Shell warns of $5bn hit from Russia exit – live updates

Shell warns of $5bn hit from Russia exit – live updates

K wasi Kwarteng has said the Government's new energy strategy should help to reduce bills within the next few years. The Business Secretary said consumers would pay less for their energy as the price of renewables fell. Asked how long it would take for the new strategy to have an impact, he said: "I think the impact could be very soon, and by soon, I mean three or four years. We've seen over the last 10 years the cost of offshore wind come down." R ussell Galley , managing director at Halifax, said: The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households' finances. Although there is some recent evidence of more homes coming into the market, the fundamental issue remains that too many buyers are chasing too few properties. U K house prices surged at the fastest rate in six months in March as the property boom continued despite the escalating cost-of-living crisis. The average value of a home rose 1.4pc to a record £282,753, according to data from Halifax. The ninth straight monthly gain meant prices were 11pc higher than a year ago. UK house