In breaking news, new Prime Minister Liz Truss has announced that the Government is scrapping the energy price cap. The PM stood up in the House of Commons on Thursday, September 8, 2022 to share the much anticipated news on how the energy crisis would be tackled.
Truss says the Ofgem price cap will be scrapped in favour of a “two year energy price guarantee”. The Government says a typical UK household will pay no more than £2,500 a year on a bill for two years from Saturday, October 1, 2022.
The announcement means that energy bills will be frozen at £2,500 for two years in the run-up to the next general election as families battle the cost-of-living crisis. The energy price cap will be scrapped and replaced with a new “energy price guarantee”, easing pressure on households.
