London extends energy price cap for three months
The British government on Wednesday morning announced a three-month extension of the energy price cap for households to April 1, hours before the presentation of its spring budget to parliament.
The Energy Price Guarantee, which caps bills at £2,500 a year for an average household, “will be maintained at the same level for the next three months in April, May and June”, the Treasury announced in a press release. The measure capped the amount at £4 billion.
Jeremy Hunt has been under increasing pressure for weeks to encourage families to keep this aid amid the country’s cost of living crisis, particularly fueled by rising energy prices. The annual bill for an average household would otherwise rise to £3,000.
Although Britons will see a further aid payment of a total of £400 per household stop in April, paid directly through their energy supplier, staggered between October and March.
Gas prices on wholesale markets, which had risen in the wake of the war in Ukraine, have since fallen sharply, which “should translate into lower household energy bills from July onwards”, the government said in its press release.
Since the collapse, energy prices have already fallen by 50%, the executive says, having cut by two-thirds the borrowing needed to support energy since April.
The announcement of the extension of the ceiling on energy bills is “part of the budget” which will be presented to British MPs at 12.30pm by Finance Minister Jeremy Hunt, who has set out plans to “halve inflation, grow and grow the economy”. has promised. reduce debt”.
In addition to the announcements to meet the pressing demands of Britons in the face of inflation of more than 10%, which is eating away at their purchasing power, London is looking to encourage thousands of Britons to return to the job market. Shortage of labor which puts a burden on the economy.
Amidst a day of massive strike in transport, health or education, the question of salary hike for civil servants may also figure in the budget.