Uk News Labour calls for energy price cap freeze to 'save families £1000 in bills and lower inflation' United Kingdom news
PremierLeague-News.Com - Breaking Sport Transfer News ! Freezing the energy price cap at its current rate would save the average family £1,000 and lower inflation by four per cent, the Labour Party has said.Sir Keir Starmer will on Monday set out his alternative proposals for tackling the cost of living crisis by calling for the price cap to be frozen at its current level of £1,971 – rather than increasing to £3,300 in October.This would save the typical household £1,000 on the annual bills, Labour calculated, without the need for emergency household support payments.And freezing the price cap would bring inflation down by four per cent, saving money for households and businesses in the long term.Energy bills increases are expected to add around six per cent to inflation at present.The £29bn plan would be paid for by a more stringent windfall tax on energy giants, which would be backdated to January and would not include current tax breaks.The existing £14bn in funding outlined for emergency support would also help fund freezing the price cap.And Labour projects that £7bn will be made by lower inflation rates leading to savings on Government debt interest payments.The party has also called for better home insulation to reduce energy demand and lower bills in the longer term.Further plans include a plan to secure our energy supply to make sure we’re protected against future shocks and build Britain’s energy independence.They are part of a five-point plan for energy sustainability and security which the party argues will drive down bills in the long-term and shore up UK supplies.Progressive think tank the Institute for Public Policy Research (IPPR) said the price cap freeze would “save millions from debt and also fight inflation”.
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.More from PoliticsAll the different solutions to energy bills crisis given by Sunak, Truss, Labour and Treasury14 August, 2022Polling suggests Rishi Sunak could be edging closer to Liz Truss, but he is running out of road14 August, 2022Rishi Sunak says he'll make UK energy independent by 2045 so energy crisis never happens again13 August, 2022Luke Murphy, associate director for climate and energy at IPPR, said: “These proposals would prevent soaring energy bills from pushing millions into debt and destitution, and hold down ever rising inflation which is a risk to the UK’s economic stability.“This is the scale of intervention we need to see from the government, as well as stronger support for lowest income households.”Left-wing campaign group Momentum welcomed the policy announcement and urged the party to go further by pledging public ownership of energy firms.Hilary Schan, co-chair, said: “Keir Starmer is right to call for a freeze on energy bills- with millions already on the brink, a further rise is unconscionable. The Tories must quickly enact the freeze.“The question now is who pays for it: is Labour proposing a further subsidy to profiteering energy companies, or the popular alternative of public ownership? With 60% of the public now backing nationalisation, it’s the common sense solution.”Sir Keir will say Labour “wouldn’t let people pay a penny more” on their winter fuel bills.“We’ve had 12 years of Tory government that has failed to prepare and refused to invest, leaving bills higher and our country less secure. This is a national emergency. It needs strong leadership and urgent action,” he will say.
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