(Bloomberg) -- The total cost of the UK government’s package to bring down energy bills will be an estimated £60 billion ($67 billion), UK Chancellor of the Exchequer Kwasi Kwarteng announced in his mini-Budget.

“We expect the cost to come down as we negotiate new, long-term energy contracts with suppliers,” he told the House of Commons on Friday.

See also: UK Says Energy Aid Will Cost Treasury Billions and Cut Inflation

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