Energy companies told to 'go further' on price cuts

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The four main energy companies have been told that they must go further on price cuts, during a meeting with Taoiseach Leo Varadkar and energy minister Eamon Ryan this afternoon.

The two ministers met the four largest suppliers - Electric Ireland, SSE Electricity, Bord Gáis and Energia.These will kick in in October and November.

He said that if a problem was to manifest itself, it would have been last year, but since then Ireland has built up energy stores and sought alternative sources. His comments come as Tánaiste Micheál Martin and Minister for Finance Michael McGrath said earlier that Government would"do its best for households" who he said are facing"unavoidable" higher bills due to the cost-of-living crisis.

Mr McGrath said it would be early October before he came to a view on what once-off measures would be contained in the budget. Last year, the figure was more than €4 billion. Speaking in Co Tipperary, where the Fianna Fáil parliamentary party think-in is under way, Mr McGrath said spending big might help people in the short term but it would"cost all of us in long run" as interest rates would remain higher for longer.Mr McGrath said that all taxpayers would benefit from the €1.1bn which has been earmarked, but he has not formed a"settled view" on whether cutting the USC or by how much to raise the entry level to the highest tax bracket.

 

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