Liz Truss announced today in the House of Commons a two year energy price freeze.
The Ofgem price cap, which was due to rise by 80% to £3,549 on October 1, will be replaced with a “two year energy price guarantee”. This means energy bills will be frozen at £2,500 for two years in the run-up to the next general election in 2024 as families battle the cost-of-living crisis.
A scheme for businesses, schools, hospitals, other public organisations and charities will “offer equivalent support” but last for just six months. Truss announced in her speech that a review in three months would decide which sectors should receive ongoing help.
