The Financial Times focuses on energy bills, reporting that the UK government is exploring a “radical intervention” to help soften the blow to consumers from price rises. According to the paper, one idea being considered is that the government would pay energy suppliers when wholesale gas prices rise above a certain level, so that the price hikes aren’t passed on to households. Officials have described the suggestion as “plausible” – but it’s not universally popular among industry figures.
Despite the publication of a “damning report into an atmosphere of drinking and lawbreaking in Downing Street during the COVID-19 pandemic”, Boris Johnson has remained unbowed, according to the Financial Times.
Rishi Sunak, the Chancellor, has directed officials to draw up plans for a possible windfall tax on more than £10bn of excess profits for electricity generators, including wind farm operators, on top of a tax on North Sea oil and gas producers.
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