UK PM Liz Truss freezes energy bills for two years

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In a major development that is sure to ease the troubles of ordinary citizens in the UK, Prime Minister Liz Truss has announced that energy bills in the country will be frozen for two years. Truss made the statement in UK parliament.

Rising energy prices have been an issue of public anger. Ukraine war and Russia’s squeeze on energy supply to Europe is having adverse effect on energy situation in Europe. This may have pronounced effect as winter months approach and demand for energy increases.

Truss also lifted a UK ban on energy fracking, opposed by environmentalists, adding the government would review progress over Britain’s 2050 net-zero emissions target.

The government expects the state-backed 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.

They also announced an end to a ban on fracking — a controversial method to drill for fossil fuels — and more drilling licences for North Sea oil and gas.

Truss said “decades of short-term thinking on energy” and failing to secure supplies had left Britain, which is heavily reliant on gas for its energy needs, vulnerable to price shocks.

(This is a breaking news. More to follow)

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