Energy crisis LIVE: Emergency plan triggered as firms demand eye-watering taxpayer bailout

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Energy bosses are demanding a £20 billion bailout keep household bills down ahead of a price cap rise on April 1 which could rise by up to £600 a year, from £1,277 to £1,877. Ministers are reluctant to hand out large portions of cash following spending during the pandemic but are expected to make a decision on what assistance they will provide on or before February 7 the date that energy watchdog Ofgem will announce the scale of the price cap rise. Together Energy, a company which is 50 percent owned by Warrington Borough Council, is the latest energy company to face collapse and will be the 26th energy company to cease trading since August if it does not get an emergency cash injection.


Shadow Chancellor calls for VAT to be scrapped on energy bills

The Shadow Chancellor has called for Boris Johnson to remove VAT from household energy bills in order to help struggling families over the winter. 

Mr Johnson has previously stated that this option is off the table as the Prime Minister does not favour financial assistance for those who can afford the price rise. 

Rachel Reeves took to Twitter to say: “Inflation is rising, costs are soaring – and working people are paying the price. The PM doesn’t have any answers on the energy crisis, and won’t do anything on growing cost of living. Why won’t he scrap VAT on home energy bills now to help ease the burden over winter?”

Good morning

Good morning, I’m Olivia Stringer and I’ll be bringing you all the latest developments on the energy crisis, for the next eight hours. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.

Email: [email protected] 

Twitter: @Livstringer_

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