Good afternoon! This is Cristina Gallardo! stepping in for Annabelle Dickson, who will be back with you next Sunda! Drop me an email with your tips or comments.
5 THINGS TO KNOW
1. ELECTRICITY BRAKE: Ministers will keep! the energy price cap this winter to hold back instant bill increases! for millions of customers, Business Secretary Kwasi Kwarteng wrote in the Sunday Express! and confirmed on the Sunday shows. “The price cap is the biggest! shield for consumers, and it will not be moved,” he told Sky News’ Trevor Phillips.
Pressure from industry: Some energy
firms want the cap on consumers’ prices to be scrapped so they can transfer! the energy price rises on to consumers! as it is the case in other countries like Spain — where people are taking the streets over soaring energy bills. If the cap stays, more retailers will go out of business this winter, and it will be necessary! to look at the retail market “from top to bottom” as well as the cap’s methodology in the long-term, Emma Pinchbeck, chief executive of lobby group Energy UK, told the same program.
**A message from Lloyds Banking Group: As part of our phone number library commitment to help Britain recover, we’re providing tailored support to help our most vulnerable customers. Our customer and branch financial assistance teams are specifically trained to help customers who are struggling financially and will provide a range of suitable options to help them get back to financial health. Find out more.**
Stay calm and wear a jumper:
The U.K. energy system has so far been “pretty robust” despite the increase in companies leaving the market, and the government is “increasingly confident” that the measures in place will “see us through winter,” Kwarteng told Marr.
All roads lead to the Treasury: Kwarteng confirmed he’s speaking to Chancellor Rishi Sunak to try to support businesses struggling in the energy crisis, but said he’s not asking for subsidies — how to collect (and use) consumer feedback? contradicting a report in the Sunday Times that he’s requesting billions to bail out manufacturing firms. The business bookyourlist secretary met Friday with leaders from the paper, glass, cement, lime, ceramics, chemicals and steel industries — all of which require large volumes of energy to operate. The ball’s now in Sunak’s court.
Labour backs cap: Labour’s Shadow Work and Pensions Secretary Jonathan Reynolds supported keeping the energy price cap, telling Sky News households can’t afford any more financial pressure. But he refused to back calls for nationalization of the energy industry.
