Truss could have nationalised and given back the ownership to the public. Truss could have implemented a windfall tax and hit the fat cats at source to pay for our energy. But no she did her masters bidding and charged the taxpayer. Make of that what you will.
Truss’ plans
Typical households will pay no more than £2,500 a year on average gas and electricity bills from the start of October, Prime Minister Liz Truss has announced.
Ms Truss said the new price guarantee will last for two years and comes in addition to the £400 payment to households promised by former chancellor Rishi Sunak.
The prime minister said the measure would save the average household £1,000 a year.
A six-month scheme for businesses and public sector organisations will provide equivalent support over the winter.
There is currently no cap on energy costs for businesses and a specific figure on support has not been given due to differences in how the energy market operates.
The measure, expected to cost tens of billions, will be funded through more government borrowing.
Labour argues a freeze should be paid for through a windfall tax on the profits of oil and gas producers instead, something the PM has dismissed out of hand.
Meanwhile:
Prime Minister Liz Truss has announced the ban on fracking will be lifted as part of plans to accelerate the UK’s domestic energy supply.
Ms Truss said lifting the moratorium, brought in by the Conservatives, will enable developers to seek planning permission for fracking and get gas flowing in as soon as six months.
Ms Truss said she was “setting a new ambition for our country”.
“Far from being dependent on the global energy market and the actions of malign actors, we will make sure that the UK is a net energy exporter by 2040,” she said.
Fracking is a technique for recovering gas and oil from shale rock by drilling into the earth.
It was banned in England in 2019 after new research raised fresh fears over the risk of earthquakes.
The Conservative’s manifesto said the party would not support fracking “unless the science shows categorically that it can be done safely”.
And in March, Chancellor Kwasi Kwarteng argued that those calling for its return “misunderstand the situation we find ourselves in”.
The then-business secretary said that it would take a decade to extract sufficient volumes and would have a negative impact on communities while failing to lower energy bills.
He wrote in the Mail on Sunday: “With the best will in the world, private companies are not going to sell the shale gas they produce to UK consumers below the market price. They are not charities, after all.”
Ed Miliband, the former Labour leader and shadow climate minister, said lifting the moratorium was “another case of ideology trumping common sense”.
Earlier on Thursday he stated: “There’s only one way out of being in the grip of the geopolitics of Putin and others and that is a clean energy sprint.
“I’m afraid the government seems to be setting its face against that.”
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