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Earlier this year, the UK government tried to protect households against 90% of the expected increases in energy bills through tax cuts, energy bill rebates and direct payments. But natural gas and power prices have shot up since then, as have forecasts of future increases.
Researchers at the Institute for Government said Tuesday that the government would need to spend an extra £23 billion ($27 billion) to protect households against about 90% of the expected rises in energy bills until April 2023. Offsetting the same proportion for the year to April 2024 would cost another £90 billion.
That forecast chimes with the cost of a proposal by Scottish Power, one of the UK’s biggest energy companies. It has called on the UK government to protect millions of households by freezing their bills for two years, according to report by the Financial Times.
The average annual bill currently stands at £1,971 ($2,318) — up 54% so far this year — but is forecast to shoot past £3,500 ($4,117)…
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