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UK Prime Minister Liz Truss freezes energy bills for two years to ease Britain’s cost-of-living crisis
- The two-year ‘energy price guarantee’ means average household bills will be no more than 2,500 pounds (US$2,872) a year for heating and electricity
- Bills are skyrocketing because of Russia’s invasion of Ukraine and the economic aftershocks of Covid-19 and Brexit.
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British Prime Minister Liz Truss said on Thursday that her government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left people and businesses across the UK facing a bleak winter.
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She also said she will approve more North Sea oil drilling and lift a ban on fracking in a bid to increase the UK’s domestic energy supply.
Truss told lawmakers in Parliament that the two-year “energy price guarantee” means average household bills will be no more than 2,500 pounds (US$2,872) a year for heating and electricity.
Bills had been due to rise to 3,500 pounds (US$4,000) pounds a year from October, triple the cost of a year ago. Bills are skyrocketing because of Russia’s invasion of Ukraine and the economic aftershocks of Covid-19 and Brexit.
“We are supporting this country through this winter and next and tackling the causes of high prices so we are never in the same position again,” Truss told lawmakers.
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