Monday, 11 Dec 2023

Household energy bills frozen at £2,500 and businesses given subsidy lifeline

Chancellor Kwasi Kwarteng has confirmed household energy bills will be frozen at £2,500 this winter.

He told the Commons: ‘People will have seen the horrors of Putin’s illegal invasion of Ukraine. They will have heard reports that their already-expensive energy bills could reach as high as £6,500 next year. Mr Speaker, we were never going to let this happen.’

Mr Kwarteng added: ‘People need to know that help is coming. And help is indeed coming.’

Existing plans to give each home £400 to cope with skyrocketing prices will also remain in place, he confirmed.

Mr Kwarteng, currently unveiling his mini budget in the House of Commons, said the energy price guarantee will limit the unit price that consumers pay for electricity and gas.

He said: ‘This means that for the next two years, the typical annual household bill will be £2,500. For a typical household, that is a saving of at least £1,000 a year, based on current prices.

‘We are continuing our existing plans to give all households £400 off bills this winter. So taken together, we are cutting everyone’s energy bills by an expected £1,400 this year.’

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