"In his speech, the Green leader said Labour ministers should guarantee now to support billpayers if energy costs rise after June, when the price cap on household energy set by regulator Ofgem is next scheduled to be recalculated. He argued that families felt "helpless" in the face of the situation globally, and it was right that the government takes steps to "insulate us from some of the worst economic effects of Trump's war"."
"He conceded that the plan was "not cheap" - but argued it was required to avoid a "doom loop" of higher government borrowing and mortgage costs if the energy price shock causes a prolonged hike in interest rates. The Greens have not specified how they would like the energy bill support to be delivered, but says its estimated 8.4bn price tag for the intervention is based on prices rising by up to 300 per household."
"The party argues the estimated 8.4bn costs could be covered by hiking taxes on capital gains, and tightening an existing tax on energy firms' profits. Polanski's call comes as political parties vie to convince voters they should be trusted on the cost of living ahead of a series of elections across Britain in May."
The Green Party leader Zack Polanski has urged the government to establish a financial support package for households facing potential energy bill increases resulting from the Iran conflict. He proposes an estimated 8.4 billion pound intervention to cover anticipated rises of up to 300 pounds per household after June when energy price caps are recalculated. The party suggests funding this through increased capital gains taxes and tightened taxes on energy company profits. Polanski argues this support is necessary to prevent economic uncertainty and avoid a prolonged cycle of higher government borrowing and mortgage costs. Energy bills have become a central electoral issue as political parties compete to demonstrate their cost-of-living credentials ahead of May elections across Britain.
Read at www.bbc.com
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