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UK energy package to cost 60 billion pounds over next six months - Kwarteng

·1-min read
FILE PHOTO: Flames come out of a domestic gas ring of an oven in Durham, Britain, September 23, 2021.

LONDON (Reuters) - Britain will spend about 60 billion pounds ($67 billion) on subsidising gas and electricity bills for the next six months for households and businesses, finance minister Kwasi Kwarteng said on Friday.

"The estimated costs of our energy plans are particularly uncertain given volatile energy prices, but based on recent prices, the total cost of the energy package for the six months from October is expected to be around 60 billion pounds," he told parliament.

"We expect the cost to come down as we negotiate new, long term energy contracts with suppliers."

($1 = 0.8959 pounds)

(Reporting by Paul Sandle; editing by William James)