UK Prime Minister Announced New Energy Bill Limit

BUSINESS

Liz Truss, the new prime minister of the United Kingdom, has announced a limit to consumer energy bills. She has also removed the expansion of the windfall tax on energy companies. The prime minister of the United Kingdom has promised a new offshore oil and gas licensing round issuing at least 100 leases. She also pledged to end the national ban on cutting funding for renewable power by eliminating the green levy.

Although, Liz Truss has refused to reveal how any of the promises will be funded, and instead of deferring to a funding statement due in October 2022. Although, Liz Truss has indicated that she is not supporting windfall tax on unexpected energy company profits.

Liz Truss believes that these changes will boost the growth of the United Kingdom, reducing inflation by around five percentage points. In a speech, Liz Truss said that her new government is moving to implement an energy price guarantee. Under the new plan, the energy bills will not exceed 2,500 pounds per year for the next two years.

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She added that this plan will save a typical household 1,000 pounds per year, and it comes in addition to the energy bill support scheme worth 400 pounds. She also promised an announcement of further support for vulnerable industries that will be decided within three months.