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New UK Prime Minister Liz Truss aims to offset rising prices in energy bills

Yahoo Finance Live anchor Rachelle Akuffo looks at newly elected UK Prime Minister Liz Truss' plans to alleviate the pressure from rising energy prices for consumers.

Video Transcript

[AUDIO LOGO]

RACHELLE AKUFFO: Britain's new prime minister, Liz Truss, is entering the job with an energy crisis that the IMF calls the worst in Western Europe. Now, the Russian invasion of Ukraine means energy bills are set to rise an average of $4,000 a year. That's triple what it was a year ago. And that's gonna happen on October 1.

Now, Truss promised immediate action on energy and is expected to give more details on Thursday, including a potential plan to cap energy bills with a $116 billion stimulus package.

Now, Russia, again, cut its main natural gas pipeline, Nord Stream, sending Europe scrambling. We saw from Goldman Sachs that their analysts predict a $2 trillion jump in Europe's energy bills by 2023. That would account for an estimated 15% of the region's GDP at their peak, Dave.