THE GUARDIAN: PM announces £150bn scheme and resumption of fracking as she pledges to tackle root causes of crisis
Liz Truss will freeze energy bills at an average of £2,500 a year for two years from 1 October, and has pledged to tackle the root causes of the problems in the UK energy market through plans to increase supply, including the resumption of fracking.
The government will fund the scheme to reduce the unit cost of energy through increased borrowing. The cost is likely to be about £150bn, although Whitehall sources said estimates would not come until a fiscal statement from the chancellor, Kwasi Kwarteng, expected later this month.
The so-called energy price guarantee will limit the price suppliers can charge customers for units of gas. Truss will temporarily remove green levies worth about £150 a year on average from household bills. Her scheme will cover England, Scotland and Wales, but something similar is expected to follow in Northern Ireland. » | Jessica Elgot and Peter Walker | Thursday, September 8, 2022
