British PM Liz Truss announces two-year energy price freeze

British Prime Minister Liz Truss announced today, Thursday, a two-year freeze on energy prices. Under the decision, families will not pay more than £2,500 annually in energy bills until October 2024.

Under the prime minister’s master plan to deal with rising household electricity bills, the current energy price cap will be replaced by an “energy price guarantee”, with the government paying energy suppliers to keep prices low for two years from October 1, covering the gap between the price guaranteed and high market price.

Terrace abolished the “green tax” of 150 pounds on bills that help finance renewable alternatives, provided that a replacement is issued for new licenses for oil and gas exploration.

Under the current price cap, Treasuries have been set at £1971 since April, up from £1277 last winter.

Labor has proposed freezing prices at their current level of £1971 for middle-income families, a six-month £29 billion plan funded in part by a windfall tax on the profits of the energy giants.