Chancellor-Energy Package Cost ~GBP60bn, OBR Forecast By Year-End

Chancellor of the Exchequer Kwasi Kwarteng now delivering his 'Statement for Growth' in the House of Commons.

• Livestream: https://www.parliamentlive.tv/Event/Index/2ef38582...
• On energy price assistance for household and business: "three steps to support families and businesses with the cost of energy. Firstly, to help households, the Energy Price Guarantee will limit the unit price that consumers pay for electricity and gas...Secondly...the Energy Bill Relief Scheme will reduce wholesale gas and electricity prices for all UK businesses, charities, and the public sector like schools and hospitals...Thirdly...we are announcing the Energy Markets Financing Scheme...this scheme will provide a 100% guarantee for commercial banks to offer emergency liquidity to energy firms."
• "The consensus amongst independent forecasters is that the Government’s energy plan will reduce peak inflation by around 5 percentage points"
• "The Bank of England are taking further steps to control inflation, acting again only yesterday. I can assure the House, this Government considers their independence to be sacrosanct. "
• "Growth Plan that sets out a new approach for this new era, built around three priorities: • Maintaining responsible public finances. • Reforming the supply-side of the economy. • And cutting taxes to boost growth."
• "the OBR will publish a full economic and fiscal forecast before the end of the year, with a second to follow in the new year. Fiscal responsibility is essential for economic confidence, and it is a path we remain committed to."