New British PM’s First Move Is ‘Ramp Up Power Supply’
As she steps into the shoes of being a British PM, Ms. Liz Truss is already making plans for the economy, and the first in the list is the energy bill revealed to make changes for the next two years.
Making this as a part of its three-pronged strategy, the government, under her leadership will take appropriate action to ‘ramp up supply’ of domestic energy, she said in her first media briefing. There are also plans to boost growth and ‘curb inflation by up to give percent points.’ and up to £40billion will be made available to ensure wholesale energy firms to have the cash they need to ‘manage price volatility.’
The country’s cost of living crisis has been troublesome but with the new plan in place, Ms. Truss has capped the annual payment to £2500 on soaring energy bills for households from October 01.
This decision is going to help people save around £ 1000 a year based on expected energy prices. She has done so keeping in mind the previous decision of raising the cap for £1971 to £3549 in October this year, an effect of spiraling global costs in the wake of the Russia-Ukraine conflict.
Speaking at the House of Commons she has also said that she expects the 100 billion pound plus package to support the change as well as support the ‘economic shock’ created to the economy by the Ukraine war.
Apparently, a jump in government borrowing to fund the support package plus a pledge by Truss to cut taxes has rattled financial markets. As part of a three-pronged strategy, she said the government will take action to “ramp up supply” of domestic energy, boost growth and “curb inflation by up to five percentage points”, and up to GBP 40 billion will be made available to ensure wholesale energy firms have the cash they need to “manage price volatility”.