• About
  • Advertise
  • Careers
  • Contact
Wednesday, June 7, 2023
  • Login
The DailyTimes Nigeria
  • World
  • Regional
  • Politics
  • Business
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Victoria Beckham's French debut

    Paris Fashion Week Begins! Awaiting Victoria Beckham’s French Debut

    Hushpuppi

    Hushpuppi May Get 11 years in Prison

    Nigerian Author and Director of “Half of a Yellow Sun”, Biyi Bandele is Dead

    HBO Succession

    Emmy nominations: HBO “Succession” Tops List, Beats Netflix

    r kelly

    R. Kelly Sentenced to 30 Years in Jail

    American Rapper Lil Tjay

    American Rapper Lil Tjay Shot and Killed in New Jersey By

    2022 Billboard Music Awards

    List of 2022 Billboard Music Awards Winners

    Nollywood entertainer Leo Mezie

    Nollywood Entertainer Leo Mezie Dies After Battle With Kidney Disease

    Atlanta Rapper Lil Keed

    24-years Old Atlanta Rapper Lil Keed Dies

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Tech
    • Travel
    Tinubu

    How Tinubu is Continuously Losing Allies Due to Muslim-Muslim Ticket

    Senator Abdulahi Adamu

    Muslim-Muslim Ticket: APC To Replace National Chairman, Adamu, with a Christian to Gain Christian Voters

    Covid-19 Stigma

    Covid-19 Stigma: Covid Patients in China and Their Exclusion Ordeal

    Nigerian Author and Director of “Half of a Yellow Sun”, Biyi Bandele is Dead

    Biden

    America Declares the Fight against Monkeypox as an Emergency

    nigeria telecom operators

    FG Add 5% TAX on All Telecommunications Services to Raise Debt Servicing Revenue

    monkeypox vaccines

    European Commission Approves Smallpox vaccine for Monkeypox Prevention

    spider silk

    Spider Silk-based High-tech Patch As Cure to Arthritis

    Whole Bible Believers Church

    How Police Extricated 77 People From Whole Bible Believers Church In Ondo

    funke, jjc

    JJC Skillz and Funke Akindele Celebrity Marriages Crashes

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Sports
No Result
View All Result
  • World
  • Regional
  • Politics
  • Business
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    Victoria Beckham's French debut

    Paris Fashion Week Begins! Awaiting Victoria Beckham’s French Debut

    Hushpuppi

    Hushpuppi May Get 11 years in Prison

    Nigerian Author and Director of “Half of a Yellow Sun”, Biyi Bandele is Dead

    HBO Succession

    Emmy nominations: HBO “Succession” Tops List, Beats Netflix

    r kelly

    R. Kelly Sentenced to 30 Years in Jail

    American Rapper Lil Tjay

    American Rapper Lil Tjay Shot and Killed in New Jersey By

    2022 Billboard Music Awards

    List of 2022 Billboard Music Awards Winners

    Nollywood entertainer Leo Mezie

    Nollywood Entertainer Leo Mezie Dies After Battle With Kidney Disease

    Atlanta Rapper Lil Keed

    24-years Old Atlanta Rapper Lil Keed Dies

  • Lifestyle
    • All
    • Fashion
    • food
    • Health
    • Tech
    • Travel
    Tinubu

    How Tinubu is Continuously Losing Allies Due to Muslim-Muslim Ticket

    Senator Abdulahi Adamu

    Muslim-Muslim Ticket: APC To Replace National Chairman, Adamu, with a Christian to Gain Christian Voters

    Covid-19 Stigma

    Covid-19 Stigma: Covid Patients in China and Their Exclusion Ordeal

    Nigerian Author and Director of “Half of a Yellow Sun”, Biyi Bandele is Dead

    Biden

    America Declares the Fight against Monkeypox as an Emergency

    nigeria telecom operators

    FG Add 5% TAX on All Telecommunications Services to Raise Debt Servicing Revenue

    monkeypox vaccines

    European Commission Approves Smallpox vaccine for Monkeypox Prevention

    spider silk

    Spider Silk-based High-tech Patch As Cure to Arthritis

    Whole Bible Believers Church

    How Police Extricated 77 People From Whole Bible Believers Church In Ondo

    funke, jjc

    JJC Skillz and Funke Akindele Celebrity Marriages Crashes

    Trending Tags

    • Golden Globes
    • Mr. Robot
    • MotoGP 2017
    • Climate Change
    • Flat Earth
  • Sports
No Result
View All Result
The DailyTimes Nigeria
No Result
View All Result

Why New British Prime Minister Liz Truss Froze Fuel Prices Two Years

by admin
September 8, 2022
in Featured, Latest News, World
0
Home
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

To mark her first week in office, new British Prime Minister Liz Truss said on Thursday that home fuel prices would be frozen for two years.

The government reaffirmed its commitment to its constitutionally enshrined target of achieving net-zero carbon emissions by 2050, saying it would assess progress toward the goal to ensure it takes into consideration the requirements of consumers and companies.

The increased cost of wholesale energy, compounded by a supply crunch in the wake of Russia’s invasion of Ukraine, is expected to result in an 80 percent increase in gas and electricity bills for homes in the coming month.

