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Energy Crisis

Truss Drafts £130 Billion Plan to Freeze UK Energy Bills

  • UK government seeks to avoid October hike in energy bills
  • Energy firms will receive public guarantee to cover shortfall
Bloomberg business news
Truss Drafts Energy Plans to Aid UK Households, Businesses
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Incoming Prime Minister Liz Truss has drafted plans to fix annual electricity and gas bills for a typical UK household at or below the current level of £1,971 ($2,300).

In discussions with her team and government officials in recent days, Truss has settled on a mechanism that will avert the massive increase in energy bills that is due to kick in at the start of next month under the existing pricing system, according to officials and advisers to Truss who were briefed on the plan. The policy could cost as much as £130 billion over the next 18 months, according to policy documents seen by Bloomberg.