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Energy Crisis

UK Sidelines Budget Watchdog in Assessing Cost of Energy Bailout

  • IFS says failure to produce costing is ‘deeply disappointing’
  • Fiscal watchdog to produce independent forecast later in year
Bloomberg business news
UK To Cap Typical Household Energy Bills at £2.5K: Truss

The UK Treasury will draw up its own estimate of the cost of the government’s energy bill rescue package, temporarily sidelining the official budget watchdog, a person familiar with the decision said.

Prime Minister Liz Truss unveiled plans to freeze annual natural gas and electricity bills at an average of £2,500 per household for two years from October and introduce a similar cap to protect businesses for at least six months.