With inflation reaching a 40-year high of 10.1% and expected to grow further, businesses whose bills are not capped have warned they may go bankrupt if costs continue to rise at such a rapid pace.

Truss and incoming finance minister Kwasi Kwarteng both vowed that the country’s massive investment in the network would pay off in “significant advantages” for the economy, despite the fact that the government estimates the project will cost tens of billions of pounds.

According to their statement, this would reduce inflation by 4.5–5%.

Furthermore, they said that the restriction on fracking, a contentious technique used to extract fossil fuels, would be lifted, and that more oil and gas drilling permits will be issued in the North Sea.

British energy security is at risk because of “decades of short-term thinking on energy,” according to Truss. The country relies largely on gas to meet its energy demands.

‘Exceptional difficulties require extraordinary solutions,’ she declared, vowing that the United Kingdom will never again face such a predicament.

Kwarteng said people and businesses “can now breathe a massive sigh of relief” because of the freeze.

Just two days after officially succeeding Boris Johnson as prime minister, Truss faces a problem that threatens to define her premiership: the cost-of-living crisis, which has prompted extensive strike action over pay.

Truss announced that annual energy costs for the typical British home would be capped at £2,500 ($2,872), a reduction of £1,000 from the previous target set for October.

A freeze will be in place for commercial and nonprofit energy users, as well as public institutions like schools and hospitals, for a period of six months.

In order to compete with Britain’s Covid era furlough employment scheme, analysts say the proposal, which will likely be in place at the next general election scheduled in 2024, could top far over £100 billion.

Truss has acknowledged that the government will compensate energy suppliers for the price discrepancy, but he has not provided an estimate of how much this could cost the public until Kwarteng releases his mini-budget later this month.

Former Shell employee Truss has dismissed demands for imposing windfall taxes on energy firms whose profits have grown on the basis of rising wholesale prices.

Although she had previously opposed consumer subsidies as part of her bid to succeed Johnson, her stance has since changed.

She said that the new ceiling was arrived at by temporarily excluding green taxes that normally add around £150 to annual bills.

The prospect of worsening public finances already damaged by emergency Covid spending has stoked worry on the financial markets as a result of the need to pay for the freeze through increased borrowing.

Tuesday marked the first day since 2014 that the UK 10-year borrowing rate had risen above three percent on bond markets, and the value of the pound against the dollar fell to its lowest point since 1985.

After onshore drilling for shale gas caused seismic tremors in northern England, the fracking moratorium has been lifted, despite Truss’s Conservative party’s promise to keep it in place in 2019.

She predicted that “gas might start flowing in as little as six months” if the prohibition were lifted.

However, analysts have expressed skepticism about the impact on bills, considering the length of time required to begin production and the potential amount of gas it may yield.

In a March article, Kwarteng estimated that it could take up to a decade to extract enough gas via fracking. However, restarting the process raises concerns about its impact on the environment.

Truss, like Johnson, promised to expand Britain’s use of nuclear power and other renewable energy sources.

The net-zero review, she said, would “ensure attaining the aim is not laying undue difficulties on businesses or consumers” and would be completed by the end of the year.

The government has ruled out a public education campaign to encourage people to reduce their energy consumption, and the new support package does not include any measures to improve building insulation in the United Kingdom, which has historically high rates of energy leakage.

Tags: Liz Truss
admin

admin

Next Post
Graham Potter as Chelsea New Manager

Chelsea Confirms Graham Potter as Club's New Manager

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recently

  • Latest News
nigeria Senate

Senate Passes Electricity Bill Aimed to Increase Power Utilisation

11 months ago
APC

APC Halts Sale of EoI and Nomination Forms After Recking In Billions

1 year ago
Senate Ike Ekweremadu

Update: Why UK Police Arrested Senator Ike Ekweremadu

12 months ago
MultiChoice Nigeria

Why MultiChoice Nigeria Rejected Senate’s Pay-per-view Concept

8 months ago
Peter Obi

Why Peter Obi Dumped PDP Three Days to Part’s Presidential Primary Election

1 year ago
Thomas Heurtel

Why Veteran Point Guard Thomas Heurtel Could be Booted Out of French National Squad

9 months ago
War-torn Ukraine

War-torn Ukraine Gets Additional $497 million in Aids From The European Commission

9 months ago
Falana charged Nigerian Youth To Participate In Politics.

Falana charged Nigerian Youth To Participate In Politics.

2 years ago
Facebook Twitter Youtube RSS
The DailyTimes Nigeria

The Daily Times is Nigeria's first Independent Newspaper known for unbiased journalist and reportage which has been anchored on decades of trust, research, unsentimental investigations, verified facts and unbiased reason.

Category

  • Business
  • Entertainment
  • Fashion
  • Featured
  • food
  • Gaming
  • Health
  • Latest News
  • Lifestyle
  • Movie
  • Music
  • National
  • Politics
  • Regional
  • Specials
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

© 2021 The Daily Times Nigeria

No Result
View All Result
  • Politics
  • World
  • Business
  • Regional
  • National
  • Entertainment
  • Gaming
  • Movie
  • Music
  • Sports
  • Fashion
  • Lifestyle
  • Travel
  • Tech
  • Health
  • Food

© 2021 The Daily Times Nigeria

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version