The UK Chancellor of the Exchequer Nadhim Zahawistated on Friday that “I’m working flat out to develop options for more support on energy bills“.
“This will mean that the incoming Prime Minister will be able to get down to business and offer support to those who need it most, as soon as possible,” he added.
His comments come after Britain’s energy regulator Ofgem announced that the average annual energy bill of households will increase by 80% from Octoberup to 3,549 pounds.
For his part, the executive director of Ofgem, Jonathan Brearley, stated that the new Prime Minister must act urgently to solve the problem of rising energy prices.
market reaction
The GBP/USD pair has come under further selling pressure following the Ofgem statement and is currently trading above 1.1793, down 0.29% on the day.
Source: Fx Street
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