UK unveils plan to decrease energy costs on British households

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LONDON — British Prime Minister Liz Truss announced on Thursday a plan to put a cap on annual energy costs at 2,500 Pound Sterling (around $2,872) annually to help households to cope with expenses.

Truss, in her first speech to the House of Commons, said that she was also eager to help companies impacted by soaring energy prices, giving them similar prices for gas and electricity as paid by households for a period of sixth months.

Within the upcoming weeks and months, the British government would be embarking on a series of steps to decrease gas expenses on main suppliers, indicated the Prime Minister, adding that her government would support projects for clean energy to produce electricity.

However, she revealed that the ban on shale gas excavation would be lifted and licenses would be given to excavate for oil and gas in the North Sea.

On Wednesday, local reports revealed that Truss government was planning to acquire loans between 100 to 150 billion Pounds Sterling (approximately $114.9 to $172.3 billion) to help cap households expenses for gas.

The annual gas expenses for households in 2020 had reached 1,550 Pound Sterling ($1,780) annually back in April with expectation that it would reach around 3,500 Pound Sterling ($4,022) next month. — Agencies



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