that the typical household "will pay no more than £2,500 ($2,880) per year for each of the next two years," giving them "a £1,000 saving per year."

The cap will take effect on October 1st.

For the next six months, firms will receive a similar guarantee. The prime minister announced that vulnerable industries like hospitality will then get further help.

According to CNBC, Finance Minister Kwasi Kwarteng will outline the total cost of the package later this month.

Related News

EU declares largest global Ukraine support package of $200 billion

CNBC unveils strategic plan to revitalize Syria energy sector with US

Truss' plan to cap energy bills at £2,500 ($2,880) for two years might cost up to £150 billion ($172 billion).

Truss, in an address to parliament, that "We are supporting this country through this winter and next, and tackling the root causes of high prices so we are never in the same position again," noting that "This is the moment to be bold, we are facing a global energy crisis, and there are no cost-free options."

Truss did not place a price on the deal since wholesale gas prices remain very variable. According to Deutsche Bank, the energy price offset plus tax cuts she has already pledged might cost £179 billion, or in other words, over half the amount Britain spent on the COVID-19 pandemic.

The scope of the proposal, which is being funded by government borrowing, has unsettled financial markets. 

Separately, Truss stated that the Treasury would launch a £40 billion ($46,11 billion) joint initiative with the Bank of England to address the significant liquidity needs of energy corporations.

Her decision represented a significant shift from a leader who had ruled out "handouts" during her candidacy to become PM but is now compelled to act to prevent families from slipping into poverty and companies from going bankrupt.

Along with legislative support, Truss announced more than 100 additional exploration licenses for oil and gas in the North Sea, as well as the lifting of a fracking moratorium for towns willing to go along with it.

Read more: 27% of Britons believe Truss will be worse than Johnson - Poll

  • Energy crisis
  • Liz Truss
  • Climate crisis
  • Fossil Fuels
  • UK inflation
  • UK
  • UK economy

Most Read

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS