UK Treasury offers $130 one-off payment to 20 million households and energy bills relief in face of Iran war shock
Source: Fortune ·
Treasury chief John Healey said the government is offering "breathing space" as the Iran war pushes inflation and borrowing costs higher
From the source
British Treasury chief John Healey used his first budget statement Wednesday to offer households and businesses support with their energy bills this winter in the face of what he termed “global economic storms.” Healey, who was appointed chancellor of the exchequer in July when Andy Burnham became prime minister, said the Iran war was not something the British government wanted. As a result, he said his “choice in the budget today is to give families and businesses some breathing space now,” as the consequences of the conflict in the Gulf played out. “For families, that means higher prices at the pump, higher energy bills and higher mortgages,” he said in his statement, arguably the key set piece of the parliamentary calendar. “For businesses, higher running costs and more expensive loans. And the impact is felt in the public finances too. Driven by the conflict in the Middle East, government borrowing costs across the G7 are reaching highs not seen for decades.” Energy price support…