Liz Truss plans to protect households from the full impact of soaring energy prices with a £90 billion intervention. The new Prime Minister, who took office after meeting the Queen in Balmoral, is thought to be planning to freeze bills at around the £2,500 mark – some £500 higher than current levels but more than £1,000 below next month’s cap.
Details have not yet been finalised, but the plan is expected to be funded through general taxation or increased borrowing rather than paid for in future energy bills. Ms Truss became the UK’s third female Prime Minister after meeting the Queen at her Scottish estate.
The handover of power from Boris Johnson took place at Balmoral rather than Buckingham Palace because of the 96 year-old monarch’s mobility problems, with Ms Truss becoming the Queen’s 15th prime minister. Ms Truss, who won the Tory leadership on Monday, will travel to Westminster to address the nation from Downing Street later on Tuesday afternoon.
