Video: Great Britain puts together a package against high energy prices

STORY: Great Britain’s finance minister Kwasi Kwarteng has announced an extensive package of aid to cushion high energy prices and tax cuts. The aim is to boost growth in the British economy, he said in parliament on Friday. “We need a new approach for a new era that is geared towards both. Our goal is to achieve a growth rate of 2.5% as a trend in the medium term. And our plan, Mr. Speaker, is to transform the supply side of the economy through tax incentives and reforms. In this way we will ensure higher wages and greater opportunities and, most importantly, Mr. Speaker, fund public services now and in the future. This is how we will prosper with dynamic economies around the world compete. And so, Mr. Speaker, we will turn this vicious circle of stagnation into a virtuous circle of growth.” In order to relieve households and companies from the sudden rise in energy prices, around £60 billion, the equivalent of around EUR 68.8 billion, is planned for the next six months, according to Kwarteng. The exact amount is subject to uncertainties because energy prices fluctuate greatly. The aim is to conclude new energy supply contracts, which then lead to lower burdens. Since the Russian attack on Ukraine, energy and electricity prices have also risen massively in Great Britain. According to experts, Brexit is slowing down the economy on the island. The Bank of England’s latest forecasts also suggest that the UK is already in recession due to the energy crisis and high inflation.

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