Friday, 9 December, 2022

Soaring energy prices could cost UK billions

Soaring energy prices could cost UK billions

Popular News

The UK government may have to spend an additional £23 billion ($27 billion) in subsidies to cover surging energy bills over the upcoming heating season, The Guardian reported on Wednesday, citing a research paper by the Institute for Government (IfG).

The institute now forecasts Brits having to fork out £900 more per household this winter than the previous estimate from May, reports RT.

Moreover, as bills are expected to soar further, subsidies are likely to jump to £90 billion ($106 billion) next season, the IfG believes.

“Energy prices have risen sharply again in recent weeks and are now expected to stay higher for longer than previously expected. Deciding whether and how to help households and businesses with these costs will be one of the most urgent tasks facing the new government,” Olly Bartrum, one of the analysts behind the IfG report, was cited as saying.

He noted that this may require “substantial extra spending,” as “even limiting help to the most vulnerable could cost several billion pounds.”