Britain will cap consumer energy bills for two years and funnel billions to prop up power companies, its new leader Liz Truss said on Thursday in a bid to tackle an energy crisis that has Europe and Russia squaring off in a deepening economic war, APA reports citing Reuters.
European governments are spending hundreds of billions of euros to help consumers and businesses cope with soaring energy bills as the price of gas, already high post the COVID pandemic, went stratospheric in the wake of Russia's invasion of Ukraine.
"This is the moment to be bold, we are facing a global energy crisis, and there are no cost-free options," Truss told parliament, embarking on a major turnaround after ruling out "handouts" during her campaign to become prime minister.
European Union energy ministers will meet on Friday to discuss the 27-nation bloc's response to the crisis, after a mixed initial response to a planned Russian gas price cap that risks provoking Moscow.
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