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Finance

How Budget day could surprise us: What’s inside the box?

The Chancellor, Jeremy Hunt is gearing up for his first Budget announcement.

With just a few days left before the big day, Mr Hunt is no doubt busy putting the final touches on his plans for the country’s finances.

All eyes will be on the Chancellor as he unveils his proposals on Wednesday, outlining the government’s economic priorities for the coming year.

However, what should we expect?

In what could come as a relief to millions of households, a cap on energy bills is expected to remain in place, following a fall in wholesale gas prices.

This development means that the Energy Price Guarantee (EPG), due to increase from £2,500 to £3,000 a year from April, will now stay at the current level for another three months.

Experts say that this move will not only benefit consumers by preventing higher bills but also save taxpayers a considerable amount of money.

The EPG was introduced by the government to protect vulnerable customers from being overcharged for their energy usage – it sets a limit on how much energy suppliers can charge their customers for their standard variable tariffs, which are often the most expensive rates available.

This announcement is expected to be a welcome relief for households across the UK struggling to make ends meet amid the ongoing pandemic.

Currently, energy bills can be a significant expense, particularly for those on lower incomes or with larger families.

In an interview with GB News, asked about the speculation around the EPG and the fuel duty, Mr Hunt said: “What we need is a pathway to permanently lower energy prices where businesses can depend on whatever someone like Putin does in another part of the world.

“They can depend on stable clean green energy and the key to that is nuclear. Because we have now got up to 40% of our energy coming from renewables, including things like wind, which is great but you can’t get to 100% because there are times when the wind isn’t blowing, the sun isn’t shining even in Britain and because of that you need to have nuclear power.

“That is a two-decade-long process – we are aiming for about 25% of our electricity generated by nuclear by 2050, it’s the right step, that’s the long-term answer to businesses worried about energy costs and to families worried about these wild gyrations in their bills.”

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