The UK is embroiled in a cost-of-living crisis as household have been hit by mounting prices of energy, food and petrol.
Soaring costs of wholesale gas prompted Ofgem to lift the price cap by 80% next month with shock forecasts predicting typical bills could surge past £5,000 in April. However, the new Prime Minister, Liz Truss announced this week that bills will be frozen at £2,500 to ease the burden on energy customers.
Ms Truss' plan will see the Ofgem price cap replaced with a 'two-year energy price cap guarantee.' This will see a typical UK household pay no more than £2,500 per year on energy bills for two years from October 1.
