Liz Truss considering borrowing billions more to sign 20-year gas deal with Norway

The Valhall oil field off the North Sea, Aug. 15, 2017. Europe’s frantic search for alternatives to Russian natural gas has dramatically increased the demand — and price — for Norway's oil and gas. As the money pours in, Europe’s second-biggest natural gas supplier is fending off accusations that it’s profiting from the war in Ukraine. (Haekon Mosvold Larsen/NTB Scanpix via AP)

LIZ Truss could borrow billions of pounds MORE to sign a 20-year-long gas deal with Norway.

In a move which risks spooking nervous markets even more, the PM admitted ministers are eyeing up a mega deal to help shore up supplies for years to come.

Liz Truss is considering borrowing billions of pounds more to sign a 20-year gas deal with Norway

Liz Truss said yesterday she was “looking at” making massive agreements to guarantee Brits the lights will never go out.

And shoring up Britain’s energy supplies will stop reliance on Russia’s Putin too.

Around half of all of Britain’s gas supply comes from Norway already.

She said yesterday: “I have not signed any deal. But what I’m saying is that Britain’s energy security is vital and what we will be doing is always looking for value for money, of course we will, but it’s important that we have that long-term energy security.

“We are looking at long-term energy contracts with other countries because as well as making sure we’ve got a good price, energy security is vitally important.

“And we never want to be in a position again where we’re dependent on authoritarian regimes for our energy.

“That’s why we’re in the situation we are now.” But any deals signed now will likely lock in sky-high gas prices for years to come, which could push up borrowing further.

Defending the move, the PM said: “We will be bringing down the debt as a proportion of GDP over the medium term, but making sure we’ve got energy security is clearly vital for our country.”

Jacob Rees-Mogg told a fringe meeting at the Conservative Party conference in Birmingham that he’d just been talking to a “friendly country” about energy supplies.

The Times reported the Government is also holding negotiations with Qatar.

Earlier this week regulator Ofgem warned there was a “significant risk” of gas shortages this winter.

The soaring price of gas has pushed up bills for millions of Brits.
But earlier this week the PM’s energy price guarantee kicked in – meaning the average family will see their rates capped at £2,500 a year instead.