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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

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

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Sep 2022 15:38
  • 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.

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  • 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.

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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

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