UK PM Truss Freezes Domestic Fuel Bill For 2 Yrs

Truss works on energy crisis...

Ahead of becoming the new Prime Minister, Liz Truss works on the Cost Energy crisis. On Thursday, she said domestic fuel bills would be frozen for two years, marking her first week in office with a costly plan to tackle a worsening cost-of-living crisis.

Two days after taking over, Truss unveiled emergency measures that include authorising more oil and gas drilling in the North Sea and lifting a ban on fracking, a controversial method to dig for fossil fuels.

Moreover, the govt. said it would also review progress towards its legally enshrined target to achieve net-zero carbon emissions by 2050, to ensure no "undue burdens on businesses or consumers," but stressed it remained committed to the goal.

Taking notes on the issue, Households are facing an 80-per cent hike in gas and electricity bills next month due to the rise in the cost of wholesale energy made worse by a squeeze on supplies after Russia invades Ukraine.

Businesses whose bills are not capped have warned they could go to the wall because of even bigger rises, while inflation has reached 40-year highs of 10.1 per cent and is predicted to go worsen.

"Extraordinary challenges call for extraordinary measures, ensuring that the United Kingdom is never in this situation again," the Prime Minister said.

The British Govt. expects the state-backed energy scheme to cost tens of billions of pounds (dollars), but Truss and new finance minister Kwasi Kwarteng insisted it would have "substantial benefits" to the economy.

It would curb inflation by four to five percentage points, they said in a statement.