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This is the country whose electricity price will jump by 80% Israel today

2022-08-26T12:15:35.306Z


The price of electricity jumped by 8.6% in Israel and provoked public criticism • In Britain the crisis is more acute - the residents of the kingdom will pay much more


While in Israel the electricity tariff increased by 8.6% as of August 1st, which provoked quite a bit of public criticism, in the UK things look much worse.

The Energy Authority of Great Britain announced today (Friday) that electricity and gas prices have risen by 80% for residents of the Kingdom, following a jump in gas prices in Europe.

According to the announcement of the British electricity regulator, the maximum price that the energy suppliers will be able to charge per year will rise to 3,549 pounds on average from 1,971 pounds.

The increase in electricity and gas bills concerns about 24 million households, 4.5 million additional households are on prepaid plans and for them the bill will increase from £2,017 to £3,608.

This is what CNBC reported today.

The limit does not apply in Northern Ireland, where suppliers can raise prices at any stage after receiving approval from another regulator.

Gas prices have soared to record levels over the past year - the exit from the Corona crisis created an increase in energy demand, and at the same time the gas supply was disrupted after the war between Russia and Ukraine.

north Ireland.

saved from the sharp rise, photo: Reuters

We should note that inflation in Great Britain already reached 10.1% in the last year last July - twice that of Israel.

According to a forecast by one of the largest banks in the world, Citi, inflation will reach a level of 18% already in the first quarter of 2023.

'catastrophe'

In July, the UK government announced it would pay a £400 grant to all households over six months from October to help with bills, with an additional £650 one-off payment going to 8 million low-income households.

Some providers have also announced support packages for customers.

However, this was widely criticized for not addressing the root of the problem.

"Catastrophe is coming this winter as rising energy bills risk causing serious physical and financial damage to families across the UK," said Jonny Marshall, a senior British economist.

"We are on the way to thousands being completely cut off from energy, while millions will be unable to pay bills and accumulate unmanageable arrears."

The political crisis and the war in Ukraine had an impact.

Zelensky and Johnson, photo: AFP

Several strategies to deal with the crisis have been put forward by politicians, consultancies and suppliers themselves, but the political mess in the UK has meant that none of the proposals have been realised.

In an exclusive interview with Israel Hayom, Finance Minister Avigdor Lieberman commented on Israel's situation compared to other countries in the world.

"We are currently experiencing inflation of 5.2% per year, but there are only two countries in the world where inflation is lower - Switzerland and Japan. In Japan, the population is shrinking and we are a population with the highest natural increase in the Western world. Regarding growth - we are at the highest growth rate in the Western world, per month The last time we were at 6.8%. Let's look at the prices and the facts - water in the State of Israel is 70% cheaper than the world average, the electricity rate is much cheaper than the EU average, it costs half of what it costs in Germany," he said.

Minister Lieberman added: "I am saying that there is no crisis in the State of Israel, on the contrary, we are dealing with the economic crisis better than any other country in the world. Look at what is happening in Britain - they already have more than 10% inflation."

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Source: israelhayom

All news articles on 2022-08-26

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