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Britain to open $44 billion support scheme for power firms on Oct. 17

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Reuters UK

LONDON (Reuters) – Britain’s finance ministry and the Bank of England will on Oct. 17 open a 40 billion pound ($44.17 billion) scheme to help protect energy firms from volatile prices and ensure they are not hit by a liquidity squeeze, the Treasury said on Friday. Energy suppliers across Europe have struggled in the face of record-high wholesale power and gas prices following Russia’s invasion of Ukraine, leading governments to step in to make sure they do not collapse. “To deliver the scheme, there will be a 100% guarantee to commercial banks covering additional lending extended to firms,” th…

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