UK power disaster package deal might value $175 billion

UK energy crisis package could cost $175 billion

[ad_1]


London
CNN Business
 — 

The United Kingdom’s new prime minister is reportedly preparing to commit as much as £150 billion ($172 billion) to shield households and businesses from soaring energy bills, increasing government borrowing at a time when investors are already on edge about the country’s finances.

Liz Truss, who earlier this week succeeded Boris Johnson, told lawmakers Wednesday that she would unveil her plans to tackle sky-high energy prices on Thursday.

Truss is drawing up plans to freeze the average annual energy bill for households at around £2,500 ($2,860) for the next two years, the Financial Times reported. That would mean bills rising by 27% from their current level, but keep them well below the £3,549 ($3,954) they would hit starting in October without government intervention.

It will be expensive. The FT reported that the plan could include £90…

[ad_2]