Shielding UK households from fuel bills crisis ‘could cost £100bn’; Brent crude back over $100 – business live

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Scottish Power chief proposes capping household energy costs at about £2,000 a year, ahead of Friday’s price rise announcement from Ofgem

The Institute for Government also warned that more energy bill support will be needed beyond this year, costing tens of billions of pounds more.

In their new paper outlining the government’s options, they say:

So far support is all focused on winter 2022/23, but current projections are for energy prices to be just as high, if not higher, next year.

The new prime minister will need to be ready to provide further support again. Offsetting the same proportion of bills next year would cost around £90bn. Given how long the crisis is expected to last, the government should also look at other measures to deal with the high energy bills, including investing in energy efficiency.

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 ALL Credit of this post going to https://www.theguardian.com

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