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Britain’s opposition Labour Party to demand energy price cap freeze

By Andrew MacAskill LONDON (Reuters) - Britain's main opposition Labour Party will call for the energy price cap to be frozen this autumn, a party source said, to help the public...

By Andrew MacAskill

LONDON (Reuters) - Britain's main opposition Labour Party will call for the energy price cap to be frozen this autumn, a party source said, to help the public deal with another expected surge in energy bills during the worst cost-of-living crisis in decades.

The Labour leader Keir Starmer is expected to set out details of the plans on Monday and call for a block on the expected price cap rising above 3,000 pounds per year in October from 1,971 pounds currently, according to the source.

The announcement will increase the pressure on foreign minister Liz Truss and former finance minister Rishi Sunak, the two Conservative Party politicians aiming to be Britain's next prime minister after Boris Johnson resigned last month, who have so far only promised more limited help.

Charities in Britain are warning that millions of people could be forced into poverty if the government does not soften the blow with a fresh support package worth billions of pounds.

"Looking ahead to winter is frightening," Starmer wrote in The Sunday Mirror. "We will set out how we would help people directly this winter in the coming days."

A move by Russia to cut gas exports to the West following the invasion of Ukraine has driven up bills across Europe, forcing governments in Italy, France and elsewhere to intervene to protect their citizens. For example, France has capped electricity tariff rises at 4%.

The forecasting group Cornwall Insight estimates that average British annual bills for gas and electricity will jump to 3,582 pounds in October and 4,266 pounds in January. Earlier this year the price cap was 1,277 pounds.

The favourite to be Britain's next prime minister Truss has faced criticism from political opponents and charities for appearing to rule out further "handouts" and, seeking to appeal to fiscally conservative party members, has not committed to increasing direct support to consumers.

Sunak said last week every household would get savings of around 200 pounds on their energy bills with a reduction in value-added tax.

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29-03-2024 18:55:52 (UTC+7)

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Adidas AG

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 EUR/USD1.0788Neutral
 GBP/USD1.2614Neutral
 USD/JPY151.36↑ Sell
 AUD/USD0.6514↑ Buy
 USD/CAD1.3551↑ Buy
 EUR/JPY163.26Neutral
 EUR/CHF0.9727Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
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SJC HCM7,900/ 8,100
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SJC Nhatrang7,900/ 8,102
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SJC Cantho7,900/ 8,102
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Cập nhật 29-03-2024 18:55:54
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Cập nhật lúc 18:53:13 29/03/2024
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