Tens of billions of pounds may be needed to be targeted at households least able to cope with surging energy costs. Read more at straitstimes.com.
LONDON - Britain's next prime minister must adopt radical ideas - such as discounted power tariffs, energy bill freezes or a"solidarity" tax hike for higher earners - to cushion the energy price shock for a broad swathe of households, a think-tank said on Thursday .
"A catastrophe is coming this winter as soaring energy bills risk causing serious physical and financial damage to families across Britain," Jonny Marshall, a senior economist at the foundation, said. But her promise to scrap an increase in social security contributions would give the richest fifth of households twice as much in cash terms as the entire poorest half of households, the Resolution Foundation said in a report.
The foundation proposed options such as a cheap power tariff for low- and middle-income households, a universal 30 per cent cut in the energy price cap or a one pence-in-the-pound tax increase for higher-income households.The opposition Labour Party wants a price cap freeze for all households, funded by a windfall tax on oil and gas producers.
